Type
Essay
Pages
3 pages
Word Count
860 words
School
University of california
Course Code
business

Corona Virus Outbreak

June 5, 2021
Corona Virus Outbreak’s Devastating Effects
Reaction Paper
The outbreak of the Novel Corona Virus that turned into a global pandemic brings
out a warning sign to our economy right now. As we all know, the epicenter of this virus
is in Wuhan, China and China of course holds a bigger part on the world economy today,
particularly ranked as first to have the highest GDP growth rate in the world, therefore an
economic disruption in there has a larger contribution on the world economic losses.
Although the impact of Corona virus seemed to have slowed in China, its impacts
have gone globally. As China’s the most populous country, it has become an integral to
nearly every sector of the global economy. It is said that this country is the world’s largest
manufacturer and importer of crude oil and listed as the top spenders on the international
tourism. According to the McKinsey Global Institute, as this country’s 1.3 billion population
provides the largest market in the world for several categories of consumer goods such
as automobiles and luxury goods. The China’s economy have been hit by the reduced
global demands on their products. But all of its biggest markets which are the European
Union, Southeast Asia, Japan and US are also struggling to contain the spread of the
virus themselves and finding it hard to maintain their operations. Most of their markets
are not placing orders even if China’s now restarting their operations.

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