With Worst Economy in Decades, Will Wuhan’s Deadly Coronavirus Be the Catalyst for China’s Economic Collapse?
by Joe Hoft
TheGatyewayPundit.com
January 23, 2020
Live report from Hong Kong, China
One month ago we reported that you can feel it in Hong Kong. The economy is sluggish. The question is – is the slowing Hong Kong Economy related to the protests which clearly have negatively impacted the local Hong Kong businesses or is the Hong Kong downturn related to a slowing China economy.
Now China faces the prospects of a major coronavirus that could kill individuals and the country’s economy.
Yahoo News is reporting:
“China’s deadly coronavirus may have the same death rate as Spanish flu, an expert has warned.
Deaths from the new virus rose to 17 on Wednesday with hundreds of cases now confirmed, increasing fears of widespread contagion.
The previously unknown flu-like coronavirus strain is believed to have emerged from an animal market in central Wuhan city, with cases now detected as far away as the US.
The Spanish flu pandemic of 1918 is widely regarded as “the deadliest in history”, and is believed to have infected around 500 million people worldwide, killing between 20 and 50 million.
Chinese officials have confirmed 440 cases of the new coronavirus strain – 2019-nCoV – so far, with 17 deaths.
Based on existing data, the disease is said to have a 2% death rate. This means that for every 50 people who catch the infection, one will statistically die.
To put this into context, around one in every 1,000 who develop flu die, giving it a death rate of 0.1%.
The BBC reported last week that official China figures are out and the financial news is scary:
“China’s economy grew last year at the slowest pace in almost three decades.
Official figures show that the world’s second largest economy expanded by 6.1% in 2019 from the year before – the worst figure in 29 years.
The country has faced weak domestic demand and the impact of the bitter trade war with the US.
The government has been rolling out measures over the past two years in an attempt to boost growth.
It comes after almost two years of trade tensions with the US – although hopes of a better relationship with America have seen improvements in manufacturing and business confidence data.
The Rest…HERE
