The novel coronavirus disease (COVID-19) has grabbed major headlines across the globe since it was first detected in Wuhan, China, on 31, December 2019. The virus has been spreading at a frantic pace, infecting people in 79 countries, as of March 5, 2019. Though the fatality rate is around 3.4%, widespread panic has crippled global supply chains, with multiple factories and businesses shutting down temporarily across impacted regions. According to Oxford Economics, the outbreak could cost industries up to USD 1 trillion in lost output. Here is a snapshot of the economic impact of coronavirus across the globe in numbers.
It’s clear that the COVID-19 outbreak has led to a significant impact on most industries and businesses. China has been worst-hit and, being the world’s second-largest economy, its slowdown is rapidly hitting global supply and demand. While the duration and future impact of the outbreak remains uncertain, all signs point towards subdued economic growth in 2020.
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