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Central Asia’s estimated losses to reach $51 billion

07 December 2020 12:19 (UTC +04:00)

The ADB’s new report entitled “The Impact of COVID-19 on Developing Asia: The Pandemic Extends into 2021” states that the global impact of the pandemic ranges from $4.8 trillion to $7.4 trillion (5.5% to 8.7% of gross domestic product [GDP]) this year, with an additional impact of $3.1 trillion to $5.4 trillion (3.6% to 6.3% of GDP) in 2021. Around 28% of these losses are incurred by developing Asia, with South Asia absorbing substantial losses relative to GDP, APA-Economics reports citing ADB.

According to the baseline scenario of the ADB, Central Asia’s economy will fall by 11.9% ($43 billion), while the better and worse scenarios assume 9.3% ($34 billion) and 14.2% (51 billion) decline, respectively.

Note that Central Asia comprises Armenia, Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan.