It has already been proven that the impacts of the consequences of the epidemic caused by the coronavirus on the economies of the entire planet are not just speculative.
As disclosed by Veja magazine, just this past Monday, the 16th, China disclosed that the country's industrial production plummeted at the strongest pace in three decades in the first two months of the year. The period represented the apex of the Covid-19 outbreak in the country.
The country has adopted extremely restrictive measures on the movement of people to try to contain the virus, many industries have paralyzed production in the second largest economy in the world.
What does the data say about the Coronavirus?
China's industry, as officially reported, plummeted by 13.5% in January and February compared to the same period of the previous year. Therefore, this was the weakest result since January 1990. A significant drop in China's industrial production has consequences for the entire world, as the country supplies inputs to the entire world.
The Veja report shows that urban investment and retail sales also fell sharply and for the first time, fueling views that China's economy likely stagnated or even contracted in the first quarter, and that authorities will need to do more to revive activity.
Retreat in China's economy because of the Coronavirus.
Business investment fell by 24.5% in January-February year-on-year while private investment plunged by 26.4%. Other alarming data is regarding retail sales which in turn shrank by 20.5% as shoppers avoided crowded places.
The unemployment rate?
It took a hit too: official data shows it rose to 6.3% in February from 5.2% in December, reaching the highest level since official records began to be published.
But after all, what does the World Health Organization say about the coronavirus
The news is not encouraging. According to official information from the World Health Organization (WHO), the total number of cases in China alone is 81,048, the country with the most infected people in the world.
The number of deaths caused by the disease reached 3,208 which causes very high concern about the virus.
Still according to the Chinese government, the peak of the outbreak has already been overcome. The rate of infection cases is lower and local transmission is lower than that recorded among people entering the country from elsewhere.
