Will coronavirus outbreak paralyze global economy?


China accounts for almost 1/5 of global
GDP naturally there’s growing concerns of the Cova 19th impact on the global
economy to find out the extent and duration of the damage our kim dami
talked to some experts here’s the first installment of our special three-part
series China has set an ambitious 6 percent GDP growth target for 2020 but
the coronavirus will make it hard to reach the goal
the virus is expected to have a bigger impact than the SARS outbreak in 2003
which killed 800 people worldwide and has shaved almost one person off China’s
growth when compared with the SARS crisis the economic impact from the
corona virus outbreak will be sharper and deeper China’s economy has grown
four times bigger since then making up almost 18 percent of the global economy
and it’s not just at China’s problem China has a growing faster than any
major economy to become the world’s second-biggest by GDP and there’s a
China is a key part of a range of global supply chains the outbreak will have a
knock-on effect worldwide with those countries are more reliant on China
feeling even more of an impact the world the biggest smartphone chip maker call
come cautioned that the outbreak was a causing significant uncertainty over
demand for smartphones as well as the supplies and needed to produce them the
travel and tourism industry is also among the most vulnerable nearly six
million people from China visited South Korea last year but data shows that the
country could lose a a large number of those tourists Buddhist has a lord as
far as a GDP growth forecast once again from 2.1 to 1.9 percent
Singapore’s a trend ministry on Monday also cut its a GDP forecast for this
year due to the outbreak but where the major businesses across China gradually
resuming operation some believe in a v-shaped impact like this orange crisis
in other words sharp decline in economic activities in China followed by rapid
recovery and a total impact on China relatively contained therefore impact on
the world economy also contained a rebound after a short sharp economic
shock is possible under certain circumstances major businesses and
factories across China need to resume operation under the Chinese government’s
systemic economic policies and containment measures most importantly
the spread of the virus needs to stop the IMF chief has also warned that the
corner of ours Africa could drag down the global economy and with
uncertainties over the situation in China g20 finance ministers and central
bankers will gather in Saudi Arabia this week to discuss the possible cost of the
outbreak kim dami arirang news

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