As Coronavirus Death Toll Crosses 1000, Fear Grows about the Chinese Economy

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A prominent Chinese expert recently mentioned that the recent outbreak of China’s coronavirus (the coronavirus in China is believed to have its origin from a market which sells wild animals in the capital of Hubei, Wuhan and then it spread to other parts of China) whose death toll has already soared more than 1,000, might ‘peak soon’ which has led to growing tension about the possibility of growing disruptions in the Chinese economy.

As companies in China struggle to start working again after the extended Lunar New Year holiday, several hundreds of Chinese firms have mentioned that to stay afloat in the industry, they will require loans which might run up to billions of dollar. Further, following the situation, the dollar hit a four-month low against the euro, recently.

Zhong Namshan, who is the top medical advisor of the government, mentioned that the epidemic might be peaking in February. He said, “The peak time may be reached at the … middle or late this month.” He further added saying that there has already been a decline in the number of new cases.

According to information from the National Health Commission, 108 people lost their lives on Tuesday and the death toll has become 1,016 which is the total number of people killed in China. As per Reuters, there has been a drop in the new confirmed cases on the mainland from 3,062 to 2,478. With the total number of cases of Coronavirus dropping, according to Reuters, Asian stock marketers rallied and investors felt secured with the low figures.

However, some experts have mentioned that this is very early to come to any assumption about the figures.

Tedros Adhanom Ghebreysus, the Who chief said, “With 99% of cases in China, this remains very much an emergency for that country, but one that holds a very grave threat for the rest of the world.”

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