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Coronavirus: A visual guide to the economic impact Coronavirus: A visual guide to the economic impact
(2 months later)
The coronavirus outbreak, which was first detected in China, has infected people in 185 countries. Its spread has left businesses around the world counting the costs. The coronavirus pandemic, which was first detected in China, has infected people in 188 countries.
Here is a selection of maps and charts to help you understand the economic impact of the virus so far. Its spread has left businesses around the world counting costs and wondering what recovery could look like.
Global shares take a hit Here is a selection of charts and maps to help you understand the economic impact of the virus so far.
Global shares in flux
Big shifts in stock markets, where shares in companies are bought and sold, can affect the value of pensions or individual savings accounts (ISAs).Big shifts in stock markets, where shares in companies are bought and sold, can affect the value of pensions 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 all saw huge falls as the number of Covid-19 cases grew.
The Dow and the FTSE saw their biggest quarterly drops in the first three months of the year since 1987.The Dow and the FTSE saw their biggest quarterly drops in the first three months of the year 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. In response, central banks in many countries, including the UK, slashed interest rates. That should, in theory, make borrowing cheaper and encourage spending to boost the economy.
In response, central banks in many countries, including the United Kingdom, slashed interest rates. Global markets have since recovered some ground as governments have intervened. But some analysts have warned that they could be volatile until fears of a second wave of the pandemic are eased.
That should, in theory, make borrowing cheaper and encourage spending to boost the economy.
Global markets did also recover some ground in late March after the US Senate passed a $2 trillion (£1.7tn) coronavirus aid bill to help workers and businesses.
But some analysts have warned that they could be volatile until the pandemic is contained.
More people seeking workMore people seeking work
In the United States, the number of people filing for unemployment hit a record high, signalling an end to a decade of expansion for one of the world's largest economies. Many people have lost their jobs or seen their incomes cut due to the coronavirus crisis.
Close to one million people in the United Kingdom also applied for benefits in just two weeks at the end of March. Unemployment rates have increased across major economies as a result.
The surge in universal credit applications followed government measures to limit the spread of the virus, including closing pubs, restaurants and non-essential shops. In the United States, the proportion of people out of work has hit 10.4%, according to the International Monetary Fund (IMF), signalling an end to a decade of expansion for one of the world's largest economies.
Oil prices crash Millions of workers have also been put on government-supported job retention schemes as parts of the economy, such as tourism or hospitality, came to a standstill under lockdown.
Demand for oil has all but dried up as lockdowns across the world have kept people inside. However, the data differs between countries. France, Germany and Italy provide figures on applications, for example, whereas the UK counts workers currently enrolled in the scheme.
The crude 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. But there have since been some signs of recovery in the global jobs market.
Brent crude is the benchmark used by Europe and the rest of the world. Its price dipped below $20, to the lowest level seen in 18 years. China and France, for example, have seen increases in hiring rates as shutdowns eased, according to networking platform LinkedIn.
In the United States, the price of a barrel of West Texas Intermediate (WTI) turned negative for the first time in history. Some experts have warned, however, it could be years before levels of employment return to those seen before the pandemic.
Although Opec and other countries have now agreed to cut production, the world still has more crude oil than it can use.
Risk of recessionRisk of recession
If the economy is growing, that generally means more wealth and more new jobs.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.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.
But the International Monetary Fund (IMF) says that the global economy will shrink by 3% this year. But the IMF says that the global economy will shrink by 3% this year. It described the decline as the worst since the Great Depression of the 1930s.
The IMF described the decline as the worst since the Great Depression of the 1930s.
Although it said that the coronavirus has plunged the world into a "crisis like no other", it does expect global growth to rise to 5.8% next year if the pandemic fades in the second half of 2020.Although it said that the coronavirus has plunged the world into a "crisis like no other", it does expect global growth to rise to 5.8% next year if the pandemic fades in the second half of 2020.
Turn to technology That's driven primarily by growth in countries such as India and China.
Governments around the world have urged employees to work from home where possible. Recovery in big, services-reliant, economies that have been hit hard by the outbreak, such as the UK or Italy, is expected to be a slow process.
Shares in technology companies such as Zoom have shot up as more people rely on video conference calls and email to hold meetings or get tasks done.
The demand for online shopping and entertainment has also soared as people stay indoors.
Amazon's share price has hit new highs, while streaming platform Netflix was at one point a more valuable company than oil giant ExxonMobil.
Travel among hardest hitTravel among hardest hit
The travel industry has been badly damaged, with airlines cutting flights and customers cancelling business trips and holidays.The travel industry has been badly damaged, with airlines cutting flights and customers cancelling business trips and holidays.
Governments around the world have introduced travel restrictions to try to contain the virus. Many countries introduced travel restrictions to try to contain the virus.
The EU banned travellers from outside the bloc for 30 days in an unprecedented move to seal its borders because of the coronavirus crisis in March. Data from the flight tracking service Flight Radar 24 shows that the number of flights globally took a huge hit in 2020.
In the US, the Trump administration has banned travellers from European airports from entering the US. But as the spread of infections has eased in some areas, the industry has started to open back up.
Data from the flight tracking service Flight Radar 24 shows that the number of flights globally has taken a huge hit. Spain, for example, has reopened its borders to visitors from most of Europe without having to quarantine. For months it was under one of Europe's toughest lockdowns.
The effects of lockdowns are visible Travel companies also said that bookings from the UK had "exploded" after the government announced current restrictions will be eased.
As many countries and world capitals have been put under strict lockdown, major industrial production chains have been brought to a halt. Oil price recovery
The European Space Agency has registered an impressive fall in pollution across the European skies. Demand for oil all but dried up as lockdowns across the world kept people inside.
The images clearly show how a strong reduction in emission is now in place over major cities across Europe - in particular Paris, Milan and Madrid. The crude oil price had already been affected by a row between Opec, the group of oil producers, and Russia. Coronavirus drove the price down further.
A similar trend has been detected across India's industrial hubs, where strict lockdown measures have been in place since March. Brent crude is the benchmark used by Europe and the rest of the world. Its price dipped below $20, to the lowest level seen in 18 years.
Factories in China slowed down Prices have recently regained ground as travel restrictions in some countries have been relaxed, boosting demand for fuel.
In China, where the coronavirus first appeared, industrial production, sales and investment all fell in the first three months of the year, compared with the same period in 2019. Consumer confidence
China makes up a third of manufacturing globally, and is the world's largest exporter of goods. Retail footfall also saw unprecedented lows as shoppers stayed at home in a bid to stop the spread of Covid-19.
Restrictions have affected the supply chains of large companies such as industrial equipment maker JCB and carmaker Nissan. Pedestrian numbers have since risen as lockdown measures have been rolled back, according to research firm ShopperTrak,
Shops and car dealerships have all reported a fall in demand. Separate research suggests that consumers might still be feeling anxious about their return to stores.
Chinese car sales, for example, dropped by 48% in March. More carmakers, like Tesla or Geely, are now selling cars online as customers stay away from showrooms. More than half of UK customers expect they will now go shopping less often over the next one or two years, according to a survey of more than 1,000 people by accountancy giant EY.
Vaccine hopes
Governments around the world have pledged billions of dollars for a Covid-19 vaccine and treatment options.
A number of pharmaceutical firms are in a race to develop and test potential drugs that could help nations get back to "normal".
Shares in some companies have shot up on the hopes that some will be approved and distributed at scale.
AstraZeneca's share price, for example, has hit record highs. The Drug company says it will be able to produce two billion doses of a vaccine.
"Until such medical interventions become available, no country is safe," the IMF said of the pandemic that has disrupted the global economy.