Impact of Coronavirus (COVID-19) Over Global Economy & Industries

Overview

Executive Summary

Rising cases of coronavirus around the world made economists re-assess the growth forecast for 2020 and its impact over coming years. EU is expected to face the maximum heat where virus spread is the most in its major economies (Italy, Spain, France, UK and Germany).

China has a strong role in the global economy as many countries worldwide depends upon China for imports of Chemicals, Automotive, Electronics, Textiles and more whereas Chinese tourist account for 20% of global tourist spending which has increased drastically in last almost two decades as in 2003 China accounted for less than 4% of global tourist spending.

Other than production and supply, Chinese tourists plays a important role in tourism market by accounting for one-tenth of the cross border visitors and one third of visitors in Japan, Korea and other Asian economies making the country and its population significant in many ways for the global output.

Production disruption would largely affect household goods, hi-tech goods and textile industries where China plays a core role in the global supply chain. Production disruptions in these industries would have an adverse effect on the global supply chain as companies would struggle to find alternative suppliers. 

The report published by Makreo Research and Consulting Firm discusses the performance of the global economy in past and assesses the future outlook. The report studies the performance of major industries and the impact of COVID-19 and in terms of geographic analysis it discusses impact of COVID-19 over China, The US, India, Russia, and regional analysis.