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Asian Development Bank warns of 0.4% domestic product cut globally

Syed Umarullah HussainiWeb Editor

06th Mar, 2020. 10:15 am
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The Asian Development Bank (ADB) warned that coronavirus outbreak is set to trim global and developing Asia’s economic growth this year.

Reuters has reported that outbreak could cut global gross domestic product by 0.1 to 0.4%.

While economic growth in China and developing Asia, excluding China, could trimmed by 0.3 to 1.7% and 0.2 to 0.5%, respectively, the ADB said in an analysis that outlined best and worst case scenarios.

A day earlier  Asian Development Bank President Masatsugu Asakawa warned about impacts of new coronavirus outbreak to the world economy “much, much worse” and felt “very much longer” than those of severe acute respiratory syndrome, or SARS, about two decades ago.

More than 3,200 people worldwide died from the respiratory illness that can lead to pneumonia, hurting financial markets and damaging economies.

The global outbreak of the novel coronavirus has crushed hopes for stronger growth this year and will hold 2020 global output gains to their slowest pace since the 2008-2009 financial crisis, International Monetary Fund Managing Director Kristalina Georgieva said earlier.

The World Bank said it was providing $12 billion in immediate funds to help developing countries improve their health services, disease surveillance, access to medical supplies and working capital for businesses.

Across China, total number of deaths due to coronavirus reached 3,042 with the number of infections hitting 80,552.

Furthermore China’s National Health Commission reported Friday, 30 new coronavirus deaths and 143 new infections reported.

At least 29 of the new deaths and 126 new cases from the province of Hubei, mainland of Coronavirus outbreak.

Death toll in United States from coronavirus rose to 12 when King County in Washington reported the latest death.

Many of cases in Washington linked to outbreak at a nursing facility in the Seattle suburb of Kirkland, including six deaths.

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