Economists warn global recession is no longer a looming threat

As countries across world are taking measures to shut down public places, shops, airlines, and factories, ecomists believe that threat of global recession is longer a far-fetched idea, it's actually here. Media reports suggest that data released by China on March 16 shows impact coronavirus has done to its finances. Experts believe that world's second-largest ecomy is unlikely to recover anytime soon. 

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Wall Street stocks on Monday recorded its worst day since 1987 as Dow Jones Industrial Aver, a stock market index that measures performance of 30 biggest companies, fell by 12.9 per cent, which is nearly 3,000 points. Nasdaq and S&P 500 also recorded similar falls which later resulted in carn of global markets. According to reports, US President Donald Trump on March 16 for first time ackwledged that his country 'maybe' heing towards a recession. 

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coronavirus pandemic has affected some of world's wealthiest countries like United Kingdom, Italy, Germany, France, United States, and of course China, earlier hotspot of disease. After se countries anunced measures like border shutdown and banning public garings to prevent spre of virus, alrey deteriorating global ecomy fell rapidly.

collapse of activity is affecting every sector from retail to manufacturing to services. According to National Bureau of Statistics, retail sales in China plunged 20.5 per cent during January and February compared to 2019, industrial output was down 13.5 per cent, and fixed asset investment fell by nearly 25 per cent.  

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Coronavirus outbreak

COVID-19 has claimed more than 7,100 lives across world and has infected over 1,82,000 people globally since it first broke out in December 2019. China is most affected country in world as experts believe that virus originated from a seafood market in Wuhan city, epicentre of disease, where animals were reportedly being tred illegally. 

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