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Coronavirus economic effects in China,UK and Singapore

Coronavirus economic effects: Globally the coronavirus has cross 13 million mark on Tuesday. the World health organisation has also warned that the pandemic is expected to get worse and worse if the nation still don’t follow the basics issued. till now more than 572000 people have already passed away due to the virus worldwide. Along with the rising death rates, global economy also continues to suffer losses with a downward Trend.
WHO chief Tedros Adhanom in a statement said that coming back to the normal conditions is not foreseeable in the future right now. He also asked many countries to adopt a comprehensive strategy in order to deal with the rising cases with specific mention to the 50% cases coming from America.

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Coronavirus economic effects Imports of us goods in China jump 10.6% June with its global trade increasing with the world’s second largest economy recovering from the harsh outcomes of the coronavirus pandemic. Chinese global imports jumped 3% totalling $ 167.2 billion, rebounding from 3.3 % decline in May. Exports rose 0.4%  to USD 213.6 billion after 16.7% contraction in the previous month. China’s global trade surplus stood at USD 46.4 billion.

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United kingdom’s economy showed less than expected growth producing hopes of recovery to what is said to be one of the country’s deepest recessions. As per the office for National statistics, 1.8 % growth was seen in the economy as compared to the previous month. The rise in the financial markets was way below 5% anticipated growth which resulted in economy remaining 24.5% smaller than the size of it in  February. In just the month of April, the economy contracted by 20.3 percent.
In April to June quarter Singapore economy and third reception with the contraction of 12.6% as against the same period last year. In quarterly terms, the economy contracted for 1.2% as the city was heavily reliant on Trade and tourism which suffered huge losses. With Singapore contracted 0.3% when compared to the  year earlier in the first quarter and 3.3% quarterly terms, the economy had entered into a technical recession.

Also Read: India’s economy will shrink by 3.2 per cent in the current fiscal, the World Bank said on Monday