- China's Hubei province has reported no new infections for the first time since the outbreak of the coronavirus months ago
- As the cases in China appear to reduce by the day, reports say visitors to the country continue to bring in new cases of infections
- The trend has led to a possible contraction of the world's second-largest economy
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The Chinese province of Hubei, which is regarded as one of the hardest-hit areas, has reported no new infections for the first time since the outbreak of the coronavirus.
The revelation has marked a turning point in the spread of the virus, which has infected almost 81,000 Chinese.
However, as the infections dwindle to zero, China faces another challenge as some citizens of other countries continue to add to the number of infected people.
The spread of the coronavirus had led to a possible contraction of the world’s second-largest economy.
The significant change in events comes at a time when the country is struggling to find its feet after a devastating spread in the city of Wuhan in January 2020.
Bloomberg reports that Hubei, which has an estimated 60 million residents is reeling from the economic and social effects of the virus.
According to the National Health Commission (NHC), 34 new infections were recorded on March 18, 2020, and all of them brought the infections from other countries.
At the global level, the virus has infected over 211,000 people and led to the loss of an estimated 8,700 lives.
Some countries have taken emergency measures such as the closure of borders, schools and restaurants.
Large-scale events such as music festivals and sports events have been postponed and travel and supply chains have been adversely affected.
Economists have also predicted the likelihood of a $2.7 trillion loss from the world’s Gross Domestic Product (GDP).
In other news, the possibility of a cure for the coronavirus which has affected thousands of people around the world and led to a loss of lives has rekindled faith in stock markets.
Information available shows that Treasury yields, stocks and oil prices rebounded on Friday, March 13, 2020.
Investors consequently praised central banks for increasing liquidity and are optimistic that a rescue package is underway.
Central banks in Norway, Japan, and Australia reduced interest rates, purchased government bonds and initiated expansionary measures.
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