External Affairs Minister (EAM), S Jaishankar addressed the 6th Roundtable of ASEAN-India Network of Think Tanks on August 20 via video conferencing.
He stated that the cumulative loss to global Gross Domestic Product (GDP) is approx 6.5 or 9.7% of global GDP from COVID crisis.
"Impact of COVID19 has been beyond our collective imagination.
Current estimates put cumulative loss in the range of $5.8 to $8.8 trillion or approx 6.5 to 9.7% of the global GDP.
The contraction of world economy being predicted will surely be largest since great depression," said S Jaishankar.
"World faces an unprecedented challenge.
None of us have seen a crisis of this proportion before.
Even after several months, the true extent of its destruction remains unclear," S Jaishankar added.