Coronavirus Impact on China Economy

ECONOMIC BUSINESS

WUHAN city of China where the coronavirus outbreak emerged. Estimates vary on the exact size of the population, with local government officials putting the figure at 11 million, though UN data from 2018 says 8.9 million people live in the central Chinese city. Either way, the city is around the same size as London, but much bigger than Washington DC. One estimate makes it the 42nd biggest city in the world, and the seventh biggest in China.

The economic impact of the virus is still Hard to determine, but one state media outlet and some economists have said that China's growth rate could drop two percentage points because of the outbreak. A decline on that scale could mean $62 billion in lost growth, as China contended with rising debt and the fallout from its trade war with the United States.

Central and local governments have allocated $12.6 billion so far to spend on medical treatment and equipment. Some Banks in china have cut interest rates for most hit areas while Bank of China Encourage it would let people of Wuhan Area of CORONA VIRUS outbreak and rest of Hubei delay to their loan payments if they lost source of income due to the incident for several months.

Some Economist says China's economic growth may drop to 5 percent or even lower due to the coronavirus outbreak, possibly pushing policymakers to introduce more stimulus measures. The fast-spreading outbreak, which has killed more than 170 people and infected between 6,000 to 7000 in China, could cut first-quarter gross domestic product (GDP) growth by about 1 percentage point'.

"GDP growth in the first quarter of 2020 could be about 5.0 percent, and we cannot rule out the possibility of falling below 5.0 percent," Said Economist

CORONA VIRUS IMPACT OD DIFFERENT CRYPTO MARKET

Bitcoin

As the virus spread, the BTC price grew sharply, reaching $9,439 on January 28, 2019.

As know the effect on the change of Bitcoin always followed by the different crypto markets like Ethereum, bitcoin, BTCH, etc The Question Remain to the community will the CORONA VIRUS favor Crypto Market.

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