THE GLOBAL ECONOMIC IMPACT, BUSINESS MELTDOWN AMID CORONAVIRUS
THE GLOBAL ECONOMIC IMPACT, BUSINESS MELTDOWN AMID CORONAVIRUS
Taking the global economy and the financial markets down with it, the coronavirus spread has turned into one of the most ghastly nightmares of the business industry right now. Detected in Wuhan, China last December, the World Health Organisation has declared the situation pandemic and asked people to take it seriously.
The impact has crossed 110,000 cases in approximately 100 countries globally killing more than 4000 people according to the data released by 'WHO'. The authorities in China have locked down the city entirely restricting the movements of millions of citizens further impacting the business suspending the operations massively. This sudden and sad halt in the world's second-largest economy has dragged the global economy to a slowdown with it.
"From an economic perspective, the key issue is not just the number of cases of COVID-19, but the level of disruption to economies from containment measures," Head of Global Macro Research at Oxford Economics, Ben May, said in a report this week.
The stock market and bond yields have plunged rocking the markets worldwide. The swift spread of the virus has also hit the Indian markets and amplified the prospects of it getting weaker with companies still recovering from the shock of rattled consumer's decline in demands. The confrontation of the economy stands on the road of reality check that would take a while to recover.
Big fishes of the Indian economy like Amazon have asked the employees to stay back home with a paid sick leave is affected by the virus. "Effective immediately, all Amazon employees diagnosed with COVID-19 or placed into quarantine will receive up to two weeks of pay," the firm said in an online post.
On the other hand, Flipkart has put their staff under mandatory work from home for three days; the action has been initiated to take precautionary measures. Though there have not been any cases so far reported for any employee in the company, unlike at Paytm who informed a case being reported after one of their employees came back from a trip to Italy. The offices for Paytm have been shut down, both in Gurugram and Noida to ensure the safety of all the employees.
The world economy is mourning the downfall; the number of people affected is only growing with time. World-renowned personalities like Tom Hanks, his wife, etc. have been trapped in this torpedo. The world only hopes to see a better and healthier tomorrow and so do we.
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