Fear of global recession due to Corona’s havoc has seen a huge decline in the stock markets around the world. Early trading on Friday saw a steep decline in the Asian stock market. The Asian stock market has had the worst day of the decade in the wake of fears of recession after the corona virus was declared pandemic.
Japan’s Nikkei market fell 7.12 percent, ie 1,322.15 points to 17,237.48 soon after it opened. At the same time, Topix was also seen trading at the level of 1,244.15, down by 6.31 percent.
The business was briefly halted after South Korea’s benchmark KOSPI slipped 6.8 percent. Australia’s ASX 7.3 percent and New Zealand’s benchmark NZX 50 7.9 declineed.
The SGX was seen trading at the a drop of 600 points, Singapore Exchange at a level of 8,879.
This situation in Asian markets was seen after a sharp down curve in other global markets. The Dow Jones of America recorded a decline of 10 per cent and fell 2,350 points to 21,200.62. This was the Dow Jones’ worst season since 1987.
Fear of recession due to corona virus
The travel industry has been the most affected due to the corona virus. People are canceling their trips on a large scale. Sports events are also being canceled and museums to theme parks are being closed around the world.
Cinema halls, schools and colleges have been closed as a precaution in Ireland. The crisis of corona virus has increased the possibility of global recession. It is also uncertain how bad the economic decline can be.
Fear of global recession due to coronavirus : Image Courtesy : Twitter
# Fear of global recession due to coronavirus