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Coronavirus: Asia-Pacific economies could pay greater price in ‘Pandemic 2.0’, MSD report says
- Annual projected losses could hit US$11.8 billion for Singapore and US$13.8 billion for Hong Kong if Covid-19 infections were to worsen
- The report found that the economic burden could reach 2.5 per cent to 5.5 per cent of GDP in Singapore, Hong Kong, Taiwan, Australia and South Korea
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With infections soaring again in some parts of the Asia-Pacific, a new report suggests that if the Covid-19 situation were to worsen, it could cause a far more severe economic burden on key markets in the region.
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The report, published by US drug maker MSD, also known as Merck in North America, found that in this projected “Pandemic 2.0” scenario, the economic burden could reach 2.5 per cent to 5.5 per cent of gross domestic product of five markets – Singapore, Hong Kong, Taiwan, Australia and South Korea.
Although the World Health Organization has declared an end to the Covid-19 public health emergency, medical experts in Hong Kong are still asking residents to remain vigilant.
Singapore has also reported a spike in Covid-19 infections, while the number of people hospitalised with the disease has been steadily climbing in the past eight weeks, according to data from the country’s health ministry.
A surge in cases in Malaysia and the Philippines has also raised fears that hospitals in the Southeast Asian countries may be strained.
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