02.24.20 - Financial markets have closed out for the previous week with a note of anxiety. Recent economic data has shown that multiple of the world’s top economies are struggling, and as the outbreak of the coronavirus continues to shake up markets, the concern has compounded these slumps.
In Germany, the economic powerhouse in Europe, the economy has slumped as German manufacturing struggles. Many fear that the virus could also impact trade within the country.
Another excellent example is Japan. The third-largest economy in the world retracted for the first time in years as the country has been hit with the impact of a rising sales tax and a typhoon that devastated the country.
Many are alarmed at the number of smaller economies that are struggling, however. Hong Kong has been in the midst of a recession, and many believe that other east-Asian economies could soon follow. Indonesia’s GDP hit its lowest point in years and many other countries in the region are displaying the worst economic data in about a decade.
The boom of the tiger economies seems to be at a standstill. This adds to global recession fears with China already slowing down in the midst of trade disputes and the outbreak of the Corona Virus outlook looks grim for our neighbors across the Pacific and the Atlantic.