HANDICAPPING THE CHINESE ECONOMY
Many of these factories have had to halt production, because their employees have been unable to return after the Chinese New Year holiday.These shutdowns constitute a major shock to global companies’ supply chains across Asia. Based on the value of its exports to mainland China and Hong Kong relative to GDP, Vietnam, Malaysia, and South Korea number among those worst hit.
Judging by the size of Chinese visitors’ expenditures relative to GDP, popular destinations such as Thailand, Vietnam, and Singapore will take the hardest hit. Japan will be especially concerned should the outbreak persist, because the Summer Olympic Games are scheduled to start in Tokyo on Jul 24. Scientists around the world are racing to develop a vaccine for the new coronavirus that emerged in China late last year.
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