The new coronavirus outbreak that started in China and spread across the world will have a major impact on Australia’s near-term growth outlook, experts said.
First detected in the Chinese city of Wuhan, the pneumonia-like virus has infected more than 81,000 people globally and killed over 2,700. Most of the cases have occurred in China, where quarantine measures grounded factory activities to a halt for an extended period of time. Economists have said that would affect growth in the first quarter and may extend to the second quarter.
China is Australia’s biggest trading partner and is part of the supply chain for all consumer products, Mathan Somasundaram, a market portfolio strategist at Blue Ocean Equities, told CNBC.
Read more: https://www.cnbc.com/2020/02/27/coronavirus-outbreak-australia-economic-impact.html
First detected in the Chinese city of Wuhan, the pneumonia-like virus has infected more than 81,000 people globally and killed over 2,700. Most of the cases have occurred in China, where quarantine measures grounded factory activities to a halt for an extended period of time. Economists have said that would affect growth in the first quarter and may extend to the second quarter.
China is Australia’s biggest trading partner and is part of the supply chain for all consumer products, Mathan Somasundaram, a market portfolio strategist at Blue Ocean Equities, told CNBC.
Read more: https://www.cnbc.com/2020/02/27/coronavirus-outbreak-australia-economic-impact.html
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