Corona's cryptocurrency hits $ 250 billion global economy

Mumbai, 28 February 2020 Saturday

The deadly corona virus spread from China is currently frightening the entire world and is causing huge economic damage to the lives of the people.

Industrial outbreak PHDCCI said on Thursday that the outbreak of the Corona virus would reduce global growth rates by 30 basis points (0.3 percent), which, if calculated, could lead to a $ 250 billion loss to the entire global economy.

PHDCCI President D.K. Agarwal said that disruptions in the global supply chain will not only affect China's exports but also affect the export functioning of the importing countries because the goods they export are a major part of China's raw material or intermediary goods.

"At present, we need to encourage our domestic consumption demand and domestic capabilities to reduce the potential impact of the corona virus on global trade," Agarwal said.

Sectors such as pharmaceutical, solar, iron and steel are facing difficulties in supplying raw material to the epidemic of corona virus in China.

Business News is also now available on Telegram. He added that China is a leading player in global trade and accounts for 13% of the total global export of goods.

It is exported to many countries, including the United States, Hong Kong, Japan, Korea, Vietnam, Germany, India, the Netherlands, and the negatives of global trade due to the corona legacy can adversely affect the potential growth of the world economy.

He said the epidemic could create a worrying mess in the global economy and the market. However, the economic impact of the epidemic will depend on its duration and severity.

Agarwal further said that due to the coronavirus epidemic, the global growth rate will be reduced by 0.3%.

He further said that India should strengthen its supply chain in order to regain its lost stake so that the opportunities of market access as well as the ease of doing business and business competitiveness can take the country to a higher level.