MANILA -- The COVID-19 pandemic threatens to lop off up to a tenth of the global economy, according to a study released Friday by the Asian Development Bank that suggests the disaster is likely to be even more devastating than previously expected.
The ADB, a multilateral lender based in Manila, said on Friday that the virus could cost the global economy between $5.8 trillion and $8.8 trillion, or 6.4% to 9.7% of its total output. The loss estimates are significantly higher than the $2 trillion to $4.1 trillion the ADB predicted on April 3.
