The document summarizes the economic impact of the COVID-19 outbreak on developing Asia through various channels. It estimates the global economic impact to range from $77 billion to $347 billion or 0.1-0.4% of global GDP, with two-thirds of the impact falling on China where the outbreak has been concentrated. Individual developing Asian economies and sectors within them are also estimated to be affected, with the analysis providing a hypothetical worst-case scenario for an economy experiencing a significant outbreak of its own. The ADB and developing member countries are taking actions to respond to the COVID-19 outbreak.
COVID-19 is a disease caused by a new strain of coronavirus. 'CO' stands for corona, 'VI' for virus, and 'D' for disease. Formerly, this disease was referred to as '2019 novel corona virus' or '2019-nCoV.
COVID-19 A pandemic which shook the world anirudhkkr
This is a case study analysis on the present pandemic "Coronavirus" and the facts and figures are as on date-25th may.2020.
I have made this case study which was is a semester examination project.Do check it out!
After months of deliberation, the World Health Organization has
declared COVID-19 a pandemic. As it seemed clear for quite some time, the virus will likely spread to most (if not all) countries on the globe. However, actions can still limit its impact.
Socio economic attributes of covid-19 pandemic in Maharashtra State IndiaSoumik Chakraborty
Discussion about factors affecting Covid-19 spread and situation of virus spread. Relationship and generation of Covid susceptibility map in the region
Not a few countries that are experiencing stuttering when facing of the COVID-19pandemic, the high number of victims and the decline in the economy can be regarded as the state's stuttering in responding to the global health crisis. Stuttering that cannot be overcome has the potential to manifest as a failed state.
The COVID-19 pandemic not only caused numerous casualties in almost the entire world, but also caused a very fundamental global transformation, overhauled patterns of human interaction and relations between nations in the world system, and changed the increasingly loose direction of global geopolitics, making each country have sovereignty in looking at the urgency of global collaboration and collaboration. There are at least three transformations that will change the face of the world going forward, namely economic and trade transformation, and international relations and geostrategy.
The IMF also released the countries with the worst economic growth in 2020. Countries in Europe, Latin America, Africa and even the United States were included in the ranks of the list. This poor economic growth is parallel to the uncontrolled spread of the COVID-19 pandemic in these countries. Poor economic growth in 2020 is a form of stuttering in handling COVID-19.
COVID-19 is a disease caused by a new strain of coronavirus. 'CO' stands for corona, 'VI' for virus, and 'D' for disease. Formerly, this disease was referred to as '2019 novel corona virus' or '2019-nCoV.
COVID-19 A pandemic which shook the world anirudhkkr
This is a case study analysis on the present pandemic "Coronavirus" and the facts and figures are as on date-25th may.2020.
I have made this case study which was is a semester examination project.Do check it out!
After months of deliberation, the World Health Organization has
declared COVID-19 a pandemic. As it seemed clear for quite some time, the virus will likely spread to most (if not all) countries on the globe. However, actions can still limit its impact.
Socio economic attributes of covid-19 pandemic in Maharashtra State IndiaSoumik Chakraborty
Discussion about factors affecting Covid-19 spread and situation of virus spread. Relationship and generation of Covid susceptibility map in the region
Not a few countries that are experiencing stuttering when facing of the COVID-19pandemic, the high number of victims and the decline in the economy can be regarded as the state's stuttering in responding to the global health crisis. Stuttering that cannot be overcome has the potential to manifest as a failed state.
The COVID-19 pandemic not only caused numerous casualties in almost the entire world, but also caused a very fundamental global transformation, overhauled patterns of human interaction and relations between nations in the world system, and changed the increasingly loose direction of global geopolitics, making each country have sovereignty in looking at the urgency of global collaboration and collaboration. There are at least three transformations that will change the face of the world going forward, namely economic and trade transformation, and international relations and geostrategy.
The IMF also released the countries with the worst economic growth in 2020. Countries in Europe, Latin America, Africa and even the United States were included in the ranks of the list. This poor economic growth is parallel to the uncontrolled spread of the COVID-19 pandemic in these countries. Poor economic growth in 2020 is a form of stuttering in handling COVID-19.
Corona Virus Introduction Response Plan And Economic Impact On GeographiesSlideTeam
The PowerPoint template is useful in providing detailed description about COVID 19, coronavirus disease. It covers details about what is coronavirus, how it is transmitted in humans, how badly it is affecting economy at global scale and what initiatives are taken by various governments in combating the COVID 19 pandemic. The template initially covers details about overview of coronavirus disease COVID 19 in terms of information about the virus, its impact on humans, and place where it was firstly detected. The detailed structure of corona virus is presented with functioning of each protein exiting in virus. It covers information regarding the symptoms which are classified based on severity and people who needs special medical attention. The specific modes of coronavirus transmission are presented. The corona virus will be compared to similar viruses on parameters such as incubation period, fatality rates, infection rate, etc. Latest insights regrading COVID 19 are presented in terms of cases reported, deaths across the globe, number of affected countries, requirement of essential supplies for health responders across the globe, how the virus is spreading in geographical regions such as Asia, Europe and United States. The details about coronavirus spread is presented in timeline for countries such as China, US, South Korea, Italy and India. The template discusses about the impact of coronavirus on economy at global scale. It provides details about spread outbreak on GDP, determine the potential impact on economy and identified business opportunities. It will cover details about the vulnerable sectors and economies that are adversely impacted, how energy sector and financial sector is affected. The details about the stock market crash in 2020 is also elaborated in this deck with details about Oil Price war between Saudi Arabia and Russia. The template covers details about impact of coronavirus outbreak on various economies such as India, China, US and Italy. It covers details about the various government initiatives to combat economic fallout inn epidemic. It also provides details about the recovery of China in the pandemic outbreak. The template contains information regarding the COVID 19 response plan and preparedness action plan with various initiatives. It also provides information regarding the immediate action plan that firms need to take in order to combat outbreak with ensuring employee safety at manufacturing facilities. https://bit.ly/3bXZGf0
Socio-Economic Impact of COVID-19: Living in a new WorldAdesoji Adesugba
Since the coronavirus was discovered in Wuhan China in December 2019, the socio-economy of the world has changed. The world is also witnessing a culture reorientation. Lockdowns and the closing of national borders enforced by governments have paralyzed economic activities, laying off millions of workers worldwide. Governments across the world are rolling out fiscal stimulus measures—equivalent overall to roughly 10 percent of the world GDP —to fight the pandemic and minimize the impact of a catastrophic economic downturn. The world is in what is now called the new normal.
Everything you need to know about the Corona virus transformation from stage 1 to killing stage and overall overview of Corona virus Average daily cases from all over the world you and global economic crisis
Detailed write up on the impact of COVID on various aspects of life. This was published in the Mumbai university Research Journal in the month of June 2020.
OECD: The impact of the Covid-19 outbreak on economic (Presentation)chaganomics
The impact of the Covid-19 outbreak on economic prospects is severe Growth was weak but stabilising until the coronavirus Covid-19 hit. Restrictions on movement of people, goods and services, and containment measures such as factory closures have cut manufacturing and domestic demand sharply in China. The impact on the rest of the world through business travel and tourism, supply chains, commodities and lower confidence is growing.
2020 ends with a world economic contraction above 4%, the biggest GDP decrease since World War 2. Among developed nations, growth comes to a standstill after the renewal of activity in Q3 as a result of the surge in cases and the movement restrictions. Services, especially those related to the hotel and leisure industry, experience the biggest losses. On the other hand, industry is advancing at a steady rhythm as international trade is reactivated.
In the US, the perspectives appear to indicate that the economy will register positive growth in Q4 2020, in spite of the recent surge in Covid-19 cases. In this context, the Fed has improved its growth forecasts and has announced that it will maintain its stimulus policy until there are improvements in employment and inflation reaches the target levels in the medium- to long-term (most likely at the end of 2022).
In the Eurozone, where restrictions have been tighter, a new contraction in GDP in Q4 is expected. Also, the outlook for Q1 2021 indicates that economic activity will not experience any significant growth, in spite of the vaccination campaigns in place by a variety of governments in member states.
