China is one of the biggest economies among countries in the World with $ 14,14 trillion (nominal), while the US' GDP is $ 21.37 trillion. People in China are hard-working and patriotic. They do everything, first, for their countries, and then for themselves. Interesting point is that they do at their own request. This situation brings China's economy to one of the best economies.
China's economic power actually comes from the export-oriented growth, which brings billion dollars every year to China, in return Chinese workers work their ass off to produce as much product as they can to provide the cheapest goods to other countries. However, this economic orientation wrested China from poverty and put the Chinese economy over the top.
In 2018, China's export was $ 2.50 trillion, and import was $ 2.14 trillion.
As everyone knows, recently China struggles with the Coronavirus, which is similar to the SARS virus. So far we know that that virus is so contagious and deathly for people whose immune system is weak.
The Chinese government, to resist the spread of, mobilize against the virus by put lots of Chinese cities in quarantine, where approximately 50 million people live. Yet still many infected people have spread around the World and infected other nations.
So many national and private flight companies stop flying to China, many countries suspend Chinese people's visas due to the deathly coronavirus. Even though coronavirus became worldwide famous 10 days ago, it has already started doing a disservice to China's economy.
Today I will try to calculate the probable average loss for China.
China's daily economic magnitude is about $ 3.88 billion. That is the most significant point because China, due to the quarantine, keeps everyone at home and does not allow anyone to work in order to avoid the spread of coronavirus, but sadly quarantine seems like it will continue for a while until the vaccine is developed.
Besides, international buyers of Chinese products are scared to purchase any goods and services from China because of the fear of the virus. Namely, China also cannot sell or export any goods to other countries. That also hits the Chinese economy.
If the quarantine measures take a too long time (about 2 months), then China averagely could lose $ 2.36 trillion, which is about 17% of China's GDP. This is extremely dangerous not only for China's economy but also for the world's economy by the reason of the fact that China has a lot of economic and trade relationships with every country. Many countries sell raw materials and natural sources to China, many conglomerates have factories that produce the exportable product and spare part for their products. In short, many countries and companies will also be making huge losses during that time.
Coronavirus may not kill a bunch of people but will drag the world's economy into an economic crisis, which will hurt humanity.
Do not forget that Globalization has linked everything to each other. If one ring of the chain breaks off, then the whole chain will go down.
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