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The Coronavirus outbreak, which has put the global economy under lockdown. In some industries, the viruses may have already caused the biggest meltdown in the history.The pandemic, which has claimed thousands of lives across continents, has virtually brought the world economy to a standstill with millions of people placed under lockdown and global supply chains thrown into disarray due to the virus wreaking maximum havoc in China (the world's factory).
China is the world’s second-largest economy and leading trading nation, so economic fallout from COVID-19 also threatens global growth.The Chinese economy is likely to be hit further by reduced global demand for its products due to the effect of the outbreak on economies around the world.
The Oil markets are sinking. Global oil consumption is expected to witness its biggest fall in the history, hurt by temporary ban on travel, factory shutdowns and other measures to contain the virus. The fall in oil demand could easily outstrip the loss of almost 1 million barrels a day during the 2008-09 recession said by the Bloomberg report.
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