In emerging economies, although a slight recovery is expected due to the reactivation of trade and the increase in prices for raw materials, different levels of performance can be observed. China, with the spread of the virus under control, is the country with the best economic data among the main powers. Other Asian economies such as Taiwan or Vietnam forecast annual growth rates close to 2% for 2020. On the other hand, India’s economy has slumped, with a decrease of -7.4%. In South America, the lack of control caused by the pandemic has added to several structural issues that are dragging down some economies (high levels of debt and unemployment), all of which is conditioning future recovery.
CAMA: The global macroeconomic impacts of COVID-19: Seven scenarios (results)TatianaApostolovich
The research of Warwick McKibbin (Australian National University, The Brookings Institution, Centre of Excellence in Population Ageing Research) and Roshen Fernando (Australian National University, Centre of Excellence in Population Ageing Research (CEPAR))
Covid-19 Following Up On The Immediate Economic Responseaakash malhotra
With india going under a complete lockdown for over a month now, industries and government needs to brace themselves in order to fight against the consequences of covid-19. Right from protecting jobs to supporting different sectors to minimise the impact, there are a lot of preparatory measures that are already under process.
Cooperative A Positive Growth Driver in a Pandemic Economyijtsrd
The pandemic economy is an economy inflicted with deadly disease or plague such as the corona virus disease 2019 COVID 19 . The economy is characterized with setbacks in social and economic activities including deaths as a result of the deadly disease. This study therefore examined the COVID 19 Pandemic its meaning, origin and the need to overcome the pandemic. The paper described how global, regional and national cooperation can help overcome the pandemic using cooperative as a platform. However, considering the economic, social and environmental challenges of the pandemic, this paper contends that the cooperative model of enterprise has in recent time proven to be more sustainable and reliable platform for social and economic transformation in the Nigerian economy in the pandemic era for some obvious reasons The paper posited that the government and donor agencies have relied on cooperative in fighting hunger and poverty. The cooperative has also been relied upon for achieving national food security programme. Institutions both educational and other agencies are setting up one form of cooperative organization or the other for solving their social and economic needs. Research has also shown that many micro business owners rely on cooperative group membership for their business growth. Today, the cooperative ideals are spread across all sectors of the economy even without much publicity. Most importantly the pandemic made thousands if not millions of people informal members of cooperative organization in an effort to survive the vicious attack of the pandemic. The paper concludes that it is imperative that a clear cut cooperative sector that will serve as a professional and institutional base for cooperative growth and development in Nigeria be established. Anigbogu, Theresa Ukamaka | Uzochukwu, Lebechukwu David | Akwaekwe, Christian Ikechukwu "Cooperative: A Positive Growth Driver in a Pandemic Economy" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-4 , June 2022, URL: https://www.ijtsrd.com/papers/ijtsrd50361.pdf Paper URL: https://www.ijtsrd.com/economics/other/50361/cooperative-a-positive-growth-driver-in-a-pandemic-economy/anigbogu-theresa-ukamaka
Corona Virus Introduction Response Plan And Economic Impact On GeographiesSlideTeam
The PowerPoint template is useful in providing detailed description about COVID 19, coronavirus disease. It covers details about what is coronavirus, how it is transmitted in humans, how badly it is affecting economy at global scale and what initiatives are taken by various governments in combating the COVID 19 pandemic. The template initially covers details about overview of coronavirus disease COVID 19 in terms of information about the virus, its impact on humans, and place where it was firstly detected. The detailed structure of corona virus is presented with functioning of each protein exiting in virus. It covers information regarding the symptoms which are classified based on severity and people who needs special medical attention. The specific modes of coronavirus transmission are presented. The corona virus will be compared to similar viruses on parameters such as incubation period, fatality rates, infection rate, etc. Latest insights regrading COVID 19 are presented in terms of cases reported, deaths across the globe, number of affected countries, requirement of essential supplies for health responders across the globe, how the virus is spreading in geographical regions such as Asia, Europe and United States. The details about coronavirus spread is presented in timeline for countries such as China, US, South Korea, Italy and India. The template discusses about the impact of coronavirus on economy at global scale. It provides details about spread outbreak on GDP, determine the potential impact on economy and identified business opportunities. It will cover details about the vulnerable sectors and economies that are adversely impacted, how energy sector and financial sector is affected. The details about the stock market crash in 2020 is also elaborated in this deck with details about Oil Price war between Saudi Arabia and Russia. The template covers details about impact of coronavirus outbreak on various economies such as India, China, US and Italy. It covers details about the various government initiatives to combat economic fallout inn epidemic. It also provides details about the recovery of China in the pandemic outbreak. The template contains information regarding the COVID 19 response plan and preparedness action plan with various initiatives. It also provides information regarding the immediate action plan that firms need to take in order to combat outbreak with ensuring employee safety at manufacturing facilities. https://bit.ly/3bXZGf0
Socio-Economic Impact of COVID-19: Living in a new WorldAdesoji Adesugba
Since the coronavirus was discovered in Wuhan China in December 2019, the socio-economy of the world has changed. The world is also witnessing a culture reorientation. Lockdowns and the closing of national borders enforced by governments have paralyzed economic activities, laying off millions of workers worldwide. Governments across the world are rolling out fiscal stimulus measures—equivalent overall to roughly 10 percent of the world GDP —to fight the pandemic and minimize the impact of a catastrophic economic downturn. The world is in what is now called the new normal.
Everything you need to know about the Corona virus transformation from stage 1 to killing stage and overall overview of Corona virus Average daily cases from all over the world you and global economic crisis
Detailed write up on the impact of COVID on various aspects of life. This was published in the Mumbai university Research Journal in the month of June 2020.
OECD: The impact of the Covid-19 outbreak on economic (Presentation)chaganomics
The impact of the Covid-19 outbreak on economic prospects is severe Growth was weak but stabilising until the coronavirus Covid-19 hit. Restrictions on movement of people, goods and services, and containment measures such as factory closures have cut manufacturing and domestic demand sharply in China. The impact on the rest of the world through business travel and tourism, supply chains, commodities and lower confidence is growing.
2020 ends with a world economic contraction above 4%, the biggest GDP decrease since World War 2. Among developed nations, growth comes to a standstill after the renewal of activity in Q3 as a result of the surge in cases and the movement restrictions. Services, especially those related to the hotel and leisure industry, experience the biggest losses. On the other hand, industry is advancing at a steady rhythm as international trade is reactivated.
In the US, the perspectives appear to indicate that the economy will register positive growth in Q4 2020, in spite of the recent surge in Covid-19 cases. In this context, the Fed has improved its growth forecasts and has announced that it will maintain its stimulus policy until there are improvements in employment and inflation reaches the target levels in the medium- to long-term (most likely at the end of 2022).
In the Eurozone, where restrictions have been tighter, a new contraction in GDP in Q4 is expected. Also, the outlook for Q1 2021 indicates that economic activity will not experience any significant growth, in spite of the vaccination campaigns in place by a variety of governments in member states.
In emerging economies, although a slight recovery is expected due to the reactivation of trade and the increase in prices for raw materials, different levels of performance can be observed. China, with the spread of the virus under control, is the country with the best economic data among the main powers. Other Asian economies such as Taiwan or Vietnam forecast annual growth rates close to 2% for 2020. On the other hand, India’s economy has slumped, with a decrease of -7.4%. In South America, the lack of control caused by the pandemic has added to several structural issues that are dragging down some economies (high levels of debt and unemployment), all of which is conditioning future recovery.
CAMA: The global macroeconomic impacts of COVID-19: Seven scenarios (results)TatianaApostolovich
The research of Warwick McKibbin (Australian National University, The Brookings Institution, Centre of Excellence in Population Ageing Research) and Roshen Fernando (Australian National University, Centre of Excellence in Population Ageing Research (CEPAR))
Covid-19 Following Up On The Immediate Economic Responseaakash malhotra
With india going under a complete lockdown for over a month now, industries and government needs to brace themselves in order to fight against the consequences of covid-19. Right from protecting jobs to supporting different sectors to minimise the impact, there are a lot of preparatory measures that are already under process.
