Coronavirus (COVID-19) Economic Impact
Coronavirus the PANDEMIC disease which has affected the whole world in all the sectors and brought the industry on its knees, as the slowdown of economy has already started and affecting the industries badly.
The outbreak of coronavirus was initially detected in China. In 2019, the Centers for Disease Control and Prevention (CDC) started monitoring the outbreak of this new panadamic disease coronavirus and first the virus was identified in Wuhan, China. Since then, the virus has started spreading to nearly every country and then WHO (World Health Organisation) to declare this new virus a pandemic disease.
This new disease named as coronavirus has been responsible for spreading millions of infections globally, causing hundreds and thousands of deaths. The United States whis is know as the superpower and strongest in economy or GDP has seen the highest number of these deaths. This new pandemic disease has infected people in 185 countries.
The spread of this hyper contagious disease coronavirus has economically impacted in all over the world and thousands of people are loosing their job everyday.
Coronavirus is also known as COVID-19. Which means CO - Corona, VI - Virus, D - Disease, 19 - it was first detected in the year of 2019. So the WHO has named it COVID-19.
COVID-19 is spreading in all over the world, causing deaths, illnesses and affecting the economy of all countries. Investors are afraid of the spread of COVID-19, as it will impact and destroy the economic growth and then the government will also not be able to take any action to stop this strong economic impact.
But how is the deadly virus impacting global poverty?........ COVID-19 is pushing about 40-60 million people into extreme poverty as they are loosing their job because malls, shops, restaurants, apparel industry which is known as the second biggest industry of world after the agriculture which is also getting impact, IT industry, travel industry, schools and collages, training institutes, real estate, oil and gas industry and etc. are all locked down in every country, so the companies are facing crisis, so they are not keeping more then 70% employes on work and firing them as they are not able to pay their salaries. Specially the lower class and lower middle class are facing this crisis very badly. The shutdown of firms around the world is facing a strong effect on businesses.
The world is facing this global poverty because of this GREAT LOCKDOWN around the globe due to this panadamic COVID-19 and our analysts has estimated that it will increase more by the end of this year 2020.
No one guessed that a microorganism could be the trigger point for a global financial shock, where the world will be facing poor cash flows, rising leverage and stretched valuations of firms which is taking us towards the global recession and global poverty.
The rapid spread of the novel coronavirus threatens governments and central banks forces to limit or decrease the interest rates. All countries twin challenges ie., the spread of this panadamic COVID-19 and the economic impact.
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