Bank loan losses will more than double due to coronovirus


Asia-Pacific banks will suffer the most losses

The amount of losses from unpaid bank loans around the world this year will be $ 1.3 trillion, more than double the figure for the previous year. It has been stated in the published assessment of rating agency S&P Global.

By the end of next year, the loss reached $ 2.1 trillion, S&P analysts estimate.

About 60% of all losses will be in the Asia-Pacific region, and the largest increases in such losses will be seen in North America and Western Europe.

Earlier, the United Nations Department of Economic and Social Affairs predicted that the global economy would lose about $ 8.5 trillion in 2020–2021. This year, the shortfall will be at least 3.2%, and more than 34 million people will be below the poverty line.

The IMF also predicted the biggest decline in the global economy since the Great Depression of 1929–1933 due to the epidemic.

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In the event that in one year the world’s quarantine measures, the global tourism business cannot be worth $ 3.3 trillion, or 4.2% of world GDP. If the sanctions remain for eight months, the loss could be $ 2.2 trillion, or 2.8% of global GDP. According to the results of four months of global quarantine, the tourism industry did not receive $ 1.2 trillion, or 1.5% of the planet’s GDP. Such figures were announced at the United Nations.

Read: Which country will survive the best coronacris – forecast

According to the material Reuters

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