Cooperative A Positive Growth Driver in a Pandemic Economyijtsrd
The pandemic economy is an economy inflicted with deadly disease or plague such as the corona virus disease 2019 COVID 19 . The economy is characterized with setbacks in social and economic activities including deaths as a result of the deadly disease. This study therefore examined the COVID 19 Pandemic its meaning, origin and the need to overcome the pandemic. The paper described how global, regional and national cooperation can help overcome the pandemic using cooperative as a platform. However, considering the economic, social and environmental challenges of the pandemic, this paper contends that the cooperative model of enterprise has in recent time proven to be more sustainable and reliable platform for social and economic transformation in the Nigerian economy in the pandemic era for some obvious reasons The paper posited that the government and donor agencies have relied on cooperative in fighting hunger and poverty. The cooperative has also been relied upon for achieving national food security programme. Institutions both educational and other agencies are setting up one form of cooperative organization or the other for solving their social and economic needs. Research has also shown that many micro business owners rely on cooperative group membership for their business growth. Today, the cooperative ideals are spread across all sectors of the economy even without much publicity. Most importantly the pandemic made thousands if not millions of people informal members of cooperative organization in an effort to survive the vicious attack of the pandemic. The paper concludes that it is imperative that a clear cut cooperative sector that will serve as a professional and institutional base for cooperative growth and development in Nigeria be established. Anigbogu, Theresa Ukamaka | Uzochukwu, Lebechukwu David | Akwaekwe, Christian Ikechukwu "Cooperative: A Positive Growth Driver in a Pandemic Economy" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-4 , June 2022, URL: https://www.ijtsrd.com/papers/ijtsrd50361.pdf Paper URL: https://www.ijtsrd.com/economics/other/50361/cooperative-a-positive-growth-driver-in-a-pandemic-economy/anigbogu-theresa-ukamaka
Impact of COVID 19 on the Aviation Industry in Nigeriaijtsrd
This paper is a timely examination of the novel Corona Virus Covid 19 that is currently ravaging the entire world. The main objective of this research is to study the impact of this global pandemic on the aviation sector in Nigeria. The methodology adopted is basically qualitative, explorative and analytical in nature, involving the use of secondary data via journal publications, government official documents, health authorities’ data and internet materials. This due to the fact that the virus is novel and very recent. The study found out that the Covid 19 pandemic has thrown the entire global economic, political and social systems into turmoil. The Nigerian economy and aviation sector in particular, has been in a meltdown, which had been thrown into a huge crisis. Some of the negative impacts of the scourge on the Nigerian aviation industry include closure of airports and banning of flights, increasing industry debt profile, negative impact on tourism, increased competitive pricing and severe loss of jobs. In terms of future prognosis, it will be quite a while before the sector recovers and whenever it re opens, the most immediate visible change will be social distancing, touch less travel with passengers needing to be fit to travel. The turnaround time for local and international travels will increase as aircraft will be need to sanitize each time the planes land. Furthermore, there will be increased movement towards the digital space and most of the flight operations will be on digital platforms. Siyan, Peter | Adegoriola, Adewale E | Agunbiade, Olabode "Impact of COVID-19 on the Aviation Industry in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-5 , August 2020, URL: https://www.ijtsrd.com/papers/ijtsrd31787.pdf Paper Url :https://www.ijtsrd.com/economics/other/31787/impact-of-covid19-on-the-aviation-industry-in-nigeria/siyan-peter
The economies are integrate with each other and nations need cooperation and coordination among themselves to overcome the economic crisis. Moreover, the nations should co-operate, coordinate and help each other to fight against Coronavirus. Subject to immediate relief from pandemic, the economic recovery from this fatal disease is only possible by 2021. It has already left severe impacts on the global economy and the countries face multiple difficulties to bring it back in a stable condition.
The first three months of the COVID-19 epidemic:
Epidemiological evidence for two separate strains of SARSCoV-2 viruses spreading and implications for prevention
strategies
Ivo Pezzuto - World Economy. Resilience or Great Reset (The Global Analyst ma...Dr. Ivo Pezzuto
The Covid-19 pandemic, like other previous crises, will certainly leave lasting economic scars around the world in the years to come, but hopefully, it will also become the catalyst of a brighter and more sustainable future, thanks to the acceleration of industries’ transformation, digitalization, consolidation, reconfiguration of supply chains, productivity enhancements, and invention of new business models. The article aims to explore some of the greatest challenges facing the world economy in the post-COVID-19 era and the major casualties and potential risks related to dramatic externality.
The article also aims to highlight unique and specific fragilities at the onset of this pandemic crisis and the urgent need to address them in order to make the world economy more resilient.
Impact of COVID-19 caronavirus on poverty in Pakistan: a case study of SindhSubmissionResearchpa
The current research investigated the COVID-19 is spread vigorously in China, USA, France, Italy, Germany, and European countries and Iran Pakistan being as a neighbor country of china & IranOne was for the incoming Pakistani from various countries, such as Iran, China, Afghanistan, and India. The other was arranged inside various hospitals for COVID-19 positive cases. As hundreds and thousands of Pakistani were in Iran for religious purposes, they were. Most of the students and businessmen, inside China, were not allowed to come back. Handling of large scale influx from Iran was the main problem. Out of the total COVID-19 cases, 78 percent of cases were reported from visitors coming from Iran. Pakistan announced the closure of all schools, colleges & universities with a partial lockdown across the country for major cities. by Dr. Faiz Muhammad Shaikh, Ali Raza Memon and Kashaf Shaikh 2020. Impact of COVID-19 caronavirus on poverty in Pakistan: a case study of Sindh . International Journal on Integrated Education. 3, 6 (Jun. 2020), 72-83. DOI:https://doi.org/10.31149/ijie.v3i6.415. https://journals.researchparks.org/index.php/IJIE/article/view/415/391 https://journals.researchparks.org/index.php/IJIE/article/view/415
Tourism Industry amid Pandemics Comparative Assessment of Past Outbreaks and ...ijtsrd
Covid 19 has reportedly shattered all previous records of outbreaks. Never a one expected the outbreak, which began in late December 2019, to spread quickly all across the globe, be devastating, and turn the global business upside down. SARS, Ebola Virus Disease EVD , MERS CoV, and other diseases brought about modest casualities in a smaller geographic area, therefore, Covid 19 was predicted to behave similarly at first. But this was not the case. Humans continuously lost their lives and faced financial hardships. Undoubtedly, tourism is amongst the most troubled industries. This research is a review of the literature. On the basis of facts and figures and prior studies, a comparison of the effects of prior outbreaks vis a vis Covid 19 on the tourism business has been attempted in this paper. Covid 19 and previous epidemics are so dissimilar, based on the facts and statistics gathered, that they cant be compared. Covid 19 has been the most hazardous viruses to live with owing to its instant spread, geographic distribution, several individuals who have died as a result of it, and the negative implications it has had across the region. Rajeev Ranjan Mishra | Pallavi Tandon "Tourism Industry amid Pandemics: Comparative Assessment of Past Outbreaks and Covid-19" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-6 , October 2021, URL: https://www.ijtsrd.com/papers/ijtsrd46434.pdf Paper URL : https://www.ijtsrd.com/humanities-and-the-arts/tourism/46434/tourism-industry-amid-pandemics-comparative-assessment-of-past-outbreaks-and-covid19/rajeev-ranjan-mishra
2020 04 03_osservatorio_bilanci_srl_focus_risto e alberghi-a (1)FedericaAmbrogi1
Presentiamo il quinto Focus settoriale dell'Osservatorio FNC sui bilanci 2018 delle Srl, dedicato alle imprese del settore Ristoranti e Alberghi. Considerata l'emergenza sanitaria in atto e le conseguenze rilevanti sui bilanci del settore, il focus è preceduto da una stima dell'impatto dell'emergenza coronavirus sui bilanci 2020.
