Impact of Covid-19 on World Economy - Impact of Coronavirus on World Economy
Introduction
Covid-19 is an epidemic of rabies caused by the Coronavirus virus. The Coronavirus is spreading rapidly around the world. Numerous people have already been infected with the virus. Millions of lives have been lost worldwide. The global economy is facing a major challenge due to the prolonged lockdown in almost one-third of the world, including the industrialized nations, to prevent this epidemic. It is feared that the world economy will be in recession in the coming days. Bangladesh will not be out of it.
What is Coronavirus?
Coronavirus basically refers to a virus family where many viruses live together. The latest discovered virus in this family has been named Novel Carnavirus or NCOV-19. The rage caused by this virus is called 'Covid-19'. The word 'corona' comes from the Latin word 'corona' which means crown. The outer part of the virus can be seen on an electron microscope according to the crown, hence the name. The virus was first reported in December 2019 in Wuhan, China. Coronavirus is a deadly contagious disease. The virus is thought to have originated from bats or snakes.
Infections, symptoms, and remedies.
Coronavirus is a virus that enters the human body from infected animals. It is then transmitted from person to person through sneezing and cold-cough. The virus mainly infects the human lungs. Symptoms include fever, chills, cough, headache, sore throat, shortness of breath, diarrhea, loss of taste and smell. The virus can be transmitted without any specific symptoms. Researchers from around the world are working tirelessly to find a vaccine for the virus. In the meantime, many countries have succeeded in this. The use of vaccines in the human body has started there. However, it is hoped that awareness, caution, and hygiene will be the only way to avoid this virus.
The world is in turmoil
The whole world is in an uproar under the influence of Kareena. Most people are under house arrest. Every day thousands of people are writing their names in the death procession. In developed countries such as the United States, Brazil, Britain, Italy, and Spain, the death toll from the virus has risen sharply. According to India and Bangladesh, developing countries were not left out. The underdeveloped countries are in a more fragile state. Different countries of the world have isolated their own systems to get rid of this virus. Closed airways, waterways, roads, and other internal transport systems. As a result of this virus, almost all the countries of the world have declared the closure of schools, colleges, universities, offices, courts, factories, and tourist centers. In the current situation, researchers are fearing a worldwide Great Depression. Due to this virus, the poverty rate has increased all over the world and people are suffering from food insecurity. Millions have lost their jobs. As a result, the unemployment rate has increased.
Coronavirus and the world economy
The world economy is in turmoil today due to the effects of Coronavirus. The Great Depression is coming. It is feared that the Great Depression will be worse than the Great Depression of 1920. As a result, the stock market crashed, oil prices plummeted, and remittances fell. Prolonged lockdowns have led to a collapse in import-export and investment trade. Due to the continuous fall in the capital market, the business activities of many domestic and international multinational companies have come to a halt. The readymade garment industry, aviation, hotel and tourism, tourism industry have come to a virtual standstill. The world economy has come to a standstill due to the closure of global factory production.
Global action was taken in Coronavirus
Countries around the world have taken steps to curb the spread of Coronavirus. All international flights have been declared closed. Many countries around the world have declared a general holiday to prevent the spread of caries. Government and non-government institutions and educational institutions have been declared closed for social security. Governments in many countries have provided financial incentives for victims. The World Health Organization has declared the cholera virus an epidemic and instructed it to adhere to specific health regulations. Security equipment has been provided to various volunteers including doctors and police. Special emphasis is being placed on keeping the environment clean all over the world.
What to do in the next new world challenges and transitions
Corona has created such a terrible crisis all over the world that everyone is struggling to make ends meet. Experts are worried about the future of the world economy. According to them, it could take many years for the economic downturn to subside. Experts believe that global growth will slow down a lot due to Kareena. This will exacerbate the problems of poverty, unemployment, and food insecurity. The world system needs to be reshaped to deal with this catastrophe. Heads of state need to take proper planning and firm steps so that the world does not fall into a long-term crisis. Online business or e-commerce needs to be established as a potential sector. Expansion of robotic technology should be done. It is possible to overcome this crisis with the joint efforts of all.
Conclusion
The Coronavirushas stopped the whole world. Weaknesses in health and medical care, unawareness, economic instability, and indecisiveness are pushing the world towards an unknown future. We all need to adhere to hygiene rules to win against this virus. The government must move forward with short-term and long-term plans.