COVID-19 Pandemic To Cost Global Banks $2.1 Trillion By The End Of 2021
Credit rating agency S&P Global estimates that the Asia Pacific region is expected to suffer a loss of $1.2 trillion next year.
The Coronavirus pandemic has adversely affected various sectors of the economy. Many sectors have undergone unbearable losses leading to the closure of businesses. The global banking sector has also fallen prey to the economic crises. According to recent reports, the combined loss faced by global banks is estimated to be around $2.1 trillion by the end of the year 2021. Credit rating agency S&P Global estimates that Asia Pacific is expected to account for $1.2 trillion of losses next year with three-quarters of that coming from China. Which means that around 75% of losses will be constituted by China itself.
It is reported that the banking sector will suffer huge losses due to the stressful situation in the global economy. The sector is likely to bear the losses until the end of the year 2021.
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