A coronavirus outbreak in China which has killed 81 people and spread to many co...
BEIJING - A coronavirus outbreak in China which has killed 81 people and spread to many countries is expected to hurt its economy, an engine of global growth, though analysts say it is too early to quantify the overall impact on businesses and consumers.
Millions who usually travel during this period have canceled their plans, with the government ordering that full refunds be provided to air and rail passengers Wuhan, a city of 11 million and the epicenter of the virus outbreak in central China, is already in virtual lockdown and severe limits on movement are in place in several other Chinese cities.
This time, however, analysts say China’s increased reliance on consumption to drive the world’s second-biggest economy compared to early 2000s, could undermine growth. Notably, external conditions in 2002-03 were favorable, whereas the coronavirus outbreak is “adding to existing growth headwinds,” said analysts from Nomura in a note. China’s GDP growth slumped to near 30-year lows in 2019, pressured by sluggish domestic demand and trade frictions with the United States.China also now contributes more to global economic growth than it did 17 years ago, meaning any big domestic impact stemming from the virus will ripple through worldwide.
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