Pandemic will cause globe $US21 trillion in economic pain

The global economy could lose up to $US21.8 trillion dollars in 2020 alone due to COVID-19, according to new analysis from The Australian National University (ANU). The research , led by Professor Warwick McKibbin and Roshen Fernando, has modelled six new scenarios of the impact of the coronavirus on the world economy. The scenarios range from containing COVID-19 in mid-2020 to ongoing waves of the virus over several years. The researchers have also created an online dashboard to display their results. Professor McKibbin said even under the best case scenario the global economy will lose up to $US14.7 trillion dollars. "That's a massive hit, and that loss is based on the worst of COVID-19 being over by mid-2020 but with a smaller second wave in 2021," he said. "Our modelling shows that if the virus isn't contained or if we have ongoing waves, the economic losses will climb quite steeply.
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