Coronavirus could cost China $103 bn: ADB

Beijing: The global losses due to the deadly coronavirus outbreak could be about $156 billion, of which China may account for $103 billion, the ADB said on Friday in its assessment report on the impact of the novel COVID-19 outbreak on the global economy. More than 3,400 have died and over 99,400 people have been infected globally from the virus, which has reached more than 80 countries and territories. The virus that first originated in China in December last year has killed 3,042 and infected over 80,550 people in the country.

"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 per cent of global GDP," the Manila-based Asian Development Bank said in its report.

"The People's Republic of China (PRC) would account for $103 billion of those losses or 0.8 per cent of its GDP. The rest of developing Asia would lose $22 billion, or 0.2 per cent of its GDP," the bank said in new analysis on the impact of the virus.

The ongoing COVID-19 outbreak will have a significant impact on 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 bank warned in a statement.