These days China is struggling with a CoronaVirus, so far more than 80 people have died. Due to this virus, China’s economy is also going to affect. The virus is bound to affect China’s economy and economic losses cannot rule out either. Let’s know which sectors are going to affect by this virus in China at the moment.
This Is A Serious Issue For China
Now the coronavirus has become a serious issue for China. It believed that this will have a significant impact on China’s economy. The World Health Organization has called it an emergency for China. However, no such warning has been issued for any other country for the world right now. Experts say that there are no two opinions that its serious consequences will be revealed in a few months. Since the spread of the coronavirus is still in its early stages, Chinese economic affairs experts are currently not in a position to give any data.
This is not the first time that such a virus has caused worldwide concern in China. Citizens of countries like America, Pakistan, India are living in China, now they are all returning from there. If we compare with the damage caused by such viruses before then only some guesses can be made. During the year 2002-03, there was a SARS epidemic in China and it also started in China, during which time China suffered a lot.
Tourists Reach Millions In Chinese New Year
These days the time of Chinese New Year is going on. In such a situation, lakhs of tourists from all over the world arrive to participate in the events held there. But these days, travel restrictions remain in some areas in China. In such a situation, they cannot go there. Apart from this, since the word has spread about the coronavirus, people living in China have also returned to other countries. Due to this, China’s tourism industry is also suffering.
The entertainment sector is also going to affect by the coronavirus. Ever since this virus has spread, people are avoiding going out of the house and taking part in any such activity. So that they do not come under the infection of this virus. People like to stay in their homes. Such an advisory issued by the Health Department that people stay in their homes so that they will able to avoid getting caught by the virus.
Damage To Transport
Let us tell you that the city of Wuhan from which the coronavirus has spread is an important transport hub in China. In such a situation, the movement of people here has reduced to a minimum. A ban has also imposed. Travel restrictions are a major problem for any business that requires the movement of people and goods. This affects the supply chain of the industry, hinders the delivery of some items and makes some things more expensive. If the people living there do not go out of the house for work and use public transport, then it causes loss of business separately.
Government and private sector health insurance companies will have to bear the cost of treatment of people suffering from Coronavirus. Currently, 80 people have died and thousands of people are infected with it. All these insurance companies will also have to treated and compensated. If the epidemic spreads elsewhere, it bound to have some impact. The effect of the coronavirus on the economy depends a lot on how easily the virus can spread and the extent to which the death of people infected by it is feared.
Effect On The Stock Market
The effect of the coronavirus also seen in China’s stock market. The situation is not worrisome at the moment, but it cannot be denied in any way to affect it in the coming time. If there is an increase in the number of deaths, then the stock market will not be untouched by its loss.
Record Sales Of Surgical Masks and Gloves
Sales of these two have suddenly increased since China issued instructions to wear surgical masks and gloves to protect the coronavirus. The companies making these two things are making a lot of profit from it. She has started producing them separately.
The Loss of $40 Billion
When the outbreak of the SARS epidemic hit China, the global economy suffered a loss of $ 40 billion. Currently, many economists, consultancy firms and people monitoring China’s economy engaged in assessing the damage caused by the coronavirus.