Concern over Local and Global Economy amid the outbreak

19 February 2020

The outbreak of COVID – 19 brought about global concern as it started in China which is known as the second largest economy in the world. It has been about three weeks that China isolated itself from many other countries with cities shut down and a long extended New Year holiday. Many manufacturers in China won’t be able to risk the rate of virus infection and put their industries in operation again. At the same time, the international trading and businesses depending on Chinese Market are expecting to face a huge consequence.  

According to the latest news, a big manufacturing company, Apple announced on Monday that they are cutting the sales forecast because of the outbreak and iPhone supply shortages will temporarily affect revenues worldwide. Since the world’s economy at its risk, Myanmar, which is very close to China economically and practically maintains the largest export volume to China, also having a lot of concern.

This time our MIRadio team contacted to Ma Su Thet Hmue who is working at China Media Group, CRI (Myamar Department) to discuss her opinion on the current trade situation. 

“About the current trade flow between China and Myanmar, the border trade has dropped to some limit because of the virus outbreak. For example, Myanmar usually exports watermelons and crabs to China. But now I have heard that those products cannot be exported. So, more or less, there will be some effect on that. And I think every country will be putting their best effort to go through this kind of problem.”

According to the record of Myanmar Ministry of Commerce, the border trade volume of Myanmar between October 2019 to February 2020 reached USD 3981.204 million but some of the border gates are still closing and the export products have seen delayed. Since the virus infection goes wild in worldwide, Myanmar suspended the flights between Yangon and Mainland China to help control the spread of the virus. Ma Su Thet Hmue also mentioned that she thinks there will be also a bit decrease in tourism sector because of the flights cancellation.

“I heard that most of the countries canceled the flights to China and also the border trading. So, I think there will be effect on economy because of that. According the news and information broadcasted in China, the Civil Aviation Administration of China announced that they will try the best to control the spread of virus by cautiously planning the flights to various countries.” 

The COVID – 19 outbreak started in December and according to Chinese Government’s Announcement on 18 February, there are 72,528 confirmed cases in China and 800 cases abroad. 1,870 deaths and 12,552 patients recovered and discharged from the hospitals.

According to the latest report issued by the Shanghai Institutes for International Studies, the Growth Rates of Confirmed Cases, Deaths, Suspected Cases and Cases under Medical Quarantine are gradually dropping and the graphs show that the number of cured patients surpasses that of deaths inside the Hubei Province. 

“About the reviving of economy, this virus outbreak is a big hit and since China is connected to many countries around the world, I think there will be some delays and closure of some business sectors and industries.  But I believe that if we can go over the outbreak and completely control the virus, then the economy will rise again to some extent due to the cooperation with the countries around the world.”

Thawtar Win Pyae Sone
Photo Credit - CGTN