The new coronavirus has arisen

Research and
insight
3 / 1 5 / 2 0 2 0

Economics 1
Contents
Background of the study..................................................................................................................2
Purpose of the study.........................................................................................................................2
Research problem............................................................................................................................3
Research objectives.........................................................................................................................4
Research methodology.....................................................................................................................4
Research process outline..................................................................................................................5
Summary of recommendation..........................................................................................................6
References........................................................................................................................................7

Economics 2
Background of the study
Presently, the outbreak of virus has become one of major threats to global economy as well as
the financial markets. The new coronavirus has arisen in Chinese city of Wuhan in December
2019. This virus has affected over than 110,000 persons in at least 110 nations as well as lands
across world as per the World Health Organization (Lee, 2020). The eruption has led main
organizations as well as banks to cut their predictions for worldwide economy.
In the research, this has been found that the virus has directly impacted the different industries
which include manufacturing industry, service industry, the decline in the prices of oil and many
others. The slowdown in the manufacturing industry of China has hurt different countries with
close economics alignment to china with the other countries like Vietnam, Singapore, and South
Korea. This leads to a decline in the world economy due to the emergence of the virus which is
spreading with contact. Also, virus eruption in China has hit the nation’s service industry as it
has brought the decline in the consumer spending which means it has hurt retail stores,
restaurants as well as the aviation among the others. The virus has affects the new corporate from
overseas as the clients held back from putting the orders that amid worldwide doubt in economy
(Jones, 2020). The virus has affected the activities across the world and this discount in the
worldwide financial action has brought decline in the demand of the oil. China, epicentre of virus
eruption is considered as world’s largest crude trader of oil.
Purpose of the study
The purpose of the research will be to identify how coronavirus will affect the world economy
and this also shows that there is need of the communication campaign about the precaution to