70 countries: One common ailment caused by one common virus, coronavirus named COVID-19. It has already claimed 3,000 lives and has infected more than 90,000. With Italy and South Korea reporting rapid spread, India today reported 21 cases.
Italy had already shut down schools too. Nations have been imposing travel bans and the latest one to be on extremely high alert is India. It is a global emergency and there seems to be no stopping of the virus.
Amidst all of this chaos, the World Trade Organization had said that the global trade will witness a slowdown. Though the estimation of WTO was for a slowdown till January, the organization has now said that the damage was caused by COVID-19 is substantial. It was unpredictable. Now the likelihood of the virus rampage continuing the trade data will start showing the impact as well. The Organization for Economic co-operation and development has stated that the COVID-19 threat to the economy is almost next to the financial crisis of 2008. Global growth is as low as 1.5% for this year.
For instance, specific industries are getting affected. The travel industry is globally affected. China’s travel market is the largest in Asia is now reeling. With the outbreak affecting countries like China, South Korea and Europe, it has become worse since these countries are world production centres.
With the virus still not in control, the global economy is set to be impacted hard.