Courtesy of Tyler Durden at Zero Hedge
The Cost Of A "Non-Trivial" Flu Epidemic
The Daily Telegraph has compiled some rather sobering data on what the economic cost of the flu pandemic could ultimately be. This is a little less rosy than Steve Liesman’s prediction that everything will blow over in a day or two. As a reminder the WHO is raising the epidemic to level 5, its second highest threat level: presumably they have not gotten the memo.
From the Daily Telegraph:
- The World Bank estimated in 2008 that a flu pandemic could cost $3 trillion (£2 trillion) and result in a nearly 5% drop in world gross domestic product. The World Bank has estimated that more than 70m people could die worldwide in a severe pandemic.
- Australian independent think-tank Lowy Institute for International Policy estimated in 2006 that in the worst-case scenario, a flu pandemic could wipe $4.4 trillion off global economic output.
- Two reports in the United States in 2005 estimated that a flu pandemic could cause a serious recession of the US economy, with immediate costs of $500bn-$675bn. More here.
At last count there were 148 officially reported cases of the epidemic worldwide, and at least seven deaths.
hat tip Michael
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