The International Finance Corporation (IFC) Acting Country Manager Victor Anthonypillai this week revealed that the COVID-19 pandemic has caused a $ 3.6 trillion economic loss or 7.7% of combined GDP of eight South Asian nations.

“The lockdowns and other limitations caused the loss of 131 million jobs over just the opening two quarters,” Anthonypillai said, delivering the keynote address at the 32nd Anniversary Convention of the Association of Professional Bankers (APB) on Tuesday.

In terms of degradation of assets due to the pandemic, citing the McKinsey report he said that $ 3 trillion was lost, whilst the complete recovery of assets would take about two-to-four years. It also estimates $ 1.5 trillion was accumulated in loan losses. 

IFC Acting Country Manager highlights far reaching post-pandemic challenges to banking sector