Photo: Xinhua / Globallookpress.com
The impact of the deadly Chinese 2019 coronavirus-nCoV in the global economy has been unprecedented and cannot be compared with the SARS epidemic in Asia in 2003. To such conclusion economists polled by CNBC.
According to a senior economist of the Oxford University of Economics Tommy Wu, 2003, when Asia experienced an outbreak of SARS, the world economy has become much more global: established many new connections between countries, new transport routes. Because of this, the penetration of the virus into new regions became more rapid, and damage to one economic entity now affects a much larger number of contractors and partners around the world.
This opinion was shared by analysts at Japanese investment Bank Nomura. According to them, in the first quarter of 2003, China’s GDP growth fell by two percentage points in annual terms due to the SARS outbreak. This time the decline might be much more significant.
If the spread of the coronavirus can be brought under control by the authorities of China and other countries faster than it did in 2003 with the SARS virus, the resulting impact on the global economy may be at least comparable, said the chief economist for Asia investment company Capital Economics mark Williams. While the exact timing of infection is now impossible to predict, experts say.
However, some economists note that the impact of coronavirus on the economy may be short-term and in the longer term, not much impact on the global demand.
As of January 30, the number of cases exceeded 7.7 thousand; 170 infected died, while 133 individuals have fully recovered.
Video, photo All from Russia.