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