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The impact of the coronavirus pandemic on global economic performance

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The benchmark synoptic report on industrial activity in the second largest economy in the world, "China", reveals a foreseeable decline in the production of their factory since the outbreak of the coronavirus pandemic. The prevalence of the virus has significantly disrupted and slowed down supply chains. This trend has serious repercussions and spin-offs for many companies around the world. The coronavirus, originally from Wuhan, China, has killed at least 2,800 people and infected more than 82,500. The virus has spread to 49 countries.

Chinese President Xi Jinping has warned that the coronavirus will have a relatively huge impact on the global economy and societies in general. However, he reiterated that there is ample evidence that the pandemic would be controllable and, as such, short-lived. The country has done what it is best known for; they have taken a number of steps in recent weeks to save their economy from further deterioration.

Economic virtue detects that transportation groups, hotel chains, airlines, luxury goods manufacturers and retailers, among others, will be hard hit by coronavirus, Chinese consumers staying away from stores and travelers canceling vacations. The International Air Transport Association (IATA), the trade body of the global air transport industry, has predicted a drop in air travel and that by about $ 29.3 billion (23.7 billion) of revenue will be lost later. The implication is that global air transportation is expected to drop considerably for the first time in more than a decade.

Economic historians have repeatedly proven that, since the 1800s, China has accounted for about a third of global GDP, has sophisticated manufacturing systems and market-based business models like those of ; Europe, and dominates world trade in modern manufacturing. Between 2001 and 2008, Chinese exports grew at an astonishing 27% a year, from $ 266 billion to $ 1.4 trillion.

Certainly, global cooperation is essential to stem the coronavirus pandemic in order to avoid the "would" be a serious global economic downturn, which will most likely affect commodity prices, particularly if the epidemic worsens. reveals more persistent and more widespread. The continued prevalence of the virus could have dire and lasting global economic consequences.

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