The Impact of the Coronavirus Outbreak Pandemic in China

Introduction 

The article, ‘Coronavirus Outbreak Deepens Its Toll on Global Business’, by the New York Times Newspaper on the 21 st of February, 2020 provides a candid description of the impact of the Coronavirus outbreak pandemic in China. According to this article, the global economy has been largely devastated by the impact of the virus in China, given the fact that China is the world’s second-largest economy; hence, a major importer and exporter of global services and products. Through percentage descriptions, the article gives a clear overview of the impact of the outbreak on different economic industries. 

Summary 

The Coronavirus Outbreak article by the New York Times on the 21 st of February indicates that the global business has been massively affected by the Coronavirus outbreak in China. The article explains that the global airline industry has experienced a $29 billion loss as a result of inability to operate to China, while the automobile sales in the country have plummeted by a 92%. The impact of the virus outbreak has created ripples in other economies, given that even the United States has experienced at least a 1% decrease in the price of a barrel of crude oil. 

The Chinese city of Wuhan and other major cities have largely experienced the impact, as major airlines cancelled flights to these regions until further notice. The article further indicates that factories in China have experienced a near shut-down, implying that companies that rely on Chinese factories for production, such as the Apple Company will have their global economic performance affected negatively. The Chinese Central Bank has made attempts to salvage the economy by lowering the annual prime rate to 4.05% from a previous 4.15%. Sportwear companies like Adidas have also indicated an estimated 85% decline in their business performances in China. Thus, the Coronavirus outbreak in this country seems to be greatly slackening the global business economy. 

Descriptive Statistics 

The article uses descriptive statistics to help enhance the clarity of the issue it is addressing. For example, the article uses the percentage measure of frequency by indicating that there is a 92% slump in auto sales in China. There is also an indication that that cost of crude oil prices per barrel in the US had slumped 1%, while the Central Bank of China has reduced its lending rate to 4.05% from a previous 4.15%, in an effort to salvage the economy. Additionally, the article uses percentages to indicate that sportwear companies such as Adidas have witnessed an 85% business performance decline in China. 

Real World Applications 

The article has a real-world impact because it describes issues that directly affect the world economy and the future. A slump in economic growth of the world’s second largest economy has an extensive ripple effect, thus implying there is need for urgent interventions. Several companies are already feeling the effect of the virus outbreak, and efficient interventions must be sought. As an occasional tourist, my planned trip to China has already been affected as I have had to cancel such plans until further notice. 

Analysis 

The article provides an in-depth analysis of a real-world issue. Through the article, one can gain deep insights on the impact of the Corona virus outbreak in China on the global business economy. The article is sufficiently documented with fact and highly informative. 

Conclusion 

The Coronavirus outbreak in China has extensively affected the global economy. Giant companies in technology, automobiles, aviation and among others sports have directly felt the pinch. The Chinese economy is on a downward spiral; prompting the need for urgent interventions. 

Reference  

The New York Times. (2020. 21 st February). Coronavirus Outbreak Deepens Its Toll on Global Business. https://www.nytimes.com/2020/02/21/business/coronavirus-global-business.html