how is the word economy affected by corona epidemic
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It was a bruising year for China. A trade war with the United States left its economy expanding at the slowest pace in 30 years.
And economists estimate 4 million jobs may have been lost in 2019. This year is already being defined by the outbreak of the coronavirus which has killed thousands and has infected thousands more, putting the brakes on China's economy.
Economists polled by Reuters expect China's growth rate to slump to 4.5 percent in the first quarter of this year from 6 percent in the previous quarter. That would be the slowest pace since the financial crisis.
Calling COVID-19 the biggest global issue after the Great Depression, with all of 165 countries affected, N.R. Bhanumurthy, professor at the National Institute of Public Finance and Policy, points out that the impacts on both the global and Indian economy are still evolving. Only the disruptions have started, he says, and at this stage it is going to be very difficult to predict anything very concretely about the future. Much depends on how long the crisis stretches. Even the usual data-backed analysis is cramped for space, and we will need to wait for future economic historians for a final tally. At the present moment, “this crisis is disturbing how all the economic activity is conducted,” says Bhanumurthy. “The impact is going to be across the board. Now we have to wait and watch how the India story is going to play out. We will know only after this lockdown period......”
We will have abundant leisure to count our losses later. Profits? Well, humans have invested in and profited from various forms of social misery.