Chinese Future Economy After the Coronavius Pandemic Social Essay

Name
Institutional Affiliation
Course Code/Title
Instructor
Date
Possible Chinese Economic Trajectories after the Corona Virus Pandemic
Introduction
It has been an unprecedented event that the People’s Republic of China has become the second-largest economy considering that it is only a few decades back when it was entirely an agrarian nation. Similar to the case stories of developed nations today, its economic trajectory since its independence is marked with shocking tragedies, watershed moments as well as strategic directives. The emergence of the Corona Virus (COVID-19) is a significant tragedy for not only the Chinese government but also the entire globe. The most devastating point is that the virus emerged from the Asian nation placing it on a major spotlight. It is an embarrassment to them similarly that there is no entity, whether an individual or a business, finds it pleasant to be associated with adverse situations. Nevertheless, this presupposition is a secondary event at the moment as people around the globe battle the spread of the virus.
The mortality rates in European nations has surpassed China’s, which is the most likely scenario even though the Chinese government is known for its secrecy in revealing sensitive data (Rapoza). An estimated two-thirds of the entire global populous is presently in some type of lockdown implying immense pressure on businesses and many countries’ economies (France 24). The regional closure of several countries’ boundaries implies China is affected immensely considering its function and role in the globalization of international space. From an overall perspective, China faces a possible economic decline considering backlash from many countries including the United States (U.S.) although its highly-skilled and relatively available youthful population could be instrumental to the country’s return to its optimal efficiency.
Initial Economic Growth Rate
The most definite result of the COVID-19 would be a sharp decline in the country’s economic growth rate over the first quarter of 2020. The Asian country has encountered several weeks of lockdowns, which have extended to months in some cities such as Hubei. Many people have lost lives in China and even further, the virus has shattered the global economy. Radical uncertainty remains the best approach in describing the historical moment the pandemic has created. A certain truth is that the virus has orchestrated a likely permanent change in the political and economic direction of many countries. This new-found economic direction analyzed from a single country’s perspective and with China in mind provides bleak reports on the nation’s positive progress in the coming months.
The manufacturing activities, as well as the entire industrial production, which are the primal strengths for the country, were gravely affected as they closed for the lockdown. In essence, these facets fell sharply – a situation that has never been experienced in three decades. More information justifying the decrease arises from World Bank economist who declared in January that the country would have an economic growth rate of 5.9% this year (World Bank). Surprisingly, these figures were borne from...