This page provide analysis of economic and policy developments affecting the financial performance of the global airline industry during the COVID-19 emergency.
Chatty Kathy - UNC Bootcamp Final Project Presentation - Final Version - 5.23...John Andrews
SlideShare Description for "Chatty Kathy - UNC Bootcamp Final Project Presentation"
Title: Chatty Kathy: Enhancing Physical Activity Among Older Adults
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Discover how Chatty Kathy, an innovative project developed at the UNC Bootcamp, aims to tackle the challenge of low physical activity among older adults. Our AI-driven solution uses peer interaction to boost and sustain exercise levels, significantly improving health outcomes. This presentation covers our problem statement, the rationale behind Chatty Kathy, synthetic data and persona creation, model performance metrics, a visual demonstration of the project, and potential future developments. Join us for an insightful Q&A session to explore the potential of this groundbreaking project.
Project Team: Jay Requarth, Jana Avery, John Andrews, Dr. Dick Davis II, Nee Buntoum, Nam Yeongjin & Mat Nicholas
StarCompliance is a leading firm specializing in the recovery of stolen cryptocurrency. Our comprehensive services are designed to assist individuals and organizations in navigating the complex process of fraud reporting, investigation, and fund recovery. We combine cutting-edge technology with expert legal support to provide a robust solution for victims of crypto theft.
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1. The Economic Impact of the COVID-19 Outbreak on Developing Asia
The Economic Impact of the COVID-19
Outbreak on Developing Asia1
What is COVID-19?
A new coronavirus disease, now known as COVID-19, was first identified in Wuhan,
People’s Republic of China (PRC), in early January 2020. From the information
known at this point, several facts are pertinent. First, it belongs to the same family of
coronaviruses that caused the Severe Acute Respiratory Syndrome (SARS) outbreak in
2003 and the Middle East Respiratory Syndrome (MERS) outbreak in 2012. Second, the
mortality rate (number of deaths relative to number of cases), which is as yet imprecisely
estimated, is probably in the range of 1%–3.4%—significantly lower than 10% for SARS
and 34% for MERS (Table 1, first column), but substantially higher than the mortality
rate for seasonal flu, which is less than 0.1%.2
Third, even though it emerged from
animal hosts, it now spreads through human-to-human contact. The infection rate of
COVID-19 appears to be higher than that for the seasonal flu and MERS, with the range
of possible estimates encompassing the infection rates of SARS and Ebola (Table 1,
second column).
1
The authors of this brief are Abdul Abiad, Mia Arao, Suzette Dagli, Benno Ferrarini, Ilan Noy,
Patrick Osewe, Jesson Pagaduan, Donghyun Park, and Reizle Platitas. The work has benefited from
comments received from numerous colleagues across the Asian Development Bank (ADB).
2
An analysis published in JAMA (https://jamanetwork.com/journals/jama/fullarticle/2762130)
of 72,314 cases in the PRC found an overall case fatality rate of 2.3%, with much higher
fatality rates for those aged 70–79 (8.0%) and those aged 80 and above (14.8%).
ADBBRIEFS
NO. 128
6 March
2020
ISBN 978-92-9262-063-9 (print)
ISBN 978-92-9262-064-6 (electronic)
ISSN 2071-7202 (print)
ISSN 2218-2675 (electronic)
Publication Stock No. BRF200096
DOI: http://dx.doi.org/10.22617/BRF200096
Key Messages
• The ongoing COVID-19
outbreak affects the PRC
and other developing Asian
economies through numerous
channels, including sharp
declines in domestic demand,
lower tourism and business
travel, trade and production
linkages, supply disruptions,
and health effects.
• The magnitude of
the economic impact will
depend on how the outbreak
evolves, which remains highly
uncertain. Rather than focusing
on a single estimate, it is
important to explore a range
of scenarios, assess the impact
conditional on these scenarios
materializing, and to update the
scenarios as needed.
• The range of scenarios
explored in this brief suggest a
global impact of $77 billion to
$347 billion or 0.1% to 0.4% of
global GDP, with a moderate
case estimate of $156 billion or
0.2% of global GDP. Two-thirds
of the impact falls on the PRC,
where the outbreak has been
concentrated so far.
• The estimated impact on
individual developing Asian
economies—and on sectors
within these economies—is
provided in this brief, including
a hypothetical worst-case
scenario for a given economy
that experiences a significant
outbreak of its own.
Table 1. Fatality Rates and Infection Rates of COVID-19 and Other Epidemics
Fatality rate (deaths/cases) Infection rate (per infected person)
Ebola 50% 1.5–2.5
MERS 34.30% 0.42–0.92
SARS 10% 3
COVID-19 1%–3.4% 1.5–3.5
Seasonal flu 0.05% 1.3
MERS = Middle East Respiratory Syndrome, SARS = Severe Acute Respiratory Syndrome.
Sources: World Health Organization; Centers for Disease Control and Prevention; Althus, C. 2014.
Estimating the Reproduction Number of Ebola Virus (EBOV) During the 2014 Outbreak in West Africa.
https://doi.org/10.1371/currents.outbreaks.91afb5e0f279e7f29e7056095255b288; Choi, S., E. Jung,
B.Y. Choi, Y.J. Hur, and M. Ki. 2018. High Reproduction Number of Middle East Respiratory Syndrome
Coronavirus in Nosocomial Outbreaks: Mathematical Modelling in Saudi Arabia and South Korea. Journal of
Hospital Infection. 99. pp.162–168; Heymann, D. L. and N. Shindo. 2020. COVID-19: What is Next for Public
Health?. Lancet. https://doi.org/10.1016/S0140-6736(20)30374-3; and Wu, Z. and J. McGoogan. 2020.
Characteristics of and Important Lessons from the Coronavirus Disease 2019 (COVID-19) Outbreak in
China: Summary of a Report of 72,314 Cases from the Chinese Center for Disease Control and Prevention.
JAMA. https://10.1001/jama.2020.2648.
2. ADB BRIEFS NO. 128
2
The number of confirmed COVID-19 cases has risen rapidly,
first in the PRC and more recently worldwide, quickly surpassing
the totals from SARS. As of end-February 2020, COVID-19 had
infected 85,403 people in 55 economies, with a global death toll
of 2,924. The PRC still accounts for the vast majority—97% of
total fatalities and 93% of total cases (Figure 1). As of early March,
however, the number of confirmed cases outside the PRC has been
rising, particularly in the Republic of Korea (3,150), Italy (888),
and Iran (388). Despite having a similar infection rate yet lower
fatality rate than SARS, total cases and fatalities from COVID-19
have already far surpassed the totals for the 2003 SARS outbreak
(Figure 2).
This brief summarizes ADB analysis of the global, regional,
and economy- and sector-specific economic impact of the
COVID-19 outbreak. It lays out the various channels through which
economies will be affected and quantifies the likely magnitudes
of the effects under a range of scenarios. It is explicit about the
scenario assumptions, and the methods used to calculate the
impact. Importantly, the brief provides estimates not only of the
global and regional impacts, but also granular details on how
individual economies—and sectors within economies—will be
affected, including under an illustrative worst-case scenario for
an economy that experiences a significant outbreak. The brief
concludes by summarizing the actions ADB and its developing
member countries (DMCs) are taking to respond to the COVID-19
outbreak.
0
20,000
40,000
60,000
80,000
100,000
20/01/2020 30/01/2020 09/02/2020 19/02/2020 29/02/2020
People's Republic of China Rest of the World
Figure 1. Total COVID-19 Cases, 20 Jan–29 Feb 2020
Note: The discrete jump in the series in mid-February is due to the change in the diagnostic criterion applied to identify infections.
Sources: CEIC Data Company; and World Health Organization. 2020. Coronavirus disease (COVID-19) situation reports. https://www.who.int/emergencies/
diseases/novel-coronavirus-2019/situation-reports/ (accessed 2 March 2020).
