How Coronavirus Is Disrupting The World’s Economy?

How Coronavirus Is Disrupting The World’s Economy

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By now, you should have heard about the novel coronavirus (COVID-19 or SARS-CoV-2). The virus has affected thousands of people from many countries around the world and looking at its severity, WHO has declared COVID-19 as a ‘Global Pandemic’.

As the deadly coronavirus continues to spread, with ~21,000 confirmed cases globally, business leaders and entrepreneurs have confirmed that the virus is affecting the behavior of consumers and business sentiment. The outbreak is causing a lot of economic damage as well.

According to Analysts, ‘Google and Facebook will experience ad revenue declines in travel and other industries most affected by global efforts to slow the spread of coronavirus’. Kristalina Georgieva, the director of International Monetary Fund Managing Director, says ‘The outbreak is the world’s most pressing uncertainty’.

Considering the long-term impact, we can see how the deadly virus is affecting mankind and in turn, the economy. The virus is rippling down the financial markets. As the outbreak widens, it is trickling down the brand’s image and reputation.   

Though the exact impact of Corona on the economy is uncertain, it is for sure that it poses substantial risks. Therefore marketers and entrepreneurs are revamping their marketing strategies.

What is India doing to minimize the spread of Covid-19? 

Countries around the world are stepping up their efforts to address Covid-19 that originated from Wuhan, China. The first confirmed case of Corona in India was reported on 30th January 2020 in the state of Kerala. 

On 15th March 2020, Prime Minister Narendra Modi and eight leaders of the South Asian Association for Regional Cooperation (SAARC) nations spoke to each other through video conference for a joint strategy to fight the coronavirus outbreak.  

As of 16th March 2020, India has confirmed a total of  110 positive cases and 2 deaths registered in the country. 

The pandemic has caused the Indian government to take a number of preventive measures to minimize the spread of coronavirus, as stated below. 

  • PM Narendra Modi has appealed to Indians to avoid mass gatherings and non-essential travel to foreign countries.
  • A control room operational 24×7 to address queries has been launched.
  • All existing visas, except diplomatic, official, UN/International Organizations, employment, project visas, stand suspended until 15th April 2020. 
  • All incoming travelers, including Indian nationals, arriving from China, Iran, the Republic of Korea, Germany, Italy, Spain and France after 15th February 2020 will be quarantined for a minimum period of 14 days, in effect from 13th March 2020 at the port of departure. 
  • The international passengers arriving in India are required to submit duly filled self-declaration form and undergo Universal Health Screening at the designated health counters at all points of entry.
  • Community awareness is being strengthened via the medium of print, electronic and social media in local languages.
  • Schools, colleges and cinema halls have been shut down till 31st March 2020 to prevent mass gatherings.

The measures define how Coronavirus (Covid-19) has caused a health emergency around the world. It’s better to stay alert to stay well. 
Follow the basic preventive measures such as Wash your hands thoroughly, keep your hands and fingers away from your eyes, nose, and mouth and avoid close contact with infected people to prevent the spread of the disease and take care of yourself.

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