The spouting economic impact of the new coronavirus(Also known as COVID-19) outbreak in China is becoming more apparent worldwide, with Apple’s surprise cut to its sales forecast due to supply chain disruptions spooking global markets and Asian governments downgrading growth prospects. German investor sentiment, meanwhile, is collapsing amid fears the outbreak will kneecap the incipient recovery in global manufacturing.
The new coronavirus outbreak will be worse for the global economy, including India. In the latest judgment, credit agency CRISIL’s has disclosed that coronavirus is going to hit the Indian economy if it continues to the first quarter of the next fiscal year. India is a net importer of China with 56 billion dollars.
According to India today, India imports 67% of electronic goods and 45% of consumer durables from China. About 18% of India’s commodities like auto components and pharma drugs are being imported from China, making India vastly dependent on China.
According to CRISIL, cessation of several factories in China due to the havoc of Coronavirus has a recusant effect on India’s electronic industry as they are yet to be prepared such semiconductors and components in such a short notice, despite some of these are imported from Japan, Taiwan, South Korea, and Germany.
India exports almost 34% of petrochemical to China. If the virus epidemic continues, India’s export to China may also get jeopardised.
RBI Governor, Shanktikanta Das said,” The coronavirus outbreak will have a limited impact on India but the global GDP and trade will definitely get affected due to the large size of the Chinese economy.”
“It seems increasingly likely that February will prove to be an economic write-off for China,” said the commodities consultancy Wood Mackenzie in a note.
With much of the country in lockdown, the virus could affect up to 42 percent of China’s economy, according to Standard Chartered.
Globally, the airline industry is set to lose $29bn, according to the International Air Transportation Association (IATA).
China is known as ‘the factory of the world’ and now that the source is being interrupted by Coronavirus, it is going to have a drastic affect on the world economy.
“Global cooperation is essential to the containment of the Covid-19 and its economic impact, particularly if the outbreak turns out to be more persistent and widespread”, said the head of the International Monetary Fund, Kristalina Georgieva.
Luxury goods group Hermès will also provide an update to investors. Analysts have warned that transport groups, hospitality chains, airlines, luxury goods makers and retailers will be among those hardest hit by the coronavirus as Chinese consumers stay away from the shops and travellers put off holiday plans.
There are also concerns for global supply chains as Chinese factories remain closed. Jaguar Land Rover warned last week it could run out of car parts at its British factories by next week. The car manufacturer admitted it had been bringing in parts from China to the UK in suitcases.
Apple also sounded the alarm, warning of possible iPhone supply shortages because of the closure of its Chinese factories.
Prevention from Coronavirus.
As COVID-19 becomes a matter of global concern, we’re taking some proactive measures to help minimize the chances of the spread of the coronavirus.
- Use a mask(Certified mask ISO) while traveling in public transport or any public gatherings too.
- Use sanitizer every time when you willing to take Food. Avoid roadside fast foods and oily food.
- If someone between you sneezes or cough then maintain a proper distance near about 3feet.
- If you have some symptoms like cough, sore throat, Fever, running nose then please consult the nearest doctor for medical supervision
- There are some home remedies to that I would like to tell you and it is very effective for long term (Continue Reading)
- Home remedies- Make a syrup of Ginger and take it daily in the early morning it will help to strengthen your immunity and guard against cough and cold.
- Take a piece of clove and teaspoon of honey and rest it for half an hour and then just chew it well. This will help you to improve your immunity, lungs function, liver etc.
- You can make home sanitizer by Lemon juice or you can buy citric acid powder and add some water to make a solution.
- Use mother-alcohol(used in Homeopathy medicine) with a teaspoon of water that will be also a good solution for hand wash.