How Corona Virus is Impacting the World Economy?

Corona Affect on world economy
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The outbreak of the coronavirus has turned out big every day. This outbreak has gone so wider that today the world’s economy is suffering because of it. When the second largest growing economy of the world – China is going through so drastic time, then the economy of the world is surely going to shake. 

The cases of coronavirus from mid-December to the present date haven’t stopped and the number of deaths from corona has been increasing rapidly. 

However, President Donald Trump has declined any of such claims that the economy is anyhow affected by China’s dawn fall. But, the stats won’t lie as surveys conducted by various stock exchanges have been showing low figures constantly. 

The monthly purchasing managers’ index issued by the Chinese statistics agency showed around 35.7 from January’s 50 on a 100-point scale on which numbers below 50 indicate activity contracting. So, a virus that spread from China has now slowly captured the entire world. 

Affect on Japan 

Japan is the second nation after China with the maximum number of coronavirus cases. Japanese Prime Minister Shinzo Abe is very serious about controlling the spread of viruses as he has released funds of 270 billion yen to curb the impact of this deadly virus. 

Japanese Prime Minister has also shown worry in the recently conducted press conference that they aren’t sure whether they will be able to control the outbreak of the coronavirus before the Tokyo summer Olympics.

In the recent update, Japan has closed all schools for one month. However, this decision has been criticized by some people because the Japanese academic year is soon going to start. But, the government provided money in the relief fund to cover the cost of inconvenience incurred to parents and school teachers. 

Affect on the Middle East

Iran has been on the receiving end of COVID-19 illness as the number of cases has been increasing rapidly. That’s why Iran is planning to conduct a coronavirus test on more than ten thousand people. Iran, Health Ministry spokesman Kianoush Jahanpour said that out of 598 detected cases of coronavirus 49 people have been killed due to the virus. This Islamic Republic is very serious to control this problem. 

But, the number of deaths has been increasing swiftly as 205 people have been killed in Iran and new 388 corona cases have been detected. So, the government is really struggling hard to control the spread of the virus. 

Saudi Arabia is planning to ban citizens of the Gulf Cooperation Council from Islam’s holiest sites in Mecca and Medina to control the spread of virus any further. Moreover, Saudi Arab has shut down religious places for travelers who are coming from outside due to the virus spread. GCC nations – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates working collectively to control the spread of the virus. 

Affect on the US 

By far one man in Washington DC has died because of the coronavirus, but apart from that situation is quite controlled here. However, Democrats have been accusing the government of not handling the situation better, but Donald Trump has already lashed out on them. But, interestingly another case of the coronavirus has been detected in the US, but the person has not contacted any infected pets or internationally traveled so that’s interesting to know. 

By far 60 nations around the globe are infected with this virus and struggle to control it. With 85,000 people worldwide have contracted the virus, with deaths topping 2900 – it’s affecting the economy very much. 

About the Author

Rob Thomas
Thomas
Rob Is a professional writer and entrepreneur with having 7 years of experience in digital industry. Also, writes for online publication including Yourstory, Tweakyourbiz, Guidelineshealth, Thriveglobal, Redtri, Articlecube, Bestinau and many more.