Economic activity will be affected
in many ways
There are several channels through which the COVID-19
outbreak will affect economic activity in the PRC, the rest
of developing Asia, and the world. These include a sharp but
temporary decline in domestic consumption in the PRC and
other outbreak-affected economies, and possibly investment if
the outbreak affects views on future business activity; declines
in tourism and business travel; spillovers of weaker demand to
other sectors and economies through trade and production
linkages; supply-side disruptions to production and trade (which
are distinct from demand-side shocks spilling over through trade
and production linkages); and effects on health such as increased
disease and mortality as well as shifts in health care spending.
Each of these are taken in turn.
Consumption in the PRC will experience a sharp, temporary
drop, as occurred during the 2003 SARS outbreak. Perhaps the
most important channel through which economic activity is
affected is through a sharp but temporary decline in domestic
consumption in the PRC resulting from behavioral and/or policy
changes—people staying home as a precaution, or because they
are told to. This occurred during the SARS outbreak in 2003;
retail sales growth in the PRC declined by almost 3 percentage
points (pp) during the second quarter of 2003 (Figure 3). The size
of the consumption shock in the current outbreak could be
3. The Economic Impact of the COVID-19 Outbreak on Developing Asia
3
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
1 3 5 7 9 11 13 15 17 19 21 2325272931 3335373941 4345474951 5355575961 6365676971 7375
SARS deaths
COVID-19 infections
COVID-19 deaths
26 Apr 2003
29 Feb 2020
17 Mar 2003
20 Jan 2020
SARS infections
7 Aug 2003
3
The precise assumptions about the size and duration of the consumption and/or investment declines under various scenarios are spelled out in the next section,
particularly in Table 2.
Figure 2. SARS and COVID-19 Infections and Fatalities
SARS = Severe Acute Respiratory Syndrome.
Source: Asian Development Bank calculations using data from CEIC Data Company and World Health Organization. 2020. Coronavirus disease
(COVID-19) situation reports. https://www.who.int/emergencies/diseases/novel-coronavirus-2019/situation-reports/ (accessed 2 March 2020).
Jan-02
Feb-02
Mar-02
Apr-02
May-02
Jun-02
Jul-02
Aug-02
Sep-02
Oct-02
Nov-02
Dec-02
Jan-03
Feb-03
Mar-03
Apr-03
May-03
Jun-03
Jul-03
Aug-03
Sep-03
Oct-03
Nov-03
Dec-03
12
11
10
9
8
7
6
5
4
SARS Outbreak
(Feb–June 2003)
PRC: Retail sales, 2002–2003 (y/y % change)
Figure 3. Retail Sales and Personal Consumption Expenditures during SARS Episode
SARS = Severe Acute Respiratory Syndrome.
Sources: Haver Analytics; CEIC Data Company; WHO; and ADB.
bigger than that experienced in 2003, depending on the length
and severity of the outbreak and the policy responses taken.
In a scenario where the outbreak is more protracted, expands its
geographic reach, and/or becomes a recurring phenomenon that
affects future business activity materially, a decline in investment
is also possible.3
4. ADB BRIEFS NO. 128
4
Another important channel though which economies will be
affected is tourism and business travel, in the PRC and other
economies. Tourism is an important source of revenue for many
economies in developing Asia—international tourism receipts
account for more than 40% of the gross domestic product (GDP)
in economies like Palau and Maldives, for example (Figure 4), and
total travel and tourism (including domestic tourism) exceeds
10% of GDP in almost half of ADB’s members.4
Importantly,
Chinese visitors now comprise a significant share of tourists in
many of these economies, as the number of outbound tourists
from the PRC has increased eight-fold from less than 11 million
in 2003 to close to 87 million by 2018. In 2018, tourists from the
PRC accounted for more than a quarter of total tourist arrivals in
Myanmar; Thailand; Mongolia; the Republic of Korea; Viet Nam;
Cambodia; Palau; and Hong Kong, China (Figure 5).
Tourism arrivals and receipts in many developing Asian
economies are expected to decline sharply, as a result of
numerous travel bans as well as precautionary behavior. One
of the most significant travel bans is the one imposed by the PRC
itself. On 24 January 2020, the Government of the PRC imposed
a travel ban on all outbound tourism by tour groups.5
This ban,
which remains in effect, affects 55% of the PRC’s total outbound
tourism.6
In addition, at least 47 economies have imposed bans
on travel to and from the PRC, including Australia, the United
States, and the Russian Federation.7
Many airlines have suspended
or sharply curtailed flights to the PRC as well. It is likely that the
PRC will see a decline in tourist arrivals by at least as large as the
7.7% year-on-year decline it experienced in 2003 during the
SARS outbreak (Figure 6). As for the rest of developing Asia,
even without explicit bans on travel to other Asian economies,
non-Chinese tourist arrivals are likely to decline as tourists avoid
traveling in the region. During the 2003 SARS outbreak, for
example, Southeast and East Asian economies such as Indonesia,
Thailand, and the Republic of Korea all saw declines in arrivals
from economies outside Asia in 2003, even though they had very
few SARS cases (Figure 7).8
These demand shocks can spill over to other sectors and
economies via trade and production linkages. The PRC is now
the world’s second-largest economy, and accounts for one-
third of global growth. It is a major export market for many ADB
DMCs, with exports to the PRC being a substantial fraction of
GDP (Figure 8). Thus, a drop in demand for goods and services
from the PRC is likely to be felt widely. ADB’s 2018 Multiregional
Input-Output Table (MRIOT) was used to incorporate spillovers
of demand shocks via trade and production linkages. It measures
all inter-sector and inter-economy linkages for 62 economies
(accounting for 95% of global GDP), with each economy
disaggregated into 35 sectors covering both goods and services.
Shocks to final demand—in this case, tourism demand and
domestic consumption—are transmitted across sectors and
borders via trade and production linkages, and one can trace their
knock-on effects via the MRIOT.9
There are other important channels, including supply-side
disruptions and economic effects through health and health
care. There have been substantial production disruptions as a
result of forced business closures and the inability of workers
to get to work, as well as disruptions to trade and business as a
result of border closures, travel bans, and other restrictions on
the movement of goods, people, and capital. High-frequency
indicators suggest that production in the PRC as a whole fell to
50%–60% of normal levels but is now normalizing. The PRC is
a global and regional hub for manufacturing and value chains—
many economies export a significant amount of intermediate
goods to the PRC, and other economies use inputs from the
PRC in their production (Figure 9). As a result, these temporary
disruptions can affect production and trade in other economies,
although the overall impact may be mitigated by the fact that in
some sectors (particularly in manufacturing) production can be
ramped up in later periods to make up for lower production in
the past. Lastly, there may also be important long-term economic
effects through COVID-19’s health impacts on mortality and
morbidity, and through changes in (and diversion of) health care
4
World Travel and Tourism Council. 2019. Top 20 Countries - Largest Contribution of Travel and Tourism GDP. https://www.wttc.org/economic-impact/country-
analysis/league-table-summaries/ (accessed 6 February 2020).
5
China Daily. 2020. Group tours, travel packages suspended across China. China Daily, 25 Jan. https://www.chinadaily.com.cn/a/202001/25/
WS5e2c486ea3101282172733a9.html (accessed 6 February 2020).
6
World Tourism Organization. 2019. Guidelines for the Success in the Chinese Outbound Tourism Market. Madrid: UNWTO. https://doi.
org/10.18111/9789284421138.
7
SCMP Graphics. 2020. Coronavirus: Places and Airlines Restricting China transit. 18 Feb. https://multimedia.scmp.com/infographics/news/world/
article/3051149/coronavirus-travel-restrictions-on-china/index.html (accessed 3 Mar 2020).
8
To calculate the impact of travel bans and precautionary behavior on tourism receipts, the authors used 2018 bilateral tourism arrivals data from the World
Tourism Organization. The authors assume travel bans and precautionary travel behavior will last for two months in the best-case scenario; three months in the
moderate scenario; and six months in the worse-case scenario (see the discussion that follows, and Table 2). The authors also used declines in tourism observed
during the 2003 SARS episode to estimate the decline in inbound tourism to the PRC and other East and Southeast Asian DMCs. The resulting declines in
tourism arrivals in each economy are then translated into a decline in tourism receipts, where average spending per tourist is estimated by dividing international
tourism receipts in each economy (available up to 2017) with the total number of arrivals.
