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Covid-19 to Cost $11.5 Trillion to Global Economy, Countries to Lose $5 Trillion in GDP: Study

Representative image. (Reuters)

Representative image. (Reuters)

The study suggests that the spending 260 to 270 billion dollars over 10 years would reduce the chances of another pandemic like the current outbreak. The amount is just 2 percent of what Covid-19 is likely to cost.

The coronavirus pandemic is estimated to cost the global economy a whooping 11.5 trillion dollars including $5 trillion to $5.6 trillion in GDP, a study collated by experts from medicine, economics, environment and conservation shows.

The paper published in Science authored by 17 experts reads that for a century, two new viruses per year have spilled from their natural hosts into humans. And, MERS, SARS and H1N1 epidemics, the HIV and Covid-19 pandemics testify to their damage, a report in Times of India said.

The study suggests that the spending 260 to 270 billion dollars over 10 years would reduce the chances of another pandemic on the scale of current outbreak. The amount is just 2 percent of what the current pandemic is likely to cost the world.

“The world may lose at least 5 trillion dollars in GDP in 2020, and the willingness to pay for the live lost constitutes many additional trillions (of dollars). These costs exclude the rising tally of morbidity, deaths from other causes due to disrupted medical systems, and the loss to society of foregone activities due to social distancing,” the report reads.

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The report also claimed that the world would lose 5.9 trillion dollars due to deaths resulting from Covid-19.

However, the report goes on to list that “reduced deforestation also has the ancillary benefit of around 4 billion dollars per year in social benefits from reduced greenhouse emissions, so net prevention costs range from 18-27 billion dollars per year,” the report reads.

According to the report wildlife protection, through efforts to curb deforestation, regulation of animal trade, which brings humans and livestock in contact with the wildlife must be prioritised for preventing pathogen transmission.

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first published:December 09, 2020, 08:50 IST