World’s Economy Is Going Down – China Tackling Coronavirus Pausing Its Economy Growth
There is a virtual shutdown or pause in one of the biggest economies of the world, hampering the economic growth of so many businesses globally, from truck drives, tour guides to multinational, national companies.
6000 miles away from China, in the industrial areas of the west of the O’Hare International Airport of Chicago, Michael Smerling is mentally preparing himself for the depression coming on the economy due to coronavirus.
Mr. Smerling industries manufacture travel pouches, knapsacks, and outdoor gear for so many companies, some of the popular ones are Nordstrom Rack, Bed Bath & Beyond, and Amazon. These days their warehouses are of LCI Brands are loaded with packed merchandise.
Maybe not for the longer duration as Smerling’s Chinese suppliers to his company, Chinese suppliers are shutting down their production because the authorities announced to stop activities due to the coronavirus outbreak. Due to such prohibitions, the world economy is suffering, stock markets going down, there is a lack of supply chain and commercial consumption all over the world. Due to such consequences, Mr. Smerling laid off eight people from the work force in which five are full-time workers last week.
Mr. Smerling stated that “It was the hardest decision I’ve made in my career.”
In case the coronavirus hits around the world, the biggest reason behind this massive destructive disease is China. Economists reported that coronavirus threatens the economies of many nations like Europe, Japan, South Korea as well as the United States. Huge and world biggest economy contribution corporations like Microsoft, Pfizer, Apple, and AB InBev are already suffering a lot from this breakdown.
Just four decades before, there are several economic disasters around the world. China is now threatening the billions of lives of people all over the globe. China is impacting Mr. Smerling manufacturing, tour guides of Thai, farmers of Chilean, automakers of Indian, truck drivers of Mongolia, and countlessly so many others who are dependent on the Chinese economy.
Rodney Jones, the economy specialist of China, says, “An economy is an object in motion. A lot of things work in connection: supply chains, shipping, transport, movement of goods. There is no one standing over it telling it which component goes where.”
He also added in his statement that “The idea that we can stop an economy and restart it is crazy.”
China is the world’s biggest consumer of oil, food, rocks, and other raw materials they use in producing so many fine goods.
For instance, President Trump has not launched his trade war with China, it has bought America’s soybeans for more than one-quarter. Whereas more than 200,000 people in Australia depend on China for employment in the mining industry.
In Mongolia, China’s contribution to the coal mining industry has made up nearly about half of the Mongolia export revenue. It also provides employment to its people who are wondering now what to do next, like Battogtokh Uurtsaikh.
