dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Social Links
  • zedreviews.com
  • citi.io
  • aster.cloud
  • liwaiwai.com
  • guzz.co.uk
  • atinatin.com
0 Likes
0 Followers
0 Subscribers
dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
  • Lah!

How SARS Impacted Global Economies

  • February 26, 2020
Photo by Kazuhiro NOGI / AFP
Total
0
Shares
0
0
0

With the death toll due to the COVID 2019 disease outbreak surpassing that of the 2003 SARS outbreak and with the number of confirmed cases increasing,  — not only in China but the entire world in each passing day — it is important to assess the impact of this outbreak on our economy.

One way to perform this assessment is to first examine what was the effect of the 2003 SARS outbreak on the economies. This is exactly what was done in Moody’s Analytics recent report, Coronavirus: The Global Economic Threat.

The most affected

According to their analysis, among the countries they included, Hong Kong experienced the most negative impact due to the SARS outbreak. During this period, the real gross domestic product (GDP) in the city was lowered by 2.63 percentage points.

Following Singapore is China (-1.05 percentage points), Singapore (-0.47 percentage points), Malaysia (-0.15 percentage points), Philippines (-0.10 percentage points), South Korea (-0.10 percentage points), the United States (-0.07 percentage points), and Japan (-0.07 percentage points).

A bigger threat

According to Moody’s Analytics Chief Economist Mark Zandi, the economic impact of the COVID 2019 outbreak will be bigger than that of SARS.

Apart from the larger spread of the outbreak, this amplification of the negative impact results from the difference in China’s position as an economy in the global market in the past and at present.

Around 20 years ago, China only accounted for 4% of the global GDP. Currently, China holds 16% of the global GDP, making it an economic powerhouse.

Because of this increase in power, a lot of economies have developed some form of dependency with China. Most of these dependencies can be traced to China’s influence in the manufacturing sector. Moody’s Analytics reports that one-fifth of the global manufacturing output can be attributed to China.

Currently, the struggles of China will also be the struggle of other economies, especially the surrounding Asian countries that are intertwined with China’s supply chain.

Not safe

Even for the United States, which is currently in opposition to China due to the on-going trade tensions, is not safe from the negative effects of the COVID 2019 outbreak.

While the US may be lowering its dependence on China, the decline in Chinese tourism due to the outbreak is expected t0 affect the growth rate of the US. Right now, while the potential real GDP growth rate of the US caps at 2%, the projected figure in the light of the outbreak is only 1.7%.

With the trade tensions and geopolitical conflicts that are very much existent prior to the outbreak, our economy is extraordinarily fragile. There is too much unpredictability all at once that a slight misstep might cause the global economy to topple down.

With an imminent threat that can affect us all gravely, putting aside our differences and working towards the elimination of this outbreak is favorable. Yet, as straightforward as it may seem, we know that building unities isn’t as easy accomplished as it is spoken of.

Now that we know how SARS impacted the world nearly 20 years ago and how the COVID 2019 is clearly a greater threat, it is about time for us to show that we truly have learned from our previous shortcomings.

Total
0
Shares
Share
Tweet
Share
Share
Related Topics
  • Coronavirus
  • COVID-19
  • Economy
  • SARS
majulah

Previous Article
  • Technology

SUTD And Thales Collaborate To Accelerate The Development Of Smart Aviation Technologies

  • February 26, 2020
View Post
Next Article
  • Lah!

Park Hotel Group Secures Its First Green Loan Of S$237 Million Under The UOB Real Estate Sustainable Finance Framework

  • February 26, 2020
View Post
You May Also Like
View Post
  • Lah!

Tariffs, Trump, and Other Things That Start With T – They’re Not The Problem, It’s How We Use Them

  • John Francis
  • March 25, 2025
View Post
  • Lah!

Canonical announces 12 year Kubernetes LTS

  • John Francis
  • March 4, 2025
dotlah-smartnation-singapore-lawrence-wong
View Post
  • Artificial Intelligence
  • Featured
  • Features
  • Lah!
  • Machine Learning
  • Technology

Growth, community and trust the ‘building blocks’ as Singapore refreshes Smart Nation strategies: PM Wong

  • Dean Marc
  • October 9, 2024
dotlah-singapore-ndp-2024
View Post
  • Lah!

Here’s what to expect for NDP 2024!

  • dotlah.com
  • August 9, 2024
dotlah-singapore-airlines_may_21-1716298816
View Post
  • Lah!