9
The MRIOT allows the calculation of a technical coefficients matrix A that specifies how much inputs are needed from every sector in every economy,
to produce one unit of output in sector i in economy j. Given the vectors of gross outputs x and final demand f (covering all economy–sectors), one can show
that x = Ax + f and x = (I – A)-1
f , or Δx = (I – A)-1
Δf. That is, for a given (exogenous) change in final demand one can calculate the impact on gross output and
on value-added or GDP, using the matrix (I – A)-1
, also known as the Leontief inverse. More sophisticated general equilibrium models are richer as they allow for
substitution, prices adjustments, and policy responses, but results tend to be of the same order as this simpler analysis. Exogenous shocks to supply can also be
examined using the MRIOT, but this is not done in this brief.
5. The Economic Impact of the COVID-19 Outbreak on Developing Asia
5
0 10
% of GDP
20 30 40 50 60
Papua New Guinea
Bangladesh
People's Republic of China
Uzbekistan
India
Republic of Korea
Kazakhstan
Indonesia
Brunei Darussalam
Kiribati
Tajikistan
Philippines
Nepal
Timor-Leste
Myanmar
Viet Nam
Mongolia
Bhutan
Taipei,China
Lao People's Democratic Republic
Malaysia
Sri Lanka
Singapore
Solomon Islands
Kyrgyz Republic
Azerbaijan
Federated States of Micronesia
Armenia
Hong Kong, China
Tonga
Tuvalu
Thailand
Marshall Islands
Cambodia
Georgia
Samoa
Fiji
Vanuatu
Palau
Maldives
Figure 4. International Tourism Receipts by Percentage of the Gross Domestic Product, 2017
Source: World Bank.
6. ADB BRIEFS NO. 128
6
0
1
1
1
1
1
1
2
2
2
2
3
3
3
4
5
6
7
9
9
11
11
13
14
16
18
19
21
23
23
24
27
28
31
31
32
33
39
68
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Cook Islands
Armenia
Kazakhstan
Azerbaijan
Uzbekistan
Georgia
Tajikistan
India
Marshall Islands
Samoa
Tuvalu
Bhutan
Tonga
Vanuatu
Bangladesh
Solomon Islands
Fiji
Kyrgyz Republic
Timor-Leste
Papua New Guinea
Sri Lanka
Malaysia
Nepal
Federated States of Micronesia
Indonesia
Philippines
Maldives
Lao People's Democratic Republic
Brunei Darussalam
Singapore
Taipei,China
Myanmar
Thailand
Mongolia
Republic of Korea
Viet Nam
Cambodia
Palau
Hong Kong, China
Figure 5. Tourist Arrivals from the People’s Republic of China as a Share of Total Arrivals, 2018
Source: World Tourism Organization.
7. The Economic Impact of the COVID-19 Outbreak on Developing Asia
7
20,000
40,000
60,000
80,000
100,000
120,000
140,000
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Thousands
SARS outbreak: -7.7% decrease
in tourist arrivals
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
0
200
400
600
800
1,000
1,200
1,400
1,600
2000 2001 2002 2003 2004 2005
Republic of Korea Indonesia Thailand (RHS)
Figure 6. Inbound Tourist Arrivals in the People’s
Republic of China , 1995–2018
Figure 7. Tourist Arrivals from Outside Asia to
Selected Developing Member Countries, 2002–2004
Source: World Tourism Organization.
SARS = Severe Acute Respiratory Syndrome.
Source: World Tourism Organization.
expenditures. ADB will be publishing updated estimates in the
April 2020 edition of the Asian Development Outlook, and will
analyze the longer-term impacts on health, education, and other
outcomes in subsequent reports.
Given the very large uncertainties,
several scenarios are explored
The evolution of the COVID-19 outbreak has been—and
continues to be—very unpredictable, requiring the use of
multiple scenarios. The outbreak originated in the PRC right in
the middle of Chunyun—the 40-day festival from 10 January
2020 to 18 February 2020 centered around the Chinese Lunar
New Year—which is the biggest annual migration of people on
the planet. Authorities in the PRC estimated that during this
period, 79 million domestic and international flights were taken by
Chinese, alongside 2.4 billion trips by automobile, 440 million by
rail, and 45 million by sea.10
This, combined with large celebratory
gatherings (including one in Wuhan on 18 January 2020) and a
COVID-19 incubation period that the World Health Organization
(WHO) estimates at between 1 day and 14 days, has played
a large role in the extent of COVID-19’s spread within and
outside the PRC. As a result, the analysis explores a number of
scenarios described as follows, with detailed assumptions spelled
out in Table 2:
• Best-case scenario: The PRC outbreak is contained relatively
quickly, with travel bans and precautionary behavior abating
after 2 months (measured from late January, when the outbreak
intensified and quarantines as well as travel and other restrictions
were imposed); there is a moderate and relatively short-lived
decline in the PRC’s consumption growth of 2.75pp in one
quarter only, or 0.7pp for the year relative to a no-outbreak
scenario (the size of the retail sales growth decline during the
quarter of the SARS episode, relative to previous quarters).
• Moderate scenario: The PRC outbreak is more widespread
and lasts longer, with travel bans and precautionary behavior
abating only after 3 months; there is a larger decline in the
PRC’s consumption growth of 2pp for the year, relative to a
no-outbreak scenario.
• Worse-case scenario: The PRC outbreak is even more
protracted, with precautionary behavior and restrictive policies
remaining in place for 6 months; there is a large decline in both
consumption and investment growth in the PRC, with both
down by 2pp relative to a no-outbreak scenario.
10
The State Council of the People’s Republic of China. 2020. Press Conference on 2020 Spring Festival Transport Situation. 9 January. http://www.gov.cn/
xinwen/2020-01/09/content_5467778.htm.
8. ADB BRIEFS NO. 128
8
Table 2. Full Set of Scenario Assumptions
Duration of
travel bans
and sharp
decline in
domestic
demand
Tourism and travel bans Decline in PRC
consumption
relative to
no-outbreak
scenario
Decline in
PRC
investment
relative to
no-outbreak
scenario
Decline in
[selected
DMC]
domestic
consumption
Best case 2 months - Outbound PRC tourism drops by 50% for 2 months
- For economies imposing travel bans, no tourism
receipts from the PRC for 2 months
- Inbound PRC tourism and receipts fall by as much
as during the SARS outbreak
- Tourism from outside Asia to non-PRC East and
Southeast Asian economies falls by as much as
during the SARS outbreak (assume peak decline
lasts 2 months)
0.7%
(based on
2.75pp decline
in retail sales
growth in 2003
Q3 vs. prior
9 quarters)
none none
Moderate case 3 months - Outbound PRC tourism drops by 50% for 3 months
- For economies imposing travel bans, no tourism
receipts from the PRC for 3 months
- Inbound PRC tourism and receipts falls by an
additional 10% relative to the base case
- Tourism from outside Asia to non-PRC East and
Southeast Asian economies falls by an additional
10% relative to the best-case scenario
(i.e., 1 additional month)
2%
(based on 2pp
decline in PCE
growth in 2003
vs. 2000–2002
average)
none none
Worse case 6 months - Outbound PRC tourism drops by 50% for 6 months
- For economies imposing travel bans, no tourism
receipts from the PRC for 6 months
- Inbound PRC tourism and receipts falls by an
additional 30% relative to the base case
- Tourism from outside Asia to non-PRC East and
Southeast Asian economies falls by an additional by
an additional 40% relative to the best-case scenario
(i.e., 4 additional months)
2%
(based on 2pp
decline in PCE
growth in 2003
vs. 2000–2002
average)
2%
(protracted
outbreak
worsens
business
sentiment)
none
Hypothetical
worst case
(specific to
each economy)
6 months;
plus
outbreak in
other DMCs
lasting 3
months
- Outbound PRC tourism drops by 50% for 6 months
- For economies imposing travel bans, no tourism
receipts from the PRC for 6 months
- Inbound PRC tourism and receipts falls by an
additional 30% relative to the base case
- Tourism from outside Asia to non-PRC East
and Southeast Asian economies falls by an
additional 40% relative to the best-case scenario
(i.e., 4 additional months).
