Impact of the covid-19 pandemic on the economy
The family of coronaviruses primarily causes coronavirus diseases, they cause a range of conditions from the common cold to more severe respiratory diseases. Covid 19 was declared a public health emergency of international concern after its outbreak source located to be in China, Wuhan. This declaration was made by the World Health Organization (WHO) on 30th January 2020; it was done under the public health and notifiable diseases regulation. It was declared a pandemic on 11th March 2020, after it was discovered to have spread to several countries and continents in the world.
What are the impacts of covid 19 on the economy?
The economy is the engine that moves the turbine of development in the word, the monetary cost of the covid 19 have been revealed, and the financial strength of the world been directly affected immensely. It brings a negative section of the impact more vivid as most of the industries and companies have been closed, and an employee pushed to a forced leave. It has brought a lot of financial crisis and almost sabotages the economy of the world. Covid 19 has directly affected the transportation sectors, and this has resulted in the collapse of tourism and communication sectors as well, leading to financial catastrophe and rendering the same sectors bankrupt.
On the hand, much commercial and financial concentration has been channelled to combat covid 19 leaving other sectors and dominant. This is seen through when the donation from the World Bank and the World Health Organization are majorly focusing on the pandemic, despite other infections and other economic turmoil tearing different continents apart.
The prices of petroleum and other energy have significantly been affected and have fallen off the cliff. This has caused significant economies in the world like US, UK, Japan, among others, has shown an increasing unemployment rate. This eventually will have affected the GDP of every country in the world. The movement of raw materials to the manufacturing industries have been rendered useless.
The financial analyst predicts a world of hunger and the worst economic situation. Since at the time the pandemic is spreading like bush fire and vaccine is not available at this time.
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