China's economy to see long-term impact if coronavirus crisis continues: BOK

한국은행 "신종코로나 장기화하면 제조업까지 타격"

If the coronavirus crisis continues to spiral,... the Chinese economy is likely to suffer more than it did during the outbreak of SARS in the early noughties.
That's according to a report released Sunday by the Bank of Korea.
It projects that China's service sector will take a hit in the short run,... but if the spread of the new disease isn't soon contained,... the long-term impact will affect the manufacturing sector, which is the country's cash cow.
The Chinese economy,... in the second quarter of 2003... amid the outbreak of SARS,... saw growth slow down by two percentage points.
However,... it managed to recover to ten-percent in the third quarter thanks to robust exports and industrial output.
China in recent years... has seen annual growth of GDP dwindle from eight percent in 2003... to six-point-one percent in 2019.

#Chinese_economy #manufacturing_sector #BankofKorea

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