China : The World Hotspot facing an Economic Collapse

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The Deadly Coronavirus was first reported in China’s Wuhan City in November 2019 and hence the name COVID-19. The doctors warned about the virus when they were aware of the uncontrolled deadly situation, but it was already too late and it spread faster than anybody could imaginge.

At present, China has 82,692 confirmed cases and as a precautionary step, they have enforced lockdown in the COVID-19 affected areas. The lockdown is not positive for the country and it has impact on all the forms and also brings new problems like Economic Crisis, Recession, Unemployment, etc.

You may use this simple app created by our SAP Technology Partner to track the COVID-19 case world wide.

Update for China as of 17th April 2020

This year, for the first time in decades, China’s economy shrank in the first quarter of 2020, as the virus forced factories and businesses to close. The world’s 2nd biggest economy of China fell down to nearly 6.8% according to official data released on Friday, 17th April 2020.

The Economic crisis in China can be a huge concern and affects other countries as well who are associated with them. The Red dragon’s China is an economic powerhouse as a major consumer and producer of goods and services around the world.

With this economic shrink, it’s the 1st time that China has seen its economy fall down since 1992.

“The GDP contraction in January-March will translate into permanent income losses, reflected in bankruptcies across small companies and job losses,” said Yue Su at the Economist Intelligence Unit.

In the previous year, China saw a prosperous economic rising of 6.4% when it was the time of trade war going on against the economy giant USA.

Among other key figures released in Friday’s report:

  • The factory output was down 1.1% for March as China slowly starts manufacturing again.
  • Retail sales plummeted 15.8% last month as many shoppers stayed at home.
  • Unemployment hit 5.9% in March, slightly better than February’s all-time high of 6.2%.

But since March, the Chinese authorities have granted permission to let the factories resume their production units and the business sites of companies to reopen.

This is just a short article to highlight the economy impact of the deadly virus. China may be the first one to show the results but the outcome might be the same for other affected countries viz Italy, France, Iran, USA etc. Luckily, India has managed to keep the pandemic under control till now, but only time will reveal how well we have done it.

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