Cambridge study counts the cost of Coronavirus
The global economy could be set back by a harrowing $82 trillion in damages related to the coronavirus pandemic over the next five years, according to recent findings by a University of Cambridge department that examines systemic risks.
These cost projections are based on 2019 gross domestic product volumes which stood at $69.2 trillion for the world’s 19 leading economies. The contrast, in comparison, is visibly massive.
The Centre for Risk Studies at the University of Cambridge Judge Business School determined that the potential toll could range between what it called an “optimistic loss” of $3.3 trillion in case of rapid recovery, and $82 trillion in the event of an economic depression.
While lost value of $82 trillion is the worst case scenario, the centre’s consensus projection was a loss of some $26.8 trillion, or 5.3%, of global GDP in the coming five years.