Severe turbulence during Singapore Airlines flight leaves several people badly injured. One man died

  • majulah
  • May 22, 2024
dotlah-pm-lee-lawrence-wong-9656d4cd-1fa4-40ed-905d-e19e639b8476_728802dd
View Post
  • Lah!
  • People
  • Politics

End of Lee Era for Singapore as PM Steps Down

  • dotlah.com
  • May 16, 2024
DPM Lawrence Wong will be Singapore's fourth prime minister on May 15. ST PHOTO: LIM YAOHUI
View Post
  • Lah!
  • People
  • Politics

7 things to know about Singapore’s next prime minister Lawrence Wong

  • dotlah.com
  • May 15, 2024
When asked about his leadership style, DPM Lawrence Wong said he will be open and consultative, but he will not shirk from doing what is necessary for Singapore's future. ST PHOTO: LIM YAOHUI
View Post
  • Features
  • Lah!
  • People
  • Politics

‘We are prepared to relook everything’: Lawrence Wong on a changing society and his hopes for S’pore

  • dotlah.com
  • May 15, 2024


Trending
  • 1
    • Technology
    The Weird, The Wacky, The Just Plain Cool: Best Of CES 2020
    • January 13, 2020
  • Bottle | Scent | Flower | Perfume 2
    • Features
    • Gears
    • People
    Scent Symphony. The Art, Science, And Magic Of Perfumery.
    • June 22, 2023
  • host-countries-of-afghan-refugees-25559 3
    • People
    Where Afghan Refugees Are Located
    • August 19, 2021
  • 4
    • Cities
    • People
    The 8 Pillars Of The New Age Of City Mobility
    • September 2, 2020
  • 5
    • Technology
    Google I/O 2019: Turning Flagships Into Affordable & Mainline
    • May 18, 2019
  • credit-card-avery-evans-RJQE64NmC_o-unsplash 6
    • People
    7 Reasons You Need A Good Credit Score
    • May 27, 2021
  • 7
    • Cities
    • Lah!
    From Singapore To The World: Where Fortitude Kit 2.0 Has Been Deployed Globally
    • March 31, 2020
  • 8
    • Cities
    Affordable Housing Lessons From Sydney, Hong Kong And Singapore: 3 Keys To Getting The Policy Mix Right
    • October 9, 2019
  • 9
    • Technology
    For SMEs That Have Gone Digital, The New Challenge Is To Be Deeply Digital
    • March 13, 2021
  • 10
    • Cities
    • Lah!
    • Society
    The COVID-19 Pandemic Has Made Many Singaporeans Adopt Better Financial Habits
    • November 3, 2021
  • 11
    • Lah!
    • Technology
    Supporting National Efforts To Stay Home, Go Digital, And Stem COVID-19 Infections
    • April 9, 2020
  • 12
    • Cities
    • Environment
    • People
    Is Your City Making You Fat? How Urban Planning Can Address The Obesity Epidemic
    • February 24, 2020
Trending
  • Cooking pots and pans 1
    Best Pots and Pans 2025: All-Season, All-Purpose Picks for Every Kitchen
    • September 23, 2025
  • 2
    Politicians love comparing NZ’s economy to Singapore or Ireland – but it’s simplistic and misleading
    • September 21, 2025
  • Kitchen Knives - Best All-Around Picks in 2025 3
    Kitchen Knives : The Surgeons of Cooking – Best All-Around Picks in 2025
    • September 15, 2025
  • 4
    Apple unveils iPhone 17 Pro and iPhone 17 Pro Max, the most powerful and advanced Pro models ever
    • September 9, 2025
  • 5
    Apple debuts iPhone 17
    • September 9, 2025
  • Fruits and vegetables for cooking. For food processors. 6
    Food Processor: The Swiss Army Knife of the Kitchen – Best All-Around Picks in 2025
    • September 8, 2025
  • 7
    Meet Samsung Galaxy Tab S11 Series: Packing Everything You Expect From a Premium Tablet
    • September 4, 2025
  • 8
    Malaysia’s ‘ASEAN Shenzhen’ needs some significant legal reform to take off — here’s how
    • August 25, 2025
  • French Fries 9
    Air Fryer: The One Cooking Appliance to Rule Them All – Best All-Around Picks in 2025
    • August 22, 2025
  • 10
    Samsung Electronics Debuts Odyssey G7 Monitors, Showcasing Top Games on Its Displays at Gamescom 2025
    • August 20, 2025
Social Links
dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Connecting Dots Across Asia's Tech and Urban Landscape

Input your search keywords and press Enter.