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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.
Japan’s Finance Minister Taro Aso expressed worries about the yen’s continual rise, calling it “rapid” and hinting at the strong currency’s impact on exports as Japan struggles through a recession. The yen’s ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
The dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
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