United States  

Trusted News Discovery Since 2008
One News Page
One News Page United States > Lifestyle News > China virus outbreak chilling recovery for Asian economies

China virus outbreak chilling recovery for Asian economies

SeattlePI.com Tuesday, 18 February 2020
BANGKOK (AP) — The virus outbreak in China has put South Korea's economy into an "emergency situation," its president says. Japan is on the brink of recession and big manufacturers are forecasting a whole world of woe.

As many Chinese finally go back to work after their longest Lunar New Year holiday ever, the economic fallout from the outbreak that began in the central city of Wuhan may be just beginning. Companies are warning their bottom lines will take a hit, and governments are ramping up stimulus measures for economies that just weeks ago were hoping to see recoveries after months of uncertainty due to trade tensions and slowing global growth.

“Emergency situations require emergency measures,” South Korean President Moon Jae-in said Tuesday, calling for aggressive action to support companies dependent on trade with China and encourage consumers to spend more.

“The current situation is very serious, even more so than thought," Moon said. “We should put every measure we can think of on the table, regardless of whether there were precedents or not, and employ every means possible.”

Many in the region were hoping that an easing of trade tensions thanks to a truce between the U.S. and China in their tariff war would help revive sluggish trade this year. The virus outbreak has sideswiped the region with a raft of new, potentially much broader uncertainties.

Central banks across the region have already begun slashing interest rates to help ease credit as tourism arrivals plunge and manufacturing and delivery networks get entangled in bottlenecks caused by lockdowns inside China intended to help contain the spread of the virus, which has killed more than 1,870 people and infected more than 73,000 globally.

Asian economies have grown increasingly reliant on trade with China and tourism catering to growing...

Recent related videos from verified sources

Italy tops 9,000 coronavirus deaths, overtakes China in cases [Video]

Italy tops 9,000 coronavirus deaths, overtakes China in cases

Italy recorded 919 deaths from coronavirus on Friday, the highest daily toll anywhere in the world, while the number of confirmed cases eclipsed the total in China where the virus first emerged...

Credit: Reuters Studio     Duration: 00:46Published
Father Invents ‘Protective Bubble’ for His Baby During COVID-19 Outbreak [Video]

Father Invents ‘Protective Bubble’ for His Baby During COVID-19 Outbreak

A father in China has gone high-tech to protect his baby from coronavirus by inventing this pod for outdoor use. Veuer’s Justin Kircher has the story.

Credit: Veuer     Duration: 01:00Published

Recent related news from verified sources

City at center of China's virus outbreak gradually revives

WUHAN, China (AP) — Shopkeepers in the city at the center of the virus outbreak in China were reopening Monday but customers were scarce after authorities...
SeattlePI.com Also reported by •Seattle TimesNewsdayUSATODAY.com

China sends medical aid to Pakistan to combat virus outbreak

ISLAMABAD (AP) — China has sent a plane loaded with medical personnel and supplies to aid Pakistan in the fight against the spread of the coronavirus in one of...
Seattle Times Also reported by •USATODAY.com

You Might Like

Tweets about this

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2020 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.