The Corona Virus’s Effect on the WorldBy Violet Harmon
As we worry about the spread of Coronavirus to the world and how it infects humans, what are its other effects on the world?
Find out here:
- The economic rise of China is expected to reduce to 4.5% in the first three months of 2020. This is known to be the slowest rise since the monetary crisis.
- Factories being shut down are also reducing the production of parts and products from China, which affects companies like Nissan and Apple.
There are many cases of Coronavirus and they continue to spread around the globe. Since many nations and companies depend on China’s economy, this then create a ripple effect on the world.
China is known to be the second-largest country in the world in terms of economy. Since it’s the prime trading country, the economic crisis can put worldwide growth in peril.
Economists have positive thinking that the economy of China would recuperate once the virus is contained.
Sinking Demand in Oil
China is the most extensive oil importer in the world. Demand in global oil might drop because of China’s shutdown.
Disturbance to Commerce
Since factories have shut down, there is also a shortage of parts and products from China. This affects global companies around the world.
Here are other effects:
- Pharmacies have medicine shortages
- Sporting activities across Asia have been postponed
- Airlines worldwide dropped their profits due to cancellations of flights
- Tourism worldwide also reduced its profit due to loss of Chinese tourists who contribute so much
Coronavirus does not only affect human health, but also the world economy. Once it’s treated, recovery will take place.