Market Research Report
Retail banking in Taiwan: Coronavirus (COVID-19) Sector Impact
|Published by||GlobalData||Product code||937693|
|Published||Content info||17 Pages
Delivery time: 1-2 business days
|Retail banking in Taiwan: Coronavirus (COVID-19) Sector Impact|
|Published: May 12, 2020||Content info: 17 Pages||
The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020.
Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with key markets across the world losing 20-50% of their value for the year to date. Many economists and institutions have cut their forecasts, with consensus global GDP growth currently at 2.6% for 2020, and many experts predicting the potential onset of recessionary environments.
With its swift measures Taiwan has effectively contained the spread of the virus, with just over 400 confirmed cases and seven deaths. And the island nation is not currently under any lockdown. However, its economy will be affected as it has significant trade exposure to China, one of the hardest-hit countries and the original epicenter of the outbreak. The central bank has lowered the country's GDP growth forecast for 2020 to 1.92%, down from the previous estimate of 2.57%.
This report focuses on the impact of the Coronavirus outbreak on the economy and the retail banking industry in Taiwan. Based on our proprietary datasets, the snap shot provides a detailed comparison between pre-COVID-19 forecasts and revised forecasts of total mortgage, consumer, credit card loan balances as well as deposit balances in terms of value and growth rates. It also offers information on measures taken by the government to combat Coronavirus.