Here’s How Coronavirus Is Affecting The Economy Globally

0

Coronavirus has suddenly become everyone’s nightmare. The infections’ hub China also plays a key role in the spread of the virus. There’s no doubt that Coronavirus has left a vital impact on the economy, airlines, and even tourism.

The circumstances surrounding COVID-19 are continuously evolving.

So, how has the virus affected us?

1. Impact on Economy:

Source/ Study.com

As the coronavirus outbreak circulates, the world’s biggest companies have started painting a bleak picture of broken supply chains, disrupted manufacturing, empty stores and flagging demand for their wares.

The proclamations by businesses like Mastercard, Microsoft, Apple and United Airlines offer a reading on how the virus is affecting consumer manner and business belief.

These corporate bulletins – and what executives do in reaction – could determine how much economic damage the outbreak causes and whether a slump looms.

An important vulnerability for businesses in the United States and Europe is its increasing dependence on China as a supplier and buyer over the last 10 or 20 years.

Major industries from china will be relocating to Pakistan after coronavirus outbreak

Amid the coronavirus pandemic, Dr. Murtaza Syed, Deputy Governor of the State Bank of Pakistan (SBP), has said that major industries will now consider avoiding China in the future, following the shutdown of economic activities after corona outbreak.

2. Impact on Airlines:

Source/ Forbes

CoronaVirus Update: The World Health Organization (WHO) has declared the coronavirus, a ‘Pandemic’

The Coronavirus has spread to at least 114 countries and many countries have announced strict quarantine measures to be followed especially Italy. Following the Pandemic, on Wednesday, US President Donald Trump has announced a travel ban for 30 days from Europe to US. He further added that he would offer financial assistance to those affected by the coronavirus pandemic.

According to research, the spread of the coronavirus will stem in the first fall in global air travel in more than a decade, the global airline industry body has foreseen.

The travel industry was using as a benchmark for the 2003 Sars outbreak, which hit 26 countries, killed 774 people and caused a six-month dip in the global expedition.

However, as the first cases were documented in Italy and Iran previous weekend, companies around the globe began to cancel events from Cannes to California, rattling the $1.4tn corporate travel district.

Saudi Arabia has jumped on the bandwagon of the security of its people and has banned the flights from Pakistan as well.

3. Impact on Tourism:

Source/ Pakistan Today

Earlier this week, even as infections of the novel coronavirus seemed to be slowing, the impacts of the epidemic on the global tourism enterprise were stimulating rapidly.

But as diagnoses tick upward again, travel agents, operators, and hoteliers are bracing for at least months, if not a full year, of monetary disturbance from the outbreak, with long-term effects that may quiver well into 2021.

Furthermore, some 97 Pakistanis, comprising 40 students, arrived in capital Islamabad on Monday following the resumption of flight operations to the coronavirus-hit China, the officials announced.

Two flights of Qatar Airways, and China Southern Airlines, landed at Islamabad airport with a difference of a couple of hours on Monday morning, Zafar Mirza, the prime minister’s health affairs adviser substantiated on Twitter.

What are your thoughts on this? Let us know in the comments below.

For more news and updates, stay tuned to Brandsynario.