Analysts believe that the economies of Germany and Canada are the most susceptible to the shocks associated with coronavirus due to their dependence on trade. The rapid proliferation of COVID-19 in the United States and the associated economic consequences can pose significant challenges for Canada. According to the Geneva International Trade Center (ITC), in 2019 Canada imported $453 billion worth of goods from the United States, including cars, equipment, and oil.
And Germany is particularly vulnerable to production shocks because of its dependence on foreign demand for German equipment, cars and pharmaceuticals. According to ITC, in 2019 Germany exported $1.49 trillion worth of goods.
Experts note that open economies will suffer a longer period of time from the effects of coronavirus on supply and demand. Even after the virus spread is controlled domestically, countries with open economies will continue to suffer from the effects of the virus due to falling demand in countries that are still struggling with the crisis.
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