COVID-19 economic cost could reach $ 8.8 trillion

The global economy could suffer between $ 5.8 trillion and $ 8.8 trillion in losses -- equivalent to 6.4 % to 9.7 % of global gross domestic product (GDP) -- as a result of COVID-19 pandemic, said a new report released by the Asian Development Bank (ADB) on Friday.

The report, Updated Assessment of the Potential Economic Impact of COVID-19, found that economic losses in Asia and the Pacific could range from $ 1.7 trillion under a short containment scenario of 3 months to $ 2.5 trillion under a long containment scenario of 6 months, with the region accounting for about 30 % of the overall decline in global output.

The new analysis updates findings presented in the Asian Development Outlook (ADO) 2020 published in April, which estimated COVID-19's global cost to range from $ 2.0 trillion to $ 4.1 trillion.

Governments around the world have responded quickly to the pandemic's impacts, implementing measures such as fiscal and monetary easing, increased health spending, and direct support to cover losses in incomes and revenues.