How will the disaster effect the economic growth and development of various countries?
Please give long answer
Answers
Natural disasters such as earthquakes, floods, typhoons, and hurricanes inflict serious damage and so seem to be bad for the economy. For firms, natural disasters destroy tangible assets such as buildings and equipment – as well as human capital – and thereby deteriorate their production capacity
Decrease in Economics rate
The International Monetary Fund(IMF) has said the Coronavirus pandemic had instigated a global economic downturn the likes of which the world has not experienced since the Great Dipression.
On 15th April, the IMF warened economices in Asia would see no growth this year, for the first time is 60 years, with the service sector particular under pressure.
National lockdown across the region have meant Airlines, factories, shops and restaurants have suffered the greatest economics shocks.
Just a day after the IMF wand, official data showed the Chinese economy had contacted in the first quarter the first time since quarterly records began in 1992. Gross domestic product(GDP) in the world’s largest economy felt 6.8%in January-march year on year more than 6.5% forecast by analysts and the opposite of the 6% expansion in the fourth quarter of 2019.
The Chinese economy is likely to be hit further by reducing global demand for its products due to the effect of the outbreak of Economies around the world.