2%
(based on 2pp
decline in PCE
growth in 2003
vs. 2000–2002
average)
2%
(protracted
outbreak
worsens
business
sentiment)
2%
(selected
economy only)
DMC = developing member country, PCE = personal consumption expenditures, pp = percentage point, PRC = People’s Republic of China, SARS = Severe Acute
Respiratory Syndrome.
Source: Asian Development Bank staff estimates.
CHANNELS
SCENARIOS
Hypothetical worst-case scenarios for other economies,
describing the economic impact if a significant outbreak
occurs there are also explored. These should not be interpreted
as predictions that an outbreak will occur in the economies.
Rather, they are meant to guide policy makers in determining
how costly an outbreak could be, so they can properly evaluate
the benefits and costs of prevention and early response.
These worst-case scenarios are specific to each economy.
They assume that if an outbreak occurs in a given economy,
that economy will experience a large but temporary decline in
consumption growth of 2pp, due to precautionary behaviors
and policies. This assumed magnitude of the domestic demand
shock may be on the low end, particularly for economies with
weak health systems. In those economies, containment and
response will be more difficult, and a more protracted outbreak
could materialize, with more sizable effects. In addition,
9. The Economic Impact of the COVID-19 Outbreak on Developing Asia
9
the long-term costs through other channels such as health and
education could also be significant, and those costs are not
captured here.
These scenarios will be updated, especially if the COVID-19
outbreak expands significantly into a global pandemic. They
reflect the fact that the outbreak is still mainly concentrated in
the PRC, which still accounts for 97% of fatalities and 93% of total
global cases. While outbreaks have now occurred in the Republic
of Korea, Italy, and Iran, none is anywhere near the scale of the PRC
outbreak at this point. But with the possibility of intensification and
of similar outbreaks occurring in additional economies including in
developing Asia, ADB will update its assessments as the situation
warrants, with the next update coming in the April 2020 edition of
the Asian Development Outlook.
The global impact ranges from
$77 billion to $347 billion, with
the PRC accounting for two-thirds
of the total
The scenarios explored here suggests a global impact ranging
from $77 billion to $347 billion or 0.1% to 0.4% of global GDP,
with a moderate-case estimate of $156 billion or 0.2% of global
GDP (Table 3). Across all three scenarios, the PRC accounts
for roughly two-thirds of the global impact; in the moderate
scenario the loss to the PRC relative to a no-outbreak scenario
is $103 billion, or close to 0.8% of the PRC’s GDP. The rest of the
impact on the global economy is split roughly equally between the
impact on the rest of developing Asia, and on the rest of the world.
The rest of developing Asia would experience a loss of $22 billion
or 0.24% of its GDP under the moderate-case scenario.
The main channel through which many ADB DMCs will
be affected will be through a substantial drop in tourism
demand. For an economy like Palau, where international
tourism receipts are close to 50% of GDP and over a third of
international tourists are from the PRC, the decline in tourism
receipts will be substantial, anywhere between 3% of GDP in the
best-case scenario to 9% of GDP under the worse-case scenario
(Table 4).11
Other economies for which tourism is important
such as Cambodia, Maldives, and Thailand are also likely to
see a significant decline in tourism revenues. There is already
anecdotal evidence that tourism arrivals in many developing
Asian economies have dropped by 50%–90% in February 2020
relative to the previous year. Overall, the authors’ estimates
suggest a loss of $15 billion–$35 billion in tourism receipts for the
PRC and $19 billion–$45 billion in tourism receipts for the rest of
developing Asia.
Other ADB DMCs that will be significantly affected are those
with strong trade and production linkages with the PRC. In
addition to the aforementioned tourism-dependent economies,
other developing Asian economies such as Hong Kong, China;
Mongolia; the Philippines; Singapore; Taipei,China; and Viet Nam
will be materially affected by the COVID-19 outbreak (Figure 10).
Many of these economies see a significant share of tourists from
the PRC and are affected through that channel as well. But as can
be seen in Figures 8 and 9, the PRC is also a major destination for
these economies’ final as well as intermediate goods and services.
The impact under different scenarios on various developing Asian
economies, and on sectors within those economies, can be found
on the ADB website (https://www.adb.org/covid-19).
Developing Asian economies and
ADB are responding to the COVID-19
outbreak
Most developing Asian economies are already responding to
the COVID-19 outbreak in various ways. Many governments
have mobilized inter-agency task forces and other coordinating
mechanisms to ensure a harmonized response. To help protect
their citizens, a number of ADB DMCs have implemented various
forms of travel restrictions or advisories, strengthened screening
11
We assume that the decline in tourism receipts in the hypothetical worst case are the same as the ones in the worse case. The use of 2018 bilateral tourism
arrivals may lead to an overstatement of the impact on Palau as the PRC’s share of overseas tourists declined from 39% in 2018 to 33% in 2019, and because
in that economy, at least, there is evidence the PRC’s tourist spending is below the average for other tourists, many of whom come for extended dive trips.
The estimates can be adjusted downward, but it will still amount to a significant decline in international tourism receipts.
Table 3. Estimated Global and Regional Impact of COVID-19, under Different Scenarios
Best case Moderate case Worse case
as % of GDP losses in
$ millions
as % of GDP losses in
$ millions
as % of GDP losses in
$ millions
World -0.089 $76,693 -0.182 $155,948 -0.404 $346,975
People’s Republic of China -0.323 $43,890 -0.757 $103,056 -1.740 $236,793
Developing Asia excluding
the People’s Republic of China
-0.171 $15,658 -0.244 $22,284 -0.463 $42,243
Rest of the World -0.011 $17,145 -0.020 $30,608 -0.044 $67,938
Source: Asian Development Bank staff estimates.
10. ADB BRIEFS NO. 128
10
0 10 20 30 40 50 60 70 80 90
Kiribati
Palau
Maldives
Tonga
Bhutan
Tuvalu
Samoa
Timor-Leste
Nepal
Afghanistan
Nauru
Vanuatu
Sri Lanka
Bangladesh
India
Pakistan
Azerbaijan
Armenia
Fiji
Kyrgyz Republic
Georgia
Marshall Islands
Brunei Darussalam
Indonesia
Philippines
Tajikistan
Uzbekistan
Federated States of Micronesia
Kazakhstan
Cambodia
Papua New Guinea
Thailand
Myanmar
Lao People's Democratic Republic
Malaysia
Republic of Korea
Singapore
Viet Nam
Turkmenistan
Solomon Islands
Taipei,China
Mongolia
Hong Kong, China
% of GDP
Figure 8. Exports to the People’s Republic of China by Percentage of the Gross Domestic Product,
2016–2018 average
Source: CEIC Data Company (accessed 10 February 2020).
11. The Economic Impact of the COVID-19 Outbreak on Developing Asia
11
0 2 4 6 8 10 12 14 16
Bhutan
Kazakhstan
Brunei
Darussalam
Maldives
Bangladesh
Nepal
Pakistan
India
Hong Kong,
China
Sri Lanka
Philippines
Indonesia
Thailand
Fiji
Singapore
Republic of
Korea
Malaysia
Lao People's
Democratic
Republic
Taipei,China
Kyrgyz
Republic
Cambodia
Mongolia
Viet Nam
Upstream Global Value Chain Exposure to the PRC
Downstream Global Value Chain Exposure to the PRC
Figure 9. Global Value Chain Exposure to the
People’s Republic of China, Selected Economies, 2018
GDP = gross domestic product, PRC = People’s Republic of China.
Note: The figure shows two indicators of an economy’s exposure to the
PRC through global value chains. First, the blue bars show intermediate
goods exports of the PRC’s manufacturing sector to each economy, as a
share of that economy’s nominal GDP. This is a measure of “upstream”
global value chain exposure to the PRC. Second, the orange bars show
the share to nominal GDP of the manufacturing sector’s intermediate
goods exports to the PRC. This is a measure of “downstream” global value
chain exposure to the PRC. The figure shows these indicators for 23 ADB
developing member countries with available global value chain data.
Sources: Asian Development Bank (ADB) calculations using data from
ADB Multiregional Input–Output Tables.
procedures and quarantine policies, and undertaken repatriation
of their nationals from outbreak-affected economies. Economies
are also strengthening their health systems by implementing
contact tracing when needed, ensuring adequate supplies
of personal protective equipment, strengthening laboratory
capacities, and ensuring adequate communication of risks.
Importantly, in light of the findings in this brief, many economies
are already undertaking supportive macroeconomic policies.
Many DMCs have cut interest rates, continuing a cycle of easing
that began in 2019, and others are also putting in place supportive
fiscal measures.
ADB is also supporting its members in responding to the
COVID-19 outbreak through finance, knowledge, and
partnerships. ADB support on the financing side includes an
approved $2 million technical assistance (TA) grant to support
the PRC and the Greater Mekong Subregion to prevent, detect,
and respond to the ongoing COVID-19 outbreak and future
communicable disease outbreaks, and a $2 million regional
TA grant for all DMCs to support response activities in the
region. Private sector engagement is being supported through
an $18.6 million short-term loan facility to a private Chinese
pharmaceutical distributor in Wuhan that is responsible for
centralized procurement and distribution of medical supplies in
Hubei Province, the epicenter of the outbreak. A reallocation of
existing resources is also taking place, as ADB has several health
projects in the region totaling $469 million and some of this can
be reallocated in response to the outbreak. ADB stands ready to
provide additional support to DMCs via countercyclical support
programs, emergency assistance loans, and other instruments,
if needed. On the knowledge side, this initial economic impact
assessment is but one part of ADB’s work, and further analysis
of the COVID-19 outbreak and its effects will continue as earlier
noted in this brief. Furthermore, ADB has been convening
partnerships, including various experts’ meetings in partnership
with WHO and involving other international partners. ADB is
supporting the establishment of an expert advisory group to
inform and guide specific DMC responses, regional mitigation and
control measures, and ADB’s overall response strategy. The group
will also recommend future measures to increase resilience to
disease outbreaks.
12. ADB BRIEFS NO. 128
12
Moderate impact
Best-case impact
Worse-case impact
Hypothetical worst-case impact
-5.0
-4.5
-4.0
-3.5
-3.0
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
MLD CAM THA HKG MON SIN TAP VIE PHI FIJ MAL INO BRU SRI KOR NEP BHU KAZ IND KGZ PAK BAN
%ofGDP
Figure 10. Impact of COVID-19 on the Gross Domestic Product of Selected Economies
BAN = Bangladesh; BHU = Bhutan; BRU = Brunei Darussalam; CAM = Cambodia; FIJ = Fiji; HKG = Hong Kong, China; IND = India; INO = Indonesia;
KAZ = Kazakhstan; KGZ = Kyrgyz Republic; LAO = Lao People’s Democratic Republic; MAL = Malaysia; MLD = Maldives; MON = Mongolia; NEP = Nepal;
PAK = Pakistan; PHI = Philippines; ROK = Republic of Korea; SIN = Singapore; SRI = Sri Lanka; TAP = Taipei,China; THA = Thailand; VIE = Viet Nam.
Notes: Bars indicate the range of estimated impact, with the top of the bar indicating the best-case scenario impact, the midline indicating the moderate-
scenario impact, and the bottom of the bar indicating the worse-case scenario impact. The marker shows the economic impact of a hypothetical worst-
case scenario where a significant outbreak occurs in that economy. These should NOT be interpreted as a prediction that an outbreak will occur in any of
these economies; in most of these economies there are very few cases of COVID-19. Rather, they are meant to guide policy makers in determining how
costly an outbreak could be, so they can properly evaluate the benefits and costs of prevention and early response.
Source: Asian Development Bank staff estimates.
13. The Economic Impact of the COVID-19 Outbreak on Developing Asia
13
Table 4. Decline in Tourism Revenues by Percentage of the Gross Domestic Product in Selected Economies
Best case Moderate case Worse case
Economy as % of GDP in $ millions as % of GDP in $ millions as % of GDP in $ millions
Palau -2.918 -8.3 -4.376 -12.4 -8.753 -24.9
Maldives -1.839 -98.0 -2.758 -147.0 -5.517 -293.9
Cambodia -1.409 -345.7 -1.929 -473.4 -3.490 -856.5
Hong Kong, China -0.906 -3,286.7 -1.178 -4,273.6 -1.995 -7,234.1
Thailand -0.845 -4,265.8 -1.224 -6,180.2 -2.361 -11,923.5
Mongolia -0.773 -101.0 -0.979 -127.9 -1.595 -208.4
Singapore -0.739 -2,692.8 -0.941 -3,427.4 -1.546 -5,631.3
Viet Nam -0.432 -1,059.2 -0.614 -1,504.6 -1.158 -2,840.6
Taipei,China -0.340 -2,068.7 -0.455 -2,764.3 -0.798 -4,851.1
Philippines -0.242 -801.4 -0.352 -1,164.4 -0.681 -2,253.6
Fiji -0.209 -11.6 -0.314 -17.4 -0.627 -34.7
Vanuatu -0.170 -1.6 -0.255 -2.3 -0.511 -4.7
Indonesia -0.166 -1,730.5 -0.207 -2,155.9 -0.329 -3,432.1
Lao People’s Democratic Republic -0.164 -29.5 -0.231 -41.5 -0.431 -77.4
Malaysia -0.163 -584.3 -0.212 -762.0 -0.361 -1,295.0
Myanmar -0.149 -106.3 -0.224 -159.4 -0.448 -318.8
Sri Lanka -0.120 -106.5 -0.180 -159.7 -0.359 -319.4
People’s Republic of China -0.112 -15,241.6 -0.149 -20,215.0 -0.258 -35,135.3
Federated States of Micronesia -0.091 -30.3 -0.137 -45.5 -0.274 -91.0
Brunei Darussalam -0.086 -11.7 -0.113 -15.3 -0.192 -26.1
Republic of Korea -0.073 -1,184.5 -0.103 -1,671.7 -0.193 -3,133.3
Samoa -0.068 -0.6 -0.102 -0.8 -0.205 -1.7
Solomon Islands -0.047 -0.7 -0.071 -1.0 -0.141 -2.0
Tonga -0.046 -0.2 -0.069 -0.3 -0.138 -0.6
Marshall Islands -0.045 -0.1 -0.068 -0.1 -0.135 -0.3
Nepal -0.033 -9.7 -0.050 -14.5 -0.100 -29.1
Timor-Leste -0.021 -0.5 -0.032 -0.8 -0.064 -1.6
Armenia -0.009 -1.2 -0.014 -1.8 -0.028 -3.5
Bhutan -0.009 -0.2 -0.014 -0.4 -0.028 -0.7
Azerbaijan -0.007 -3.4 -0.011 -5.1 -0.022 -10.3
Georgia -0.007 -1.2 -0.010 -1.8 -0.021 -3.6
Tajikistan -0.004 -0.3 -0.005 -0.4 -0.011 -0.8
Kyrgyz Republic -0.003 -0.3 -0.005 -0.4 -0.010 -0.8
India -0.003 -84.2 -0.005 -126.3 -0.009 -252.7
Kazakhstan -0.001 -2.2 -0.002 -3.3 -0.004 -6.6
Bangladesh -0.001 -3.1 -0.002 -4.7 -0.003 -9.4
Papua New Guinea -0.000 -3.0 -0.000 -4.5 -0.000 -8.9
Note: We assume that the decline in tourism receipts in the hypothetical worst case are the same as the ones in the worse case.
Source: Asian Development Bank staff estimates.