Due to the current coronavirus (COVID-19) pandemic and its impact on the global economy, it is unlikely that China will be able to achieve its 2020 growth target. Coface forecasts a growth rate of 4% for the Chinese economy in 2020.
At first, the COVID-19 epidemic in China only affected a limited number of value chains – but it has since turned into a global pandemic. Its repercussions have created a double shock – supply and demand – that is affecting a large number of industries in all over the world.
The corona crisis is spreading to our entire world - the year 2020 will face the global economy with a challenging situation that is threatening the maintenance of a solid economic growth. Although drastic actions have largely been taken in Europe to reduce the spread of the corona virus, WHO estimates that COVID-19 will continue to spread worldwide.