Corona virus impact on global business

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global economy vector
global economy vector

As the number of cases and deaths from Corona virus amounts the economic sector has stated a concern.

The most obvious is effect on tourism expecially with the travel ban actions across the globe.

China being the worlds leading country with most factories,most of them are on lockdown due to the spread of the virus.

The virus is snarling supply chains and disrupting companies. Car plants across China have been ordered to remain closed.

Global automakers Volkswagen Toyota,Daimler,General Motors  Renault Honda and Hyundai are still halted from resuming operations in the world’s largest car market.

According to  Global Ratings, the outbreak will force carmakers in China to slash production by about 15% in the first quarter. Toyota said on Friday it would keep its factories shut at least until February 17.

Luxury goods makers, which rely on Chinese consumers who spend big at home and while on vacation, have also been hit.

Qualcomm, the world’s biggest make of smartphone chips, warned that the outbreak was causing “significant” uncertainty around demand for smartphones and supplies needed to produce them.

China’s economy accounted for roughly 4% of world GDP in 2003; it now makes up 16% of global output.

Coronavirus in a cruiseship

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