section_path: Economic impact by continent, region and country
section_name: Economic impact by continent, region and country
paragraph_text: Economic impact by continent, region and country
  
  A weekly update on the impact of the COVID-19 pandemic on the world economy, and on major individual economies such as the US, China, Japan, other Asian economies, Europe, Australia and New Zealand has been produced by Saul Eslake, one of Australia's best-known economists, since late April 2020.
  
  The global GDP total had shrunk by nearly $22 trillion as of January 2021, during the course of the pandemic. According to Chief IMF Economist Gita Gopinath, the long-term consequences have not fully played out but could be expected to be in the trillions from 2020 to 2025.
  
  Post-COVID economic recovery prospects are high, and most countries are expected to see higher than usual economic growth. This is different from conventional economic recessions, according to the IMF. The China, India, ASEAN nations and other emerging Asian economies are expected to continue growing most significantly throughout the 2020s, and is expected to dominate global economic growth following the pandemic.