what are the economic impact of corona virus
Answers
Answer:
Oil prices crash
Demand for oil has all but dried up as lockdowns across the world have kept people inside.
The crude oil price had already been affected by a row between Opec, the group of oil producers, and Russia. Coronavirus has driven the price down further.
Brent Oil price chart - 27/04
Brent crude is the benchmark used by Europe and the rest of the world. Its price dipped below $20, to the lowest level seen in 18 years.
In the United States, the price of a barrel of West Texas Intermediate (WTI) turned negative for the first time in history .
WTI oil price chart - 27/04
Although Opec and other countries have now agreed to cut production, the world still has more crude oil than it can use.
Answer:
With more than 20 lakh people infected worldwide and 1.27 lakh dead, the Covid-19 pandemic shows no signs of abating. As vaccine is yet to be found, lockdowns remain the only way to slow its spread. However, the lockdowns are also pushing major economies to the brink.
The International Monetary Fund (IMF) has revised its global GDP growth estimate from 3.3% just 3 months ago to a contraction of 3%, something not seen since the Great Depression of the 1930s. ET Wealth studies how India ..
United States
Annual GDP ($ billion)*: 20,544.34
GDP growth in 2019 (%)*: 2.30
Covid cases/Million^: 1,855
Covid deaths/Million^: 79
Total Mcap ($ BN)**: 29,149.41
Mcap/GDP**: 1.42
Exp GDP Growth (JAN)#: 2.00
Exp GDP Growth (APR)#: -5.90
Benchmark index PE**: 16.39
China
Annual GDP ($ billion)*: 13,608.15
GDP growth in 2019 (%)*: 6.00
Covid cases/Million^: 57
Covid deaths/Million^: 2
Total Mcap ($ BN)**: 7,199.67
Mcap/GDP**: 0.53
Exp GDP Growth (JAN)#: 6.00
Exp GDP Growth (APR)#: 1.20
Benchmark index PE**: 13.13
Japan
Annual GDP ($ billion)*: 4,971.32
GDP growth in 2019 (%)*: -0.70
Covid cases/Million^: 60
Covid deaths/Million^: 1
Total Mcap ($ BN)**: 5,237.09
Mcap/GDP**: 1.05
Exp GDP Growth (JAN)#: 0.70
Exp GDP Growth (APR)#: -5.20
Benchmark index PE**: 16.91
Impact of the coronavirus pandemic on the world economy and how India is placed
As the world is undergoing the impact of Coronavirus, the IMF has revised its global GDP growth estimate. ET Wealth studies how India is placed in this scenario.