McKibbin: COVID is immense economic hit for five years

Via Domain:

Modelling compiled by former Reserve Bank board member Warwick McKibbin and fellow economist Roshen Fernando shows if Australia suffers a second wave of the virus, the cost to the economy could reach almost $450 billion over the next five years.

The world economy is facing a five-year financial hit of between $US17.6 trillion ($25 trillion), if the virus is contained, and $US35.4 trillion ($51.8 trillion) if nations fail to bring the pandemic to heel.

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