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

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