Virus cost may top $4 trillion; French car insurance cheaper

The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments on Friday related to the global economy, the work place and the spread of the virus.

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COSTS MOUNT: The pandemic will cost the global economy as much as $4.1 trillion, or nearly 5% of all economic activity, according to new estimates from the Asian Development Bank.

The regional lender said Friday that growth in developing Asia would likely fall to 2.2% in 2020, more than halving last year's growth of 5.2%. China, the region’s biggest economy, experienced double-digit contractions in business activity in January-February and will likely see growth fall to 2.3% this year. That's compared with 6.1 last year, already a three-decade low, the ADB said.

In Europe, a key gauge of activity in manufacturing and services fell to a record low, suggesting an annualized drop in GDP of about 10% for the 19-country eurozone.

AIRLINES: Airlines face a Friday deadline to apply for a share of $25 billion in federal grants to cover payroll costs for the next six months.

American and Southwest have indicated they will apply while other carriers are hesitating. A provision of the aid could allow the U.S. government to take an equity stake in airlines that seek grants or loans.

But all airlines are hemorrhaging. The number of travelers screened Thursday at airports nationwide was 124,000, a 95% drop from the same day last year.

HEAVY INDUSTRY: Toyota is halting production at five of its 18 plants in Japan as sales evaporate. The stoppage will last three days for most of the plants, but one plant will close until mid-April.

The affected plants produce vehicles for export, including Lexus luxury models and the Prius hybrid. Other Japanese automakers, such...