The effects of the coronavirus outbreak are likely to reverberate beyond China a...
- The effects of the coronavirus outbreak are likely to reverberate beyond China as most major economies in the region are expected to either slow down significantly, halt or shrink outright in the current quarter, Reuters polls found.
Forecasts from economists collected Feb 19-25 showed that Australia, South Korea, Taiwan, Singapore and Thailand are all expected to put in their worst performance in years in the first quarter. Only Indonesia was expected to remain relatively unscathed. That fear in financial markets was clear on Monday, when world stocks took a nosedive to a two-year low as a surge in virus infections outside mainland China fuelled fears of a global pandemic.
While South Korea was the hardest hit by the virus outside of China, its impact on the economy so far seems modest, according to forecasters who expect it to grow 2.1% in the first quarter, down only 0.4 percentage point from a January Reuters poll.
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