The world economy is facing a five-year financial hit of between $US17.6 trillion ($25 trillion),if the virus is contained,and $US35.4 trillion ($51.8 trillion) if nations fail to bring the pandemic to heel.
Professor McKibbin and Mr Fernando modelled the economic impact of past pandemics and expected infection rates due to the coronavirus outbreak.
In Australia's case,the economy does not return to its pre-virus level until at least 2022. Between this year and 2025,the economy will take a cumulative hit of $220 billion,which could reach $446 billion if there is a second wave.
Professor McKibbin said just this year,the virus would cost the global economy between $US14.7 trillion ($21.4 trillion) and $US21.8 trillion ($31.8 trillion).
"That's a massive hit,and that loss is based on the worst of COVID-19 being over by mid-2020 but with a smaller second wave in 2021,"he said.
"There is no doubt that COVID-19 is a significant negative shock to the world economy and our modelling makes that clear."
Investment,consumption and employment are all expected to take more than a year to recover the ground lost due to the virus,but women with few skills are likely to suffer the toughest road.