February 7, 2020 (MLN): The novel coronavirus, which has been spreading in China like a wildfire, has taken a serious toll on the country’s people and economy.

According to a report by S&P, the economy of China is now expected to grow by 5% in 2020, as opposed to previous anticipation wherein the growth outlook was expected to be 5.7%.

The report suggests that most of the impact of the virus will be realized in the first quarter, with some recovery likely to be felt in the third quarter.

Nonetheless, the growth of China’s economy is likely to be recorded at 6.4% in the next year, as opposed to previous forecast of 5.6%.

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