Corona Virus and the global economy

The swingeing effect of Corona virus is known to all of us by now. The widespread loss of health and life in China has shown people around the globe what viruses can actually do! The second largest economy in the world has been worst hit by the Corona virus and has left the country in shambles. But is it just China suffering? 

A close perusal may help us in answering this question by the end of this blog. China, being the second largest economy in the world, followed by the United States. A $13.3 trillion economy has come to a stand-still. The World Health Organization has declared Corona virus outbreak a global health emergency. Supply chains around the world have got disrupted. China accounts for 1/5th of the global GDP. China has set a target for 6% growth of GDP for the present year. We also know that China is the largest manufacturer of automobiles, mobile phones and Consumer goods. It also holds a high rank in the assembling of phones. Keeping in view all the above-mentioned facts and figures, there’s a lot that still must be considered. The recent outbreak of viruses, major business across China have paused for the time being. Countries all around the globe are suffering due to the ongoing scenario in China. The slowdown of manufacturing sector has suspended exports to other countries that are heavily dependent upon China for selling goods made in China. 

It is an unarguable fact that imports from China have declined but so has the exports. China, due to the looming danger of Corona virus is not able to attract exports from different countries. As a result of this, industries at large are suffering. Granting all these, China poses huge loss to the Indian ceramic industry. 

Concluding my blog, I would like to mention that, the entire globe is suffering. China is losing its human resource and its replenishment would cost too much. Corona virus is not just China’s problem. All of us will be victimised by its effect. Let all of us unite to help China recover and stop this pandemic. 

Kanchan Sharma

PGDM Batch 2019-21

#coronavirus #impactoneconomy #calcuttabusinessschool #globaloutbreak

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