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The Wrath Of Coronavirus On World Economy And Health

The Wrath Of Coronavirus On World Economy And Health
As we all know that coronavirus disease is originated from Wuhan, China. In late 2019, the world-famous Huanan seafood market was first infected with this virus. Later on, it was spread to other cities and countries. The outbreak of COVID-19 has unleashed its impacts on the world's economy and health sectors in an overwhelming way. As of now, 3,422,480 cases of COVID-19 are recorded globally. There are over 240,337 deaths in the world. Talking about the impact of coronavirus over the world's economy and health, it has been noticed that the Chinese economy is affected by 42% (Standard Chartered).  

In this blog, our assignment help experts are focused on the economics toll of COVID-19 at a global rate. We hope that this blog will help you in gaining knowledge about "how is coronavirus impacting the global economy?" but also be helpful in writing coronavirus assignments. So, let's have a look at the details explained below.

coronavirus impact on world economy

The Economic Effects of Coronavirus at a Global Rate

Till now over 3 million confirmed cases of coronavirus are reported. Nowadays, businesses are coping with disrupted supply chains and loss of revenue across the world. Many companies and factories are shut down or restricted to commerce.

The rate of unemployment including students who were engaged in part-time jobs along with their study is skyrocketing. Some policymakers are monetary measures and implement fiscal to assuage the financial encumbrance on people and emphasize economics under unadorned strain. 

The IMF also is known as the International Monetary Fund on 9th April said that the COVID-19 had originated the downturn to economic of which the world has never experienced ever before.

On April 29, the IMF's caution was termed as the US Commerce Department who stated a swift failure in GDP in the first quarter of the year.

Gross Domestic Product was dropped by 4.8% in the first three months of 2020 which was the sharpest contraction after 2007-2009 global financial crises in US history.

us economy sharp downturn amid covid19 crisis

Image: Statista

Few other ways are sending economic ripples to different parts of the world discussed below our experts providing help in Coronavirus assignments topics

Anticipated Asia's slump

On April 15th, the IMF informed economies that Asia would see huge economic ripples for the first time in the last 5-60 years. The service sectors will be under pressure due to COVID-19.

Lockdowns in different Asian region or countries have meant the shutdown of factories, airlines, restaurants, and shops who have suffered the extreme economic blows. Just after the IMF warning, it was noticed that the Chinese economy had constricted badly in the first three months of 2020 since 1992. The GDP fell 6.8% in the first quarter which is more than the forecast (6.5%) made by analysts. 

It is expected that the Chinese economy is still to be affected further due to low demand for its products across the world because of the coronavirus outbreak. According to data, it can be said that China's factory production lurched at the piercing place in the first two months.

As per the Reuters Poll, the country's Gross Domestic Product is expected to fall to 2.5%wihich is the slowest in the last 50 years.

The Impact of Unemployment

In the United Kingdom, the Office for Budget Responsibility also known as OBR said that the country's economy could fall back by 35% till June 2020. Also, they predicted that the unemployment rate in the UK could rise to 3.4. Million from 2.1 Million till June.

Till 24th April 2020, about 3.8 million Americans filed unemployment claims that shown the impact of lockdowns and COVID-19 in the US.

impact of lockdowns and COVID-19 in the US

Source: Fred

At the beginning of April, data from Spain estimated that around 900,000 people are unemployed since mid-march due to lockdown. The official unemployment figure is 3.5 million. Also, it is the highest level since 2017.

In the interim, according to Bloomberg reports, in Africa, around half of jobs are now at risk due to coronavirus outbreak. 

Impact of COVID-19 on Global Digital Health Industry

A team of over 500 digital health experts represented a wide range of healthcare companies shared their views. Our coronavirus assignment help experts have provided certain insights from that study under. 

  • Mixed impact valuation: In this valuation, 34% of businesses have a positive impact and 31% are recorded negative impact. Interestingly, most of the Asian companies have a negative impact and future view for their business (36%).
  • Digital health companies consider the effect of COVID-19 more positively as compared to other businesses. 44% of the business estimates that the pandemic will bring positive change for their business. On the other hand, healthcare providers are gloomy and doubtful about the view of their business future.
  • Apart from this, the crisis occurred because of this pandemic outbreak will bring a significant enhancement and enrichment in accepting digital solutions by the patient (53%).
  • It has been also expected that the telehealth solutions will have a higher benefit of 65% right after the remote monitoring (42%) and self-testing solutions (31%). 
  • As per the global digital health community, the crisis is expected to last from 4 to 6 months.

On the contrary to the negative impact of COVID-19 outbreak in the healthcare sector, certain digital health companies have a positive view of their business future. The COVID-19 pandemic outbreak is one of the foremost, a human tragedy that has affected businesses and millions of people across the world. 

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