World Ch. Schedule : WED 20:00 KST
* Date : 2020-02-13
The fear of the novel coronavirus is leading to economic repercussions since it emerged in China last December. Every time pandemic had occurred in the past, such as in 2003 with SARS, and in 2015 with MERS, the global economy had been adversely affected due to the reduction of consumption, investment, and exports. The ramifications are set to be more significant than the past as China has become such a prominent force in the global economy.
China, which is regarded as the 'engine of the world economy,' mainly plays an essential role in the global supply chain. Since a lot of global firms in auto and IT sectors manufacture their products in China, experts fear the shutdown of factories would result in an imminent impact on the economy.
Meanwhile, the South Korean economy, which was slated to rebound earlier this year, is expected to be affected by the Chinese factory fallout due to the high dependency of its imports and exports to China. This week, we take an in-depth look at how the novel coronavirus would impact the global and Korean economy.