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 theglobal
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 thecoronavirus
will
make it hard to reach the goal the virus is expected to have a bigger impact than the SARSoutbreak
in 2003 which killed 800people 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'seconomy
has grown four times bigger since then making up almost 18 percent of theglobal
economy
and it's not just at China's problem China has a growing faster than any majoreconomy
to become the world's second-biggest by GDP and there's a China is a key part of a range ofglobal
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 theoutbreak
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 thatthe
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 Chinarelatively 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 theglobal
economy
and with uncertainties over thesituation in China g20 finance ministers and central
bankers