World Bank cuts global economic process forecast for Corona virus

World Bank President David Marcos said on February 4 that the International Bank for Reconstruction and Development would scale back its forecast for the worldwide economy thanks to the Corona viral infection .

The World Bank last month predicted that the US-China trade war, which was one among the most causes of the worldwide economic downturn in 2013, would ease tensions.

However, the Corona virus outbreak affected businesses and threatened the planet Bank’s forecast.

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The World Bank’s president, David Marcos, said that the impact of the manufacturing process and therefore the impact on China would scale back the expansion forecast for the primary quarter of 2020.

“Chinese goods are arriving in passenger planes and therefore the remainder of the planet ,” said Matx. However, airlines round the world have suspended flights to China. additionally , China’s neighbors need to adjust their borders, so it’s necessary to regulate the flow of products for the worldwide economy, the planet Bank said.

The World Bank estimates that the worldwide economy will grow 2.5% this year from 2.5% last year. to debate the worldwide economic outlook, Marshall met with former President of the Federal Reserve System , Janet Jellen. Yellen agreed that the worldwide economy might be hit by the Corona virus.

Yingluck said the Chinese economy could suffer from three to 6 months and is probably going to affect the worldwide economy.

The World Bank has urged the planet Bank to strengthen its monitoring and response system, and is functioning to assist combat the coronavirus.

The virus has killed quite 400 people and infected quite 24,000. Tourist attractions are closed; Businesses Schools and therefore the closure of entertainment venues.

The virus crisis comes amid a slowdown in trade with the us and a decline in foreign demand.

China has been struggling to urge back on business after three days off on New Year’s Day holiday. Manufacturing accounts for a few third of the Chinese economy, and therefore the industry is probably going to suffer an excellent deal. Wuhan is that the center of China’s car manufacturing.

Aung Zaw Linn

Freelancer Copy & Paste Writer