FX.co ★ IMF estimates global losses caused by pandemic

It is still too early to count global losses caused by the coronavirus pandemic, but the estimated costs have already been calculated. Notably, even the most optimistic projections suggest record losses.

International Monetary Fund Managing Director Kristalina Georgieva believes that "over the next five years, the crisis could cost an estimated $28 trillion in output losses". Although the Asian Development Bank has recently said that global economic losses incurred by the coronavirus pandemic could be between $6 trillion and $9 trillion this year, that is 6.4%-9.7% of global gross domestic product. The bulk of the losses will fall on the United States, the European Union, and China. These three economic giants are the largest suppliers and buyers for most developing countries, together accounting for 63% of global imports and 64% of global exports. Their output losses will have a notable negative impact on the rest of the world. The disrupted supply chains these three world's largest economies are suffering from during the pandemic could inflict $126 billion in global losses.

Overall, the COVID-19 pandemic has dealt a blow to more than 55% of all small and medium-sized businesses. The two thirds of them (67%) complain that the crisis has crippled their business operations. As for major companies, the share of the hardest-hit ones is less - 40%.