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Even as fears over the coronavirus outbreak is plunging the global economy into a slowdown and fuelling volatility in markets, Indian bankers seem to be keeping their fingers crossed.
Veteran banker Uday Kotak, CEO and Managing Director, Kotak Mahindra Bank, on Monday tweeted: “Coronavirus roils global financial markets, sparking chatter of coordinated monetary easing by central banks. Reminds me of Mark Twain’s quote, ‘To a man with a hammer every problem looks like a nail!’”
A report by HDFC Bank’s Chief Economist Abheek Barua said the impact of COVID-19 likely to be higher than SARS 2003 as number of people affected is higher and China is more closely linked to the global supply chain now than in 2003.
“Spillover to the rest of the world through lower tourism activity, supply chain disruptions and slowdown in China. Activity to be hurt in Emerging Markets as well as European countries (especially Germany) – those that export to China (Brazil, South Africa, Taiwan, HK, Germany) and those that import intermediate goods from China (South Korea, Malaysia, Thailand),” it noted.
On the domestic front, India and China are major trading partners and a sharp hit to both our exports and imports is likely, it further added.
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