COVID-19 may wreak havoc on Pakistan's economy: ADB.

ISLAMABAD -- The Asian Development Bank (ADB) has predicted that the coronavirus (COVID19) plague can cause losses to the Pakistan economy to the tune of $16.387 million to $4.95 billion, or 0.01 to 1.57 percent of gross domestic product (GDP) on account of agriculture, business and trade, tourism and health. The analysis report titled: 'The Economic Impact of the COVID-19 Outbreak on Developing Asia' presented full details on the scenarios considered. The magnitude of the economic losses will depend on how the outbreak evolves, which remains highly uncertain.

The range of scenarios explored in the analysis suggests a global impact in the range of $77 billion to $347 billion, or 0.1% to 0.4% of global gross domestic product (GDP). In a moderate scenario, where precautionary behaviours and restrictions such as travel bans start easing three months after the outbreak intensified and restrictions were imposed in late January, global losses could reach $156 billion, or 0.2% of global GDP. China would account for $103 billion of those losses-or 0.8% of its GDP. The rest of developing Asia would lose $22 billion, or 0.2% of its GDP. 'There are many uncertainties about COVID-19, including its economic impact,' said ADB Chief Economist Yasuyuki Sawada. 'This requires the use of multiple scenarios to provide a clearer picture of potential losses. We hope this analysis...

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