CORONA EFFECTS ON WORLD ECONOMY

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There is a possibility of a slowdown in world business due to the arrival of many countries around the world from China. Because of Corona, two of the world's largest economies country, China and  US are expected to decline in business, which is going to affect the whole world. The Indian government is also worried of the impact of Corona on the economy. Finance Minister Nirmala Sitharaman says that options are being taken into at various levels in this matter.
Secretaries of different ministries are constantly reviewing the impact of the corona and keeping a closer watch. Analysts say that India doing more than 150 billion dollars (about 10 lakh crore rupees) business with America and China will also not remain untouched by this. However, economists are denying any effect of Corona on the growth rate of the Indian economy. According to a report by research and rating agency Moody's Analytics, the growth rate of the world economy is expected to fall by 0.4 percent this year due to Corona. For the first year 2020, the world growth rate was projected to increase by 2.8 percent, which has now been reduced to 2.4 percent.
Economist Govind Rao says that Corona will have dual that is positive and negative effects on the Indian economy. If supply chain is affected, there may be shortage of raw materials for many things, and then many things will become cheaper. But it is too early to decide on how Indian growth is affected by Corona. Ajay Sahai, CEO and DG, Federation of Indian Export Organizations (FIEO), says the import bill could also increase in the face of shortage of raw materials and increasing production overall costs. The World Bank is also anticipating a fall of one percent in world growth due to Corona. An alert has also been issued in the USA regarding Corona. Many countries like Iraq, Iran, Italy, Iraq, Iran,  South Korea, are affected by Corona. According to a Moody's Analytics report, due to Corona in the world's largest US economy, the growth rate of the US economy is suppose to be decline by 0.2 to 1.7 percent in the year 2020.
In the first half of this year, there is a possibility of slowdown in the business of the world including America.
The Moody's Analyze report states that China's tourism and other business is in complete disarray. Foreign airlines are not going to China and other places cruise travel is also canceled. Due to the impact of China, tourism is also affecting the world.
Due to the many cases of Corona in Italy, tourists are now avoiding to go to Europe, due to which tourism of Europe is going to be affected and economy declined.


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