When the Corona Virus starts:
World health organization china’s office heard of an unknown virus that is affecting people and showing pneumonia type symptoms in patients in the city of Wuhan. Wuhan has a total population of over 11 million, and the first cases were reported of the unknown virus on December 31, 2019. This virus, which started in China, now becomes the world’s most unsolved problem and covers the entire globe, which fails all the known treatments of medical science. The Chinese government makes the initial step to stopping this outbreak and place Wuhan city and other cities nearby in Quarantine by which round about 50 million people goes in to quarantine.
Global Spread of coronavirus:
More than 185 countries confirmed the spread of coronavirus. They recorded more than two million confirmed cases of the persons affecting by this virus. More than 120,000 people have died due to this dangerous virus. The United Kingdom 11000+, Italy 20,500+, United States of America 23,568+, France 15000+ these are the rough figures of these countries. These are the highest affected countries, and as you see, these are the significant contributors to the world economy. The actual statistics of the coronavirus must be higher because, in these figures, the people with mild symptoms are not counted.
Businesses with drastic effect due to coronavirus:
Coronavirus not only breaks the confidence of global multinational giants but also affects the small scale retailers. More then, businesses coronavirus change consumer behavior towards the demand of the products. Supply chains are one of the firms which have received the high impact of coronavirus. It also affects the telecommunication and networking industries as the demand for smartphones, and digital products decreased severely. Many tech conferences are canceled due to the spread of this pandemic by which thousands of new opportunities and innovation in the tech industry are facing up the hold until or unless this pandemic stops. However Tech companies like Redspider(a leading web design Dubai company)now offer services like web design from the comfort of the home
Current market situation:
This virus is not only killing the people, but it’s also ruining the management’s Operational plans of a business chain. As the most prominent product manufacturer saw an unexpected economic downfall in its economy and customers. The organizations which deal with the financial forecast they also stop there forecast because they are facing instability problem in the world. The world business experts can give suggestions for your losses. What they can do when there are no sales of some businesses they are generating zero revenues. Yield from the treasury bonds went below to 1% in some developed countries so you can get idea of how bad it will be hitting the underdeveloped countries.
Coronavirus effects on businesses for the long term:
The global trade patterns will be changed after this pandemic will end, there is a high risk that many stock markets will be crashed due to this pandemic with more top points. No one can predict when will this global pandemic will end. Still, yet this is quite showered that the worldwide economy will spend many years to come out from the adverse effects of the coronavirus on the economy.