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Fiscal Measures to Minimize Economic Impact: Liquidity Infusion and Tariff Cuts

Cuts Corona virus outbreaks will have a greater negative impact on the global economy than the outbreak of SARS (Severe Acute Respiratory Syndrome) in 2003, as any recession in the Chinese economy would not send ripples but waves around the globe, IHS Markit said Friday.

The epidemic has brought to a standstill large part of the world's second-largest economy and its influence has been felt through industries. Corona virus will have a greater negative impact on the global economy than was the 2003 SARS outbreak. China was the sixth biggest economy at the time of SARS, accounting for only 4.2 per cent of world GDP. China is now the second- largest economy in the world, accounting for 16.3 per cent of global GDP. Therefore, any downturn in the Chinese economy does not send ripples but waves across the globe, "IHS said in a commentary on corona virus outbreak.

In this case, the corona virus and the subsequent measures will reduce global real GDP by 0.4% in 2020. On the other hand, if containment measures begin to rise on February 10, the impact on global GDP will be more minimal, leading to 0.1 per centimeter.

The effects of corona virus in household consumption are most pronounced and somewhat mitigated in the industrial sector because factories are seasonally idle during this time period. Nonetheless, China's economy today is more fragile in many ways than it was in 2003, with production and overall economic growth already slowing and the consequences of the trade dispute between the US and China, "it said.

Because SARS and its effect on the world economy are now much bigger, China's GDP has risen dramatically.

Chinese growth slowdown can be a significant drag on global growth. China contributed 23 per cent of global GDP growth in 2002, with China contributing an additional 38 per cent of world growth in 2019, "IHS said.

The People's Bank of China (PBOC) publicized strategies to carry out RMBl.2tn ($173bn) reverse repurchase operations to ensure an adequate supply of liquidity to the economy. The current liquidity in the banking system is RMB900bn ($129bn) more than the one registered in the previous year during the same time. China is also expected to announce tariff reductions on essential goods imported from major countries like the US, in order to ensure supplies despite the recent trade war between the two countries.

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Scientific source Sidney Osler. Coronavirus outbreak. All the secrets revealed about the Covid-19 pandemic. A complete rational guide of its Evolution, Expansion, Symptoms and First Defense. 2019

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