Market Research Report
Retail banking in China - Coronavirus (COVID-19) Sector Impact
|Published by||GlobalData||Product code||943959|
|Published||Content info||18 Pages
Delivery time: 1-2 business days
|Retail banking in China - Coronavirus (COVID-19) Sector Impact|
|Published: June 19, 2020||Content info: 18 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 globe 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.
A similar trend is expected in China, as economic growth in the country dipped in the first quarter of 2020. The decline had an adverse impact on all sectors, including the banking industry. While China was the first country to be impacted by the COVID-19 crisis, it is now on a path to recovery, with businesses starting their operations and domestic travel resuming.
This report focuses on the impact of the coronavirus outbreak on the economy and the retail banking industry in the China. 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.