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March 29
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Losses of the global economy due to the coronavirus pandemic in 2020 will range from $ 5.8 trillion to $ 8.8 trillion, or from 6.4 to 9.7% of global GDP, if states do not take the necessary response, RBC reported referring to the experts from the Asian Development Bank (ADB).

ADB halved its forecast, which was given back in April, as the restrictions that continue to apply in many countries negatively affect the economy.

According to the bank’s forecast, the countries that suffered the outbreak of the disease and introduced strict restrictions will suffer most, which led to a sharp drop in domestic demand. Open economies and those whose economies depend on tourism and commodity exports will also be affected by the pandemic.

To reduce possible losses, countries should restrain the COVID-19 spread, the bank noted. For this, they must test the required number of people and have enough protective equipment and medical equipment, and must also maintain isolation and social distancing. In order to avoid long-term negative effects on the economy, governments should support families and enterprises in need.

If countries take a response, they will be able to reduce the possible damage from the COVID-19 pandemic by 40%, reducing global economic losses to $ 5.4 trillion, or 5.9% of global GDP, ADB forecast.

According to analysts at JPMorgan Chase & Co, the damage to the global economy from the COVID-19 pandemic in the next two years will be $ 5.5 trillion, Bloomberg reported in early April. 

According to the International Monetary Fund, the global economic slowdown in 2020 will be 3%. The recession this year will be recorded in 157 of 194 countries, the IMF noted.

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