Tue | May 26, 2020

Virus cost may top $4 trillion, Americans arm up on guns

Published:Friday | April 3, 2020 | 2:03 PM
Home Depot customers carry their purchases as they leave the store, Friday, April 3, 2020 during the coronavirus pandemic in New York. (AP Photo/Mark Lennihan)

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 annualise drop in GDP of about 10% for the 19-country eurozone.

Meanwhile, the US typically has a unique response to crisis, and the coronavirus is no different.

Firearm sales spiked 85% last month compared with the March last year, according an analysis of the FBI’s National Instant Criminal Background Check System by Small Arms Analytics and Forecasting.

The laws of supply and demand also apply to arming up, of course, and the cost of adding guns to the shopping list will cost you.

“Much of the industry’s inventory will have been depleted, so that we anticipate that weapons and ammunition prices increased as well,” said Jurgen Brauer, SAAF’s chief economist.

Data on prices will be released soon.

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