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Bank of Japan Governor Haruhiko Kuroda said he was watching the coronavirus impact on the economy with “grave concern,” in a nod to the growing toll the epidemic is taking on manufacturing activity and exports across Asia.

“The fallout from the health crisis will be a main topic of debate at a Group of 20 finance leaders’ meeting in Riyadh, Kuroda said on Friday, in a sign it could overshadow the weekend meeting of the world’s top economies.

“Massive business disruptions in China are starting to spillover into the global economy, with parts shortages rippling through supply chains as far away as the United States. Asian economies that are heavily reliant on exports to China and Chinese tourists are being hit hard on both fronts.”

https://www.reuters.com/article/us-china-health-global-economy/bojs-kuroda-says-watching-with-grave-concern-as-virus-hits-asian-economies-idUSKBN20F0MP


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Asia’s biggest economies are already feeling the brunt of the coronavirus shock.

“Key gauges for manufacturing in Australia and Japan fell while early export orders for South Korea showed a slump in Chinese demand.”

https://www.japantimes.co.jp/news/2020/02/21/business/japan-australia-economies-coronavirus/#.Xk-czyj7TIU


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The Australian dollar has plunged to an 11-year low — its worst level since the global financial crisis — following an unexpected jump in unemployment…

“The Reserve Bank… [has already] slashed rates three times last year to a record low of 0.75 per cent.”

https://www.abc.net.au/news/2020-02-21/australian-dollar-slumps-to-11-year-low-on-jobs-data/11987094


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Cracks in Hong Kong’s retail industry are widening as the coronavirus fallout heaped pressure on more players

“The biggest public health crisis since 2003 follows months of social unrest in 2019 that sank the economy into the first contraction since the global financial crisis in 2009.”

https://www.scmp.com/property/hong-kong-china/article/3051649/cracks-hong-kongs-retail-industry-widen-dickson-concepts


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China car sales plunged 92% during the first two weeks of February as the coronavirus outbreak kept buyers away from showrooms. …

“It was even worse in the first week, when nationwide sales tumbled 96%…”

https://www.bloomberg.com/news/articles/2020-02-21/china-car-sales-tumble-92-in-first-half-of-february-on-virus


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The economic slowdown is wreaking havoc on the automobile industry in India.

“All major automakers in the country reported declining sales throughout the course of last year and the downturn continued this year, as well as manufacturers, reported a 13 percent decline in January year-on-year. Now, vehicle registration data has rubber-stamped the downturn.”

https://www.cnbctv18.com/auto/vehicle-registration-down-over-7-annually-as-auto-slowdown-continues-5340971.htm


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One of the key indicators of India’s economic slump is the declining consumer goods production rate.

“As per the Index of Industrial Production, the production rate was 5 per cent in 2017-18 and fell to 1 per cent in 2019-20.

“This decline was both in terms of value and volume. This means consumers were not only buying lesser quantities but also opting for cheaper alternatives…”

https://www.telegraphindia.com/opinion/slow-death-of-industrial-output/cid/1747100


It’s hard to know whether to laugh or simply dismiss as satire the efforts of Hassan Diab’s cabinet to survive Lebanon’s economic collapse.”

https://www.independent.co.uk/voices/lebanon-protests-beirut-economy-hassan-diab-cabinet-a9347406.html


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Two FTSE 350 companies have joined the ranks of firms warning the coronavirus outbreak has had a negative impact on their business already.

“Recruitment firm Hays and engineering company Aveva Group have said that the travel restrictions put in place to curb the spread of the COVID-19 epidemic has caused them material damage.”

https://www.thisismoney.co.uk/money/markets/article-8025355/Growing-numbers-British-firms-say-coronavirus-affecting-supply-chains.html


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Flight cancellations caused by the coronavirus outbreak will likely lead the global air transport industry to shrink for the first time since the global financial crisis of 2008 and 2009, a trade group warned.”

https://www.businessinsider.com/iata-airlines-warn-coronavirus-recession-shrink-2020-2?r=US&IR=T


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