China economy Slumps down as Coronavirus triggers the Global recession.
China economy Slumps down as Coronavirus triggers the Global recession.
China is the world’s second-largest economy and leading trading nation, so economic fallout from coronavirus also threatens global growth. As it grapples with the coronavirus, the economic damage is mounting around the world.
There are around 70,000 confirmed cases of COVID-19, the new coronavirus that emerged in Wuhan, China, in December and is spreading around the world. The coronavirus affecting travel as tourist’s not visiting China or are trapped.
China is the world’s biggest oil importer. With coronavirus hitting manufacturing and travel, the International Energy Agency (IEA) has predicted the first drop in global oil demand in a decade.
Global oil demand has been hit hard by the novel coronavirus (COVID-19) and the widespread shutdown of China's economy. Demand is now expected to fall by 435,000 barrels year-on-year in the first quarter of 2020, the first quarterly contraction in more than 10 years," the IEA said in its latest monthly report.
The shortage of products and parts from China is affecting companies around the world, as factories delayed opening after the Lunar New Year and workers stayed home to help reduce the spread of the virus. Factory shutdowns are slowing the flow of products and parts from China, affecting companies around the world, including Apple and Nissan.
Global airline revenues are expected to fall by $4-5 billion in the first quarter of 2020 as a result of flight cancellations, according to a report from the UN’s International Civil Aviation Organization (ICAO)ICAO also forecasts that Japan could lose $1.29 billion of tourism revenue in the first quarter due to the drop in Chinese travellers while Thailand could lose $1.15 billion.
China’s economic growth expected to slow to 4.5% in the first quarter of 2020 – the slowest pace since the financial crisis, according to a Reuters poll of economists.
Businesses are dealing with lost revenue and disrupted supply chains due to China’s factory shutdowns, tens of millions of people remaining in lockdown in dozens of cities and other countries extending travel restrictions as the outbreak is sending ripples around the world.
News sources the Guardian
China is the world’s second-largest economy and leading trading nation, so economic fallout from coronavirus also threatens global growth. As it grapples with the coronavirus, the economic damage is mounting around the world.
There are around 70,000 confirmed cases of COVID-19, the new coronavirus that emerged in Wuhan, China, in December and is spreading around the world. The coronavirus affecting travel as tourist’s not visiting China or are trapped.
China is the world’s biggest oil importer. With coronavirus hitting manufacturing and travel, the International Energy Agency (IEA) has predicted the first drop in global oil demand in a decade.
Global oil demand has been hit hard by the novel coronavirus (COVID-19) and the widespread shutdown of China's economy. Demand is now expected to fall by 435,000 barrels year-on-year in the first quarter of 2020, the first quarterly contraction in more than 10 years," the IEA said in its latest monthly report.
The shortage of products and parts from China is affecting companies around the world, as factories delayed opening after the Lunar New Year and workers stayed home to help reduce the spread of the virus. Factory shutdowns are slowing the flow of products and parts from China, affecting companies around the world, including Apple and Nissan.
Global airline revenues are expected to fall by $4-5 billion in the first quarter of 2020 as a result of flight cancellations, according to a report from the UN’s International Civil Aviation Organization (ICAO)ICAO also forecasts that Japan could lose $1.29 billion of tourism revenue in the first quarter due to the drop in Chinese travellers while Thailand could lose $1.15 billion.
China’s economic growth expected to slow to 4.5% in the first quarter of 2020 – the slowest pace since the financial crisis, according to a Reuters poll of economists.
Businesses are dealing with lost revenue and disrupted supply chains due to China’s factory shutdowns, tens of millions of people remaining in lockdown in dozens of cities and other countries extending travel restrictions as the outbreak is sending ripples around the world.
News sources the Guardian