Coronavirus may cause $61m loss to Pakistan: ADB.

ISLAMABAD -- The Asian Development Bank (ADB) has projected that Pakistan's economy may face $16 to $61 million losses due to coronavirus outbreak, said a report published on Friday.

However, the report gave a 'hypothetical worst case scenario' that shows Pakistan's economy sustaining a whopping $5 billion loss due to spread of the virus also called COVID-19. In this case, Pakistan's GDP will loss 1.57% and 946,000 people will be unemployed.

The report showed that the global GDP will also be affected from $77 billion in best case scenario to $347 billion in worst case scenario, with China affected the most.

In a one-page paper issued by Tola Associate - tax and corporate advisors - it was also claimed that Pakistan's economy will sustain $5 billion loss due to coronavirus. The firm based its claim on an ADB publication.

According to the estimates published by the ADB the impact of the coronavirus, in terms of the global GDP ranges from $77 billion in best case scenario to $347 billion in worst case scenario, or 0.1% to 0.4% of the global GDP.

The report said the total losses likely to be sustained by Pakistan will be only $16.23 million in best case scenario. It projected that in best case scenario, Pakistan's agriculture and mining sector could sustain a loss of $5.5 million; business trade, personal and public service $5.54 million; hotels and restaurants $0.67 million; light and heavy manufacturing $3.6 million and transport services $0.92 million.

In moderate case scenario, the projected losses to be faced by Pakistan are $34.2 million. In worst case scenario, the projected losses to be faced by Pakistan are $60.8 million.

In the worst case scenario, Pakistan's agriculture and mining sector will face $21.7 million losses; business and trade $18.8 million losses; hotel and restaurants $2.4 million losses; light and heavy engineering $14.6 million losses; and transport services $3.4 million.

While...