Market Research Report
Retail Banking in Taiwan - Coronavirus (COVID-19) Sector Impact
|Published by||GlobalData||Product code||955200|
Delivery time: 1-2 business days
|Retail Banking in Taiwan - Coronavirus (COVID-19) Sector Impact|
|Published: August 20, 2020||Content info:||
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 most of the countries across the world registering declines in their economic growth for the year to date. Many economists and institutions have cut their forecasts as a number of countries officially slipped into recession in Q1 2020.
Despite its close proximity with China, Taiwan's robust measures have effectively contained the virus - with the country reporting 486 confirmed cases and seven deaths. The island nation has not imposed any lockdown, but its significant trade exposure to China is hurting its economy. The central bank has lowered the country's GDP growth forecast for 2020 to 1.52%, down from the previous estimate of 1.92%, due to a decrease in domestic consumption and exports in the first half of the year. However, as the country moves towards normalization a gradual recovery will be seen in the second half of the year, benefiting the banking industry.
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.