COVID-19 And Global Economy

Corona and Its Impact So  Far

COVID-19 really hit hard to the global economy, the rapid pace through which it is infecting people not only within China but covered gradually to every part of this planet. Earlier it was thought China might be able to contain the virus within its territories but now it seems the growing influence of virus really hitting almost every country. The most disturbing parts are the European countries, they need our sympathy, love and engagement to mitigate and contain the deadly virus.

The overall global death by coronavirus has crossed the 5,300 marks, with more than 1.46 lakh people infected. The epicentre of virus Wuhan has suffered very severely, the recent news revealed that the place is now under some control. In India, where more than100 people have been infected, saw two casualties when a 76-year-old man died in Karnataka and a 68-year-old woman died in Delhi. Various sectors of industries have been impacted by the spread of the virus. If this trend continues for a long period bring disastrous consequence to the global economy.

Several economists, scholars and experts cited that if the virus does not contain within a certain period, the economy may tip into recession unless the virus turns out to be seasonal.

If we engage less with the outer world and avoid work, education, fitness and entertainment, a lot less economic activity would occur. Bussiness face the challenges of disrupted supply of components to make products or having to shut some of their firms temporarily.

Industries which impacted the most

The pharmaceuticals, automobile and moble industries were hit hard. The world totally depends on China for supplies of components for products that these sectors make. India faces most trouble as the Indian pharma industry, which depends on China, for more than 70 per cent of raw materials needed to manufacture drugs has been input costs gone up by approximately 50 per cent as of February of this year. The pesticides have been another that has been affected as manufacturers depend on China for raw materials.

Even the software industry. so easily lends itself to working from remote locations, can only progress so far. Decision making in western countries, a key market for software services, might have been hit with inbound travel restricted and the US declaring a pandemic emergency. As the health challenges hitting, the analysts say the value of a technology contract will not be top of the mind.

These are the reasons that are why the investors and regulators have barely taken the decision to infuse funds into the declining global economy.

What can be done?

 For normalcy to return the people of this Planet have to be very cautious, alert and take preventive steps, which could help us to immune us from this deadly virus. It hits our life very vigorously, due to the human tendency of avoiding and habit of tackling problems only when it comes to our door. We have to be very active and precautious to our deteriorating environment, take necessary and required steps to save and protect humanity from such pandemic.

Since World Health Organizations cautions that merely using masks would not sort out our problems and provide an adequate level of protection. It should be combined with hand hygiene to prevent human to human transmission.

The Italian Ambassador to India, states that the Coronavirus pandemic "is teaching us that health is the most important global public good. We are faced with the challenge to preserve it. and to do so, there is no alternative to international solidarity and cooperation".