Corona Virus and Response of the people in the world

The pandemic coronavirus broke down in China by the last the month of year 2019, which gives it the name COVID-19. It was an unexpected and unbelievable once it was spread in the city of WAHAN China taking the lives of thousands of the people in the city and it was discussed in the whole world as new diseases break down in China and no one knew any treatment. Its symptoms were like a normal flue and not known it was contiguous, people did not think of social and physical distance and about the isolation that happened to take the life many people in Wahan and spread in some other cities. People found out its spreading from one person to another person after a month-long time thousands of people became victims of it in China and reached to other countries of the world none of the country in the word leftover from it. China controlled on it by locking down, social distances and isolation of the people who fell of the pandemic, some news spread in the world they used to kill  those who got the symptoms of corona I don’t know how much true it.

The world perception of Corona Virus: In the beginning, once it has happened in China many people in the blame on the United States of America, a conspiracy that it is the trick of The United States of America against China and there were thousands of assumption on this pandemic. Then after months, it started to spread all over the world gradually, from one country to another country and the United States became the worst of the hit of the coronavirus thousands of people died of it in a day and then some of the European countries became the second such as Italy, and Spain was the top victims of the pandemic. It sad to say that all the scientist and high researchers in the field of medicine are unable to discover the pandemic and invent any medicine for last seven moths millions of people died of it and billion have been affected by this disease until now. Some countries controlled on it with lockdowns, and social distances still none could be able to out of this pandemic in 100%. Many countries in the world thousands of lives lost of the pandemic.

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Responses of the people

In the very beginning once it was in China, the other countries went on different myths as mentioned blame on the United States of America as conspiracy, and especially the Muslims unbelievable comments passed through as they will not be touched by the virus. It began to spread fast to other countries, the first very Islamic country was hit by the virus and continuously all over the world, then different countries began to ban on traveling from one country to another country and on the people from the countries where the pandemic hit. All the international flights stopped by the government and domestic flight within the countries closed. Gradually as the pandemic went higher people response began more cautious the inter cities transports were banned, social and physical distances implemented, but there was not any the positive impact of it, the positive cases became higher and higher and became lockdowns and another safety measure like no public gatherings, even places of prayers mosques and churches closed and markets were closed except grocery and medical stores. Transport system completely closed and screening of travelers from one destination to the other.  People faced challenges as well the government during the pandemic to hear the comments of the public. The pandemic still goes higher and the world went all lockdowns all over the world, all the supply chains of daily needs closed for days, weeks and months with the advice of the World Health Organization and the respective health departments of the respective countries. In some countries got positive impacts of these lockdowns but some countries like Pakistan the people did not follow the advice and still, the cases go higher.  The public of the whole world did not follow the rules same and some countries followed the strictly and some countries did not do so now the result different now. The countries that followed the rules have positive impacts their life retained to normal life, all the supply chains and stakeholders are open to their work and do their activities but the countries that did not follow the rules and safety measures advised by the concern authorities are still in crises and positive cases increase daily as usual and the government of those countries unable to control on the corona cases.

Some of the countries opened the transportation systems the air travels and land travel within their countries and beyond the countries. All the supply chains are normal now. At this moment the whole world is still in crises because the world economy badly affected by this pandemic, many of the people lost their jobs, businesses flopped for months, life activities broke up staying at homes expenses increased like this the world is now in the worst condition crises and still on the way to find out the ways to face the pandemic. The world has been failed to find a solution to get free of the pandemic. The whole world is busy in search of any ways to mitigate this the disease which claimed billions of lives and affected the world economy beyond the reach of human beings. 

Economy the world and COVID-19

The outbreak of the pandemic Corona Virus all over the world has disturbed the political, social, economic, religious, and financial structures of the whole world. World’s topmost economies such as the US, China, UK, Germany, France, Italy, Japan, and many others are on the verge of collapse. Besides, Stock Markets around the world have been pounded and oil prices have fallen off a cliff. In just a week 3.3 million Americans applied for unemployment and a week later another million people started searching for jobs. Also, many experts on economic and financial matters have warned about the worsening condition of global economic and financial structure. Such as Kristalina Georgieva, Managing Director of International Monitory Fund (IMF), explained that “a recession at least as bad as during the Global Financial Crisis or worse”. Moreover, Covid-19 is harming the global economy because the world has been experiencing the most difficult economic situation since World War-II. When it comes to the human cost of the pandemic it is immeasurable therefore all countries need to work together with cooperation and coordination to protect human beings as well as limit the economic damages. For instance, the lockdown has restricted various businesses such as traveling to contain the virus consequently this business is coming to an abrupt halt globally.

Keeping in a view the staggering situation G-20 nations called an emergency meeting to discuss worsening conditions and prepare a strategy to combat Covid-19 as losses could be reduced. The spread of the epidemic is picking up speed and causing more economic damages. It is stated by the U.S. official from federal reserve’s that American unemployment would be 30% and its economy would shrink by half. As for the jobs of common people are concerned, there is also a real threat of losing their jobs because with business shutting down that shows that companies will be unable to pay to workers resultantly they have to lay off them. While when it comes to the stock market, it is severely damaged by Covid-19 such as the stock markets in the world is down about thirty percent. By looking over the existing condition of several businesses, most of the investors are removing its money from multiple businesses in this regard $83 billion has already removed from emerging markets since the outbreak of Covid-19. So, the impact of Covid-19 is severe on the economic structure of the world because people are not spending money resultantly businesses are not getting revenue therefore most of the businesses are shutting up shops.

It also observed that the economic recovery from this fatal disease is only possible by 2021 because it has left severe impacts on the global economy and the countries face multiple difficulties to bring it back in a stable condition. Most of the nations are going through recession and collapse of their economic structure that points out the staggering conditions for them in this regard almost 80 countries have already requested International Monetary Fund (IMF) for financial help. Such as Prime Minister of Pakistan Imran Khan also requested IMF to help Islamabad to fight against Novel Coronavirus. Furthermore, there is uncertainty and unpredictability concerning the spread of Coronavirus. So, the Organization for Economic Cooperation and Development (OECD) stated that global growth could be cut in half to 1.5% in 2020 if the virus continues to spread. Most economists have already predicted about the recession to happen because there is no surety and still no one knows how for this pandemic fall and how long the impact would be is still difficult to predict. Besides, Bernard M. Wolf, professor, Economics Schulich School of The business said that “it is catastrophic and we have never seen anything like this, we have a huge portion of the economy and people under lockdown that’s going to have a huge impact on what can be produced and not produced”.

As Covid-19 has already become a reason for closing the multiple businesses and closure of supermarkets which seems empty nowadays. Therefore, many economists have fear and predicted that the pandemic could lead to inflation. For instance, Bloomberg Economics warns that “full-year GDP growth could fall to zero in a worst-case pandemic scenario”. There are various sectors and economies that seem most vulnerable because of this pandemic, such as, both the demand and supply have been affected by the virus, as a result of depressed activity Foreign Direct Investment flows could fall between 5 to 15 percent. Besides, the most affected sectors have become vulnerable such as tourism and travel-related industries, hotels, restaurants, sports events, consumer electronics, financial markets, transportation, and overload of health systems. Diane Swonk, Chief Economist at the Advisory Firm Grant Thornton, explained that “various nations have multinational companies that operate in the world because the economy is global. For instance, China has touchpoints into every other economy in the world, they are part of the global supply chain. So one should shut down production in the U.S. by shutting down production in China”. Besides, Kristalina Georgieva in a press release suggested that four things need to be done to fight against Covid-19 and avoid or minimize losses. Firstly, continue with essential containment measures and support for the health system. Secondly, shield affected people and firms with large timely targeted fiscal and financial sector measures. Thirdly, reduce stress to the financial system and avoid con tangent. Fourthly, must plan for recovery and must minimize the potential scaring effects of the crisis through policy action. Concerning the serious and worsening conditions all over the world, nations need cooperation and coordination among themselves including the help and mature as well as sensible behavior of people to effectively fight against Coronavirus. Otherwise, because of the globalized and connected world, wrong actions and policies taken by any state will leave a severe impact on other countries as well. This is not the time of political point-scoring and fight with each other rather it is high time for states to cooperate, coordinate, and help each other to defeat this fatal pandemic first for saving the global economic and financial structure.