Coronavirus Outbreak: A Havoc on the Global Economy
On 28th February, the World Health Organization rated coronavirus at ‘very high’ on the scale of global risk assessment, owing to the epidemic spread of the disease in sub-Saharan Africa and its impact on financial markets. The virus proliferation has increased over the past week on every continent except Antarctica, and impacted the financial market with disrupted global supply chains linked to China. As per the Wall Street Journal, prolonged shutdown in China could cost up to $1 trillion in manufacturing output loss. The ‘Wuhan Virus’ outbreak is a havoc on the global economy. Moreover, as per the Oxford Economics, the impact of deadly virus on global economy may drag down the growth to ~2.3% in 2020.
The emergence of COVID-19 (an official name of coronavirus) fears the economic downturn globally and resulted in notable drops in stock prices for airlines, oil companies and various companies that source materials from China. Along with China and South Korea, marketplaces in Europe are also recording lowest figures since the year 2016.
In Europe, the disease outbreak in Sicily is the bad news for recovering Italian economy. Also, restrictions on travel in and around Milan—the Europe’s industrial center and third largest economy is grappling with the slowdown in Germany. As per the analysis from Moody’s Corporation, the virus will tip Italy into the recession for Q1 2020.
In Asia, Japan and South Korea are bracing for greater impacts which were already on the stage of economic emergency.
In Saudi Arabia, Iraq, Iran and other OPEC powerhouses in the region are facing low crude oil prices to the low $50 range per barrel. The oil-reliant governments are facing fears of global economic slowdown.
Companies and Research Organizations are actively working on disease detection and treatment worldwide, for instance:
The National Institute of Allergy and Infectious Diseases’ Rocky Mountain Laboratories (RML) has produced some microscopic images of the novel coronavirus - SARS-CoV-2— which was previously known as 2019-nCoV, the pathogen responsible for Coronavirus Disease (COVID-19).
Moreover, the German Center for Infection Research (DZIF) have developed a novel laboratory assay that can detect COVID-19. The protocols related to assay are now published by the WHO in a form of guideline for diagnostic detection.
Some research firms have published reports on the intensity and impacts of the coronavirus on various market domains:
Oxford Economics have published various research studies featuring coronavirus some of them explains about the impact of coronavirus on world supply chain; the slowdown of impact of the disease on Chinese economy leads to policy shift by senior leaders related to resume of economic activities; morph of coronavirus outbreak into a pandemic and its impact on the global economy; some insights offering lessons from the 2011 earthquake in Japan on the effect of coronavirus on the global economy.
DuckerFrontier published a report explaining the outbreak of coronavirus and its impact on global economy in the year 2020 and some insights about the impact of deadly disease the on Chinese Economy. Also, how the relatable impact will influence the goals and contingency plans of Multinational Corporations.
IDC published the research study that explains about the impact of the coronavirus on the server and storage system market.
The International Monetary Fund presents a study that present an outlook of China and RoW considering the impact of coronavirus disease.
The companies, research organizations and government organizations are aggressively working to develop medical countermeasures and compress the impact of this deadly disease, which have its epicenter in Wuhan City of China.
Till now, the drug or therapy to prevent the disease is unavailable in the market, the countries may delay the spread with some control and preventive measures. Countries are not ready to handle the widespread of disease owing to lack of healthcare infrastructure, lack of skilled healthcare professionals, improper supply of medicines, lack of preventive medical equipment and majorly the low healthcare budget in many countries and many more reasons.
Meanwhile, the sizeable growth of deadly disease in China has shown that it can grow to a sizable outbreak in just few weeks, and with widespread of infection in almost every continent, are counties ready to handle this havoc?
Get insights to interesting facts and figures about:
- The status of healthcare sector of various countries.
- Level of technological advancements and research and development status in various medical domains.
- Export and Import figures of medical equipment and basic preventive things such as mask, sanitizer and many more.
- Adoption rate of medical devices and techniques by general population in countries.
- Status of healthcare infrastructure in regions.
- Number, percentage or ratio of sensitive population to disease (newborns and geriatric population base)
- Regulatory policies of various countries
- Analysis related to economic burden on economies
- Sector-based impact on countries
The wide range offerings by Report Ocean also include some interesting findings and analytical reports directly related to Coronavirus, download insights, visit us at https://www.reportocean.com/contactus