PIIE: The Global Stainless Steel Pipe Market May Be Affected By The Covid-19 Epidemic

According to the prediction released by the Peterson Institute for International Economics (PIIE) last Friday (April 10), due to the outbreak of the COVID-19 epidemic, US economic output will fall by 8.0% this year, and the unemployment rate may rise to more than 20%.

Researchers at the Peterson Institute for International Economics believe that US output in April and May is expected to be 20% lower than normal, which means that the annual rate of output in the second quarter will fall by 50%.

In addition, the forecast also shows that measures to control the spread of new coronaviruses are causing the global economy to fall into a severe recession, which will be a huge blow to the global stainless steel pipe market, especially in some large stainless steel pipe exporting countries, such as China and India.

This year the global economy will shrink by 3.4%, and next year it will grow by 7.2%.