The Asian Development Bank (ADB) said today, Friday, that the spread of the Coruna virus will reduce economic growth in Asia and around the world this year.
The respiratory disease (Corona virus), which can develop into pneumonia, has killed more than 3,200 people worldwide and affected global markets and economies.
The Manila-based bank said that the spread of the virus could reduce global gross output by between 0.1% and 0.4%, and cost the global economy between 77 and 347 billion dollars.
The bank indicated that the spread of the Corona virus could lead to sharp declines in domestic demand, tourism, business and trade trips, and production links, as well as disrupting supplies, which would hurt growth in Asia.
The global spread of the new coronavirus has dashed hopes for stronger growth this year, and global output growth in 2020 will shrink to the lowest pace since the financial crisis in 2008 and 2009, IMF Director Kristalina Georgieva said Wednesday.
The World Bank has announced that it will provide $ 12 billion in urgent financing to help developing countries improve health services, monitor disease, and provide medical supplies and working capital for companies.