An Updated Assessment of the Economic Impact of COVID-19 (ADB Brief 133

The GTAP model is a multiregional, growth in the PRC was calculated from the difference between the comparative-static, CGE model of world trade and investment.6 Q4 2019 and Q1 2020 year-on-year growth of retail sales and fixed The model provides a comprehensive representation of the asset investments. [...] Similar to ADO 2020 and the IMF, a large rESUlTS proportion of the updated global impact accrues to advanced economies, with high infection levels particularly in the US, the Earlier, ADB released two sets of estimates on the potential European Union (EU), and the United Kingdom (UK). [...] be smaller by $1.7 trillion (6.2%) in Asia and by $1.1 trillion (7.5%) in the PRC—with Asia accounting for about 30% of the G3 impact: Output in the US, Japan, and the EU plus the UK (G3) overall decline in global output. [...] These include (i) the impact on individuals will still accompany freight and goods, the technology migration and remittances; (ii) the impact of death and disability exists and precautions are available to manage this relatively on the labor force; (iii) the impact on capital flows, debt, and the miniscule risk. [...] About the Asian Development Bank The views expressed in this publication are those of the authors and do not ADB is committed to achieving a prosperous, inclusive, resilient, and necessarily reflect the views and policies of ADB or its Board of Governors sustainable Asia and the Pacific, while sustaining its efforts to eradicate or the governments they represent.