Coronavirus is from the large family of viruses that causes illness ranging from the common cold to even death. These types of viruses are spreading from animals to humans. It is now spreading worldwide this virus creates a negative impact on human beings. Vaccine for this virus is not yet identified and efforts are being to innovate the cure for this disease. You may wonder and ask How the Coronavirus is affecting businesses? The answer is most of the world economy depends upon the manual activities of the human. This deadly epidemic outbreak pauses all the functions from tiny to big things. This shutdown all the habitual things happening across the world and coronavirus messed up everything.
Covid-19 is a deadly virus that affects the global economy at a terrible rate. This epidemic outbreak is affecting the supply chain and manufacturing operations around the world. This virus creates a blip in the global financial market and world GDP decreased to a certain level . many companies are taking cost-cutting measures to withstand this bad situation. As per new coronavirus updates: the total corona cases reported are 198,727, the death cases is 7989 and the recovered cases are 82779.
Harvard epidemiologists predicted that about 40 to 70 percent of the world population have been affected by the virus. So far this virus affects more than 167 countries and its territories. In India, the first coronavirus was reported in the state of Kerala who had travel history from Wuhan, China. China is the birthplace of this virus and several peoples from china died because of this epidemic outbreak. This virus’s mortality rate is very low but it can spread to the people across the globe and can cause severe health-related problems.
The fast-spreading of the novel coronavirus hit the Indian economy via weaker imports and exports. Due to the increase in the number of globally detected cases. Several sectors get affected ranging from travel and tourism to hospitality and aviation. Coronavirus creates an impact on the IT industry, the automobile sector, the finance sector, the educational sector and much more. Many electronic components are manufactured from china and exported to several other countries like India and South Asia. if this virus is not in control this will inturn creates a severe economic problem
The total world got stunned, most of the people from China and Italy severly affected and ended up in the death bed. Even public gatherings like malls, theaters, pubs, gyms, schools, colleges, and universities had been shