S&P estimates COVID-19 cost to be $620 billion for 14 Asia-Pacific countries

International ratings agency S&P Global Ratings has recently estimated the cost of COVID-19 outbreak for 14 Asia-Pacific countries at $620 billion.

Though a country-wise break-up was not provided for its estimate, it said that the total and permanent income loss will affect the balance-sheets of government, banks, corporates and households. Last week, S&P cut India’s growth rate to 5.2% in 2020-21.