COVID-19 Impact on the Payments Industry: China Forecast Snapshot
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.
This report focuses on the impact of the coronavirus outbreak on both the economyand the cards and payments industry in China. Based on our proprietary datasets, the snapshotprovides a detailed comparison between pre-COVID-19 forecasts andrevised forecasts of total payment card, debit card, and credit and charge card transactions by value and volume. It also offers information on measures taken by the government to combat coronavirus.
Fears surrounding the impact of COVID-19 have already significantly hampered the global economy, with key markets across the globe losing 20-50% of their value 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 well, as economic growth in China is expected to register a dip in the first quarter of 2020 and will decline further if this disease is not controlled at the earliest. The real GDP growth rate for China for 2020 is expected to decelerate. The decline will have an adverse impact on all sectors including banking and payments.
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