The COVID-19 pandemic's global cost could range from $2 trillion to $4.1 trillion -- 2.3% to 4.8% of the global gross domestic product (GDP), the Asian Development Bank (ADB) said on Friday.
"These estimates reflect the now-global nature of the pandemic, the extensive use of containment policies and travel bans worldwide, and data on how the outbreak affected activity in the PRC," the bank said in a statement.
It revised growth projection for Asia from 5.5% to 2.2%, significantly down from the 5.2% growth rate seen last year.
"Regional economic growth in developing Asia will decline sharply in 2020 due to the effects of the novel coronavirus pandemic, before recovering in 2021," read the ADB statement.
It said Asia’s growth would reach 6.2% next year "assuming that the outbreak ends and activity normalizes."
"Brent oil prices are expected to average $35 per barrel this year, down from $64 in 2019," the ADB said.
The ADB estimate did not include several factors, such as supply and remittance problems, health care costs, financial disruptions, and education issues.
After first appearing in Wuhan, China, last December, the novel coronavirus has spread to at least 181 countries and regions, according to data compiled by the U.S.-based Johns Hopkins University.
The data shows more than one million (1,016,400) cases have been reported worldwide so far, with the global death toll over 53,100, and nearly 211,800 recoveries.