Park, Cyn-Young; Villafuerte, James P.; Abiad, Abdul; Narayan, Badri; Banzon, Eduardo; Samson, Jindra Nuella G.; Aftab, Ammar; Tayag, Mara Claire2021-10-052021-10-052020-05978929262214597892926221522071-72022218-2675https://www.adb.org/publications/updated-assessment-economic-impact-covid-19https://hdl.handle.net/20.500.14540/5713This brief presents new projections on the economic impact of COVID-19 and highlights policy implications. New analysis using the Global Trade Analysis Project model estimates that the global economic impact of COVID-19 could reach $5.8 trillion (6.4% of global GDP) under a 3-month containment scenario, and $8.8 trillion (9.7% of global GDP) under a 6-month containment scenario. It also updates estimates for Asia and the Pacific. The brief highlights that policy interventions could reduce the impact of COVID-19 by 30% under the short containment scenario and by 40% under the long containment scenario. It notes that strong income and employment protection are crucial.16EconomicsHealthCommunicable and vector-borne diseasesEmerging diseasesCOVID-19Industry and tradeSocial development and protectionSocial protection - labor and employment