The Gross Domestic Product(GDP) of -
- China has dropped by 36.6% in the first quarter of 2020,
- While South Korea’s dropped by 5.5% , but there was no imposing of lockdown in the country, instead they followed a strategy of contentious testing, contact tracing and quarantining.
- In Europe, the GDPs of France, Spain and Italy fell by 21.3%, 19.2%and 17.5 %respectively.
Dropping of Oil
Due to the dropping of travels, global industrial activities which have been affected. The prices of oil dropped further in March as the section of transportation, which counts in the accounts for 60% of the total oil demand and which was hit severely in several countries due to imposing lockdowns.
Dropping of Natural Gas
Not only oil, earlier this year in China, due to containment measure of COVID-19, the demand for natural gas also dropped as a result of which many people halted their imports as filling of storage tanks
Dropping of Industrial Metals
Due to lockdowns in US, followed by in the China and Europe, the claims for industrial metals has diminished as factories been shut down. China has accounted for probably half of the global needs for industrial metals.
Dropping of Food and beverages
International Monetary Fund (IMF) also projected about the reducing in food prices by 2.6 % in 2020, caused by the supply of chain disruptions, food security concerns in few regions which are affected by Covid-19 and export restrictions.
