What is the impact of covid-19 on a global economy

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How disturbance to industrial production and global trade flows and global logistic networks could be more severe due to a drag caused by the prolonged production shutdowns due to COVID-19?
Mar 19, 2020 in Others by kartik
• 37,530 points

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Covid-19 that is co-corona,vi-virus,d-development,19-In the year 2019.The spread of the coronavirus (COVID-19) is the most serious global health security threat in decades. Many countries are imposing much-needed restrictions to slow the spread of COVID-19. But these restrictions are also causing unprecedented disruption for students. Already, large number of students are impacted, and colleges and universities are working hard to find solutions.

You can also keep track of live update on COVID-19 Global Cases By the Center for Systems Science and Engineering (CSSE) at Johns Hopkins University (JHU)

Impact of COVID-19 on the economy

Although the outbreak appears to have slowed in China, COVID-19 and its impacts have gone global. Infections are mounting in Europe, South Korea, Iran, the United States, and elsewhere, with authorities implementing increasingly restrictive measures to contain the virus. Europe and Japan are likely already in recession territory given their weak fourth quarter performance and high reliance on trade. While the United States entered the crisis with a tailwind, some analysts are forecasting a contraction in U.S. GDP in the second quarter. Estimates of the global impact vary: early last week, the Organisation for Economic Co-operation and Development (OECD) predicted that COVID-19 will lower global GDP growth by one-half a percentage point for 2020 (from 2.9 to 2.4 percent); Bloomberg Economics warns that full-year GDP growth could fall to zero in a worst-case pandemic scenario.

Sectors and economies are most vulnerable

At the sectoral level, tourism and travel-related industries will be among the hardest hit as authorities encourage “social distancing” and consumers stay indoors.Similarly, shares of major hotel companies have plummeted in the last few weeks, and entertainment giants like Disney expect a significant blow to revenues. Restaurants, sporting events, and other services will also face significant disruption. Industries less reliant on high social interaction, such as agriculture, will be comparatively less vulnerable but will still face challenges as demand wavers.

Governments responded to cushion the economic fallout from the epidemic

Thus far, national governments have announced largely uncoordinated, country-specific responses to the virus.Scientists do not yet have a clear understanding of the virus’s behavior, transmission rate, and the full extent of contagion; uncertainty will be part of the backdrop for the foreseeable future. Coherent, coordinated, and credible policy responses provide the best chance at limiting the economic fallout from what is already and sadly a human tragedy.

We will continue to share more resources and updates on our Edureka community over the coming days and weeks.

I invite you to share your questions, ideas, and comments with the community and hope that Edureka can serve you and those you love during these difficult times.

Edureka is here together with you.

answered Mar 19, 2020 by Niroj
• 82,820 points

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