China’s GDP growth is expected to fall from six percent last year to 5.4 percent in 2020 due to the spread of the COVID-19 virus, said the latest report by Oxford Economics.
It has modeled two scenarios on the coronavirus outbreak morphing into pandemic. Under the first scenario, if it spreads more widely in Asia, world GDP would fall by $400 billion this year, or 0.5 percent. The second scenario foresees the global GDP dropping $1.1 trillion or 1.3 percent, if the virus outbreak becomes a pandemic and a disruption to manufacturing in Asia spreads worldwide. Such a decline would be the same as losing the entire annual output of Indonesia, which is the world’s 16th largest economy.
Continue reading https://on.rt.com/abcq