The Asian Development Bank (ADB) said on Friday that the spread of the exceedingly infectious coronavirus outside of China might cut worldwide economic growth for the year.
According to the Manila-based lender, the outbreak could cut global GDP by 0.1% to 0.4% with losses reaching between $77 billion and $347 billion. In Asia, development could be trimmed by 0.3% to 1.7%.
With the death toll rising to 3,200 people around the world, the ADB said that the infection could reduce domestic demand, halt travel and tourism, trade, and supply lines.
The World Bank has said it was providing $12 billion in immediate funds to assist developing countries upgrade its health services, disease surveillance, access to medical supplies, and working capital for businesses.
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Pandemic crisis to hit economic growth in Asia, China, World Bank says