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Coronavirus: A visual guide to the economic impact Coronavirus: A visual guide to the economic impact
(4 days later)
The coronavirus outbreak, which originated in China, has infected tens of thousands of people. Its spread has left businesses around the world counting costs. The coronavirus outbreak, which originated in China, has infected more than 200,000 people. Its spread has left businesses around the world counting costs.
Here are ten key maps and charts to help you understand the impact seen on different economies and industries so far. Here are ten key maps and charts to help you understand the economic impact of the virus so far.
Global shares take a hitGlobal shares take a hit
Investors have been worried about the impact of the coronavirus as it spreads outside of China. Big shifts in stock markets, where shares in companies are bought and sold, can affect many investments in pensions or individual savings accounts (ISAs).
Big shifts in stock markets, where shares in companies are bought and sold, can affect investments in some types of pension or individual savings accounts (Isas). The FTSE, Dow Jones Industrial Average and the Nikkei have all seen huge falls since the outbreak began on 31 December.
The FTSE, Dow Jones Industrial Average and the Nikkei have all seen sharp falls since the outbreak began. The Dow and the FTSE have seen their biggest one day declines since 1987.
In the second week of March the Dow saw its biggest one day decline since 1987. Investors fear the spread of the coronavirus will destroy economic growth and that government action may not be enough to stop the decline.
The markets overall have seen major swings and continued volatility. In response, central banks in many countries have cut interest rates.
The US central bank has slashed interest rates in response to mounting concerns. That should, in theory, make borrowing cheaper and encourage spending to boost the economy. That should, in theory, make borrowing cheaper and encourage spending to boost the economy.
Growth could stagnate The US Federal Reserve and the Bank of England are among those to slash interest rates.
If the economy is growing, that generally means more wealth and more new jobs.
It's measured by looking at the percentage change in gross domestic product, or the value of goods and services produced, typically over three months or a year.
The world's economy could grow at its slowest rate since 2009 this year due to the coronavirus outbreak, according to the Organisation for Economic Cooperation and Development (OECD).
The think tank has forecast growth of just 2.4% in 2020, down from 2.9% in November.
It also said that a "longer lasting and more intensive" outbreak could halve growth to 1.5% in 2020 as factories suspend their activity and workers stay at home to try to contain the virus.
Travel among hardest hitTravel among hardest hit
The travel industry has been massively impacted, with airlines cutting flights and tourists cancelling business trips and holidays. The travel industry has been badly damaged, with airlines cutting flights and tourists cancelling business trips and holidays.
Data from analytics firm ForwardKeys for the period up to 8 March shows international flights booked from the US were behind by 37% in comparison with the same period in 2019. Governments around the world have introduced travel restrictions to try to contain the virus.
Restrictions introduced by the Trump administration on travel between the US and European airports, are reducing overall traffic even further. The EU is banning travellers from outside the bloc for 30 days in an unprecedented move to seal its borders because of the coronavirus crisis.
The analytics firm ForwardKeys has estimated that up to 48,200 flights with 10.2 million seats could be affected by the ban, with the biggest impact falling on Air France.
In the US, the Trump administration has banned travellers from European airports from entering the US.
UK travel industry experts have expressed concerns about Chinese tourists being kept at home. There were 415,000 visits from China to the UK in the 12 months to September 2019, according to VisitBritain. Chinese travellers also spend three times more on an average visit to the UK at £1,680 each.UK travel industry experts have expressed concerns about Chinese tourists being kept at home. There were 415,000 visits from China to the UK in the 12 months to September 2019, according to VisitBritain. Chinese travellers also spend three times more on an average visit to the UK at £1,680 each.
As more large-scale events are cancelled and the number of flight cancellations increases, there are fears the industry could take a bigger hit. Customers buying less
Many countries have introduced travel restrictions to try to contain the virus's spread. Fear of the virus and government advice to stay at home is also having a devastating impact on hotels and restaurants.
Factories in China slowed downFactories in China slowed down
In China, where the coronavirus first appeared, industrial production, sales and investment all fell in the first two months of the year, compared with the same period in 2019.
China makes up a third of manufacturing globally, and is the world's largest exporter of goods.China makes up a third of manufacturing globally, and is the world's largest exporter of goods.
But activity decreased in the so-called "workshop of the world" as factories paused their operations to try to contain the spread of Covid-19. China's industrial slowdown has even been visible from space.
Nasa said pollution-monitoring satellites had detected a significant drop in nitrogen dioxide over the country. Evidence suggests that's "at least partly" due to the economic slowdown caused by the outbreak.Nasa said pollution-monitoring satellites had detected a significant drop in nitrogen dioxide over the country. Evidence suggests that's "at least partly" due to the economic slowdown caused by the outbreak.
Restrictions have affected the supply chains of big companies such as industrial equipment manufacturer JCB and carmaker Nissan. Both rely on China's production and its 300 million migrant workers. Jaguar Land Rover even said it had flown car parts in suitcases as some factories run out of parts for vehicles. Restrictions have affected the supply chains of big companies such as industrial equipment manufacturer JCB and carmaker Nissan.
Customers buying less
Fear of the coronavirus outbreak means that some people are choosing to avoid activities that might expose them to the risk of infection, such as going out to restaurants.
Shops and car dealerships have all reported a fall in demand.Shops and car dealerships have all reported a fall in demand.
Chinese car sales, for example, dropped by 92% during the first half of February. More carmakers, like Tesla or Geely, are now selling cars online as customers stay away from showrooms.Chinese car sales, for example, dropped by 92% during the first half of February. More carmakers, like Tesla or Geely, are now selling cars online as customers stay away from showrooms.
Shipments of smartphones are also expected to take a big hit in the first half of 2020, before seeing a recovery later on. Even 'safer' investments hit
Apple was one tech giant who said sales had been affected by low customer demand. When a crisis hits, investors often choose less risky investments.
Some bright spots Gold is traditionally considered a "safe haven" for investment in times of uncertainty.
It can be hard to find positives when people's jobs are affected, or - as in the case of the coronavirus outbreak - lives are being lost. Until March the price of gold increased. But now, with investors increasingly fearful about a global recession, even the price of gold has tumbled.
But in purely business terms, there are some bright spots. Consumer goods giant Reckitt Benckiser, for example, has seen a boost in sales for its Dettol and Lysol products. Likewise, oil has slumped to its lowest price since June 2001.
The disinfectant is seen as providing protection against the spread of the disease, although its effectiveness has not yet been scientifically proven. Investors fear that the global spread of the virus will further hit the global economy and demand for oil.
The price of gold - which is often considered a "safe haven" in times of uncertainty - has also increased. Its spot price hit a seven-year high of $1,682.35 per ounce in February. The oil price had already been affected by a row between Opec, the group of oil producers, and Russia. Coronavirus has driven the price down further.
Investors are looking to it amid fears the coronavirus spread outside of China will further hit the global economy and demand. Growth could stagnate
If the economy is growing, that generally means more wealth and more new jobs.
It's measured by looking at the percentage change in gross domestic product, or the value of goods and services produced, typically over three months or a year.
The world's economy could grow at its slowest rate since 2009 this year due to the coronavirus outbreak, according to the Organisation for Economic Cooperation and Development (OECD).
The think tank has forecast growth of just 2.4% in 2020, down from 2.9% in November.
It also said that a "longer lasting and more intensive" outbreak could halve growth to 1.5% in 2020 as factories suspend their activity and workers stay at home to try to contain the virus.