The coronavirus’ impact on China’s economy was made plain in new numbers released on Monday, which showed a dramatic collapse across the board.

Border closures aimed at containing the spread of the coronavirus may offer a glimpse of what an all-out trade war would do to the world economy, according to the head of the International Chamber of Commerce.

Coronavirus disease 2019 (COVID-19 or coronavirus) was first detected in December 2019 by health authorities in Wuhan City in the People’s Republic of China. Since that time, more than 118,000 cases have been confirmed worldwide, and the virus has spread to more than 114 countries across 6 continents, causing over 4,200 deaths to date, according to the World Health Organization (WHO).

As the outbreak worsens, experts are increasingly worried about an economic downturn.

The Ministry of Industry and Trade will continue to support local businesses after the coronavirus epidemic ends, a top official has said.

The Vietnamese government is resolved to attain its growth target this year despite the Covid-19 epidemic. Many measures have been implemented to prevent any negative impact on the Vietnamese economy or its trade partners.

Right after assuming the chairmanship of Asean in 2020, Vietnam has been challenged by the outbreak of Covid-19 disease. Regional response to the disease has been coordinated and collective efforts have been taken.

As the number of coronavirus cases continues to rise around the world, there are deep concerns over the potential economic impact of the virus.

The head of the World Trade Organisation said that he expected the coronavirus epidemic to have a "substantial" impact on the global economy, but plans for a June ministerial meeting were going ahead.

In the midst of this long-term structural shift from China, India has dropped a few notches in the companies' preference to relocate manufacturing, while ASEAN countries have gained.