ADB talks scenarios of coronavirus effecting Kazakhstan's economy
BAKU, Azerbaijan, March 22
By Nargiz Sadikhova - Trend:
Effect of coronavirus affecting Kazakhstan’s GDP could equal -0.086 percent or $154.2 million, a representative of Asian Development Bank (ADB) told Trend.
The ADB said in their analysis that the ongoing coronavirus (COVID-19) outbreak will have a significant impact on developing Asian economies through numerous channels.
"This include sharp declines in domestic demand, lower tourism and business travel, trade and production linkages, supply disruptions, and health effects," the ADB said.
ADB noted that the magnitude of the economic losses will depend on how the outbreak evolves, which remains highly uncertain.
"In case with Kazakhstan, according to the best case scenario, the economy will not be significantly affected by the outbreak and the net effect on GDP will comprise -0.017 percent. In the case of moderate scenario, the net effect on country’s GPD will amount to -0.032 percent or $57 million. On the assumption of the worst case scenario the effect on GDP will be equal to -0.086 percent or $154.2 million," the ADB said.
The ADB noted that the most affected sectors of the economy in all cases will be agriculture, mining and quarrying while transport services and light/heavy manufacturing and construction will experience the least impact from the outbreak.
The outbreak in the Chinese city of Wuhan - which is an international transport hub - began at a fish market in late December 2019.
Some sources claim the coronavirus outbreak started as early as November 2019. The symptoms include cough, headache, fatigue, fever, aching and difficulty breathing. It is primarily spread through airborne contact or contact with contaminated objects. In mild cases, according to the Chinese authorities, treatment takes about a week, in severe cases - two or more.
Chinese health authorities say that the majority of the people who have died were either elderly or had underlying health problems.
Aside from Mainland China, the cases of coronavirus spreading have also been confirmed in other countries.
Several countries are developing a vaccine against the new virus.
Follow the author on twitter: @nargiz_sadikh