“Most economies in the Asia and Pacific region can expect difficult growth path for the rest of 2020,” ADB Chief Economist Yasuyuki Sawada said in a statement.

“The economic threat posed by the COVID-19 pandemic remains potent, as extended first waves or recurring outbreaks could prompt further containment measures,” Sawada said.

“After 20 consecutive years of declines in extreme poverty, we’ve now seen a reversal,” said Mark Suzman, chief executive of the Gates Foundation, in an interview with Reuters. “We’ve had nearly 40 million people thrown back into extreme poverty. That’s well over a million a week since the virus hit.”

The report cited International Monetary Fund projections that, despite the $18 trillion dollars already spent on trying to stimulate economies around the world, the global economy will lose $12 trillion or more by the end of 2021 – the biggest global GDP loss since the end of World War Two.

So far, 92 lower-income nations are seeking assistance via the COVAX facility, part of the WHO’s ACT Accelerator to boost development of vaccines, therapeutics and diagnostics to combat the pandemic. Some 80 higher-income nations have expressed interest, but many must still confirm their intention to join by the end of this week.

“If people in low- and middle-income countries miss out on vaccines, the virus will continue to kill and the economic recovery globally will be delayed,” WHO Director General Tedros Adhanom Ghebreyesus told a WHO regional event for Europe that was broadcast virtually.

“Financial and political investments in preparedness have been insufficient, and we are all paying the price,” said the report by The Global Preparedness Monitoring Board (GPMB).