Economy is balanced for important sectors and every sector is correlated to each other. infrastructure, manufacturing, IT industry those are prominent sectors for any word class economy.
But recent slowdown of world economy is happened for several reasons but before we begin, let me clear one point, every problem has their own importence but here i will discuss about most corona virus effect on world economy.
We all know deadliest viras corona has infected thousands of people around the globe, maximum number of infected persons have found in China. We also know the name of manufacturing giant. Now, Manufacturing in China has totally stopped , export and import both have stopped. sectors like electronic , automobile are facing lots of problems. Some major company like hundai and iPhone are Being forced to stop some factory due to lacking of insufficient supply and manpower.
Oxford economic has predicted,if the virus spread with his deadliest nature outside of Asia, the virus cost $1.1 tn in lost economy.
The GDP growth of China fall from 6 to 5.4%. if Asia will infected by this virus then the world will face $400bn GDP fall in this financial year.
iPhone is forced to stop his production in China due to corona virus. China's Tourism sectors has totally stopped . however , those are different problems but my concern is polarization of world economy. Maximum percentage of global economy is based on some countries like China , USA , india and so on. This polarization is quite positive for these countries but what about the others?
World economy should not depend on just a few countries. This responsibility should be spread all over the world. World should has several options.
Polarization can kill world economy.
What do you think? Comment bellow.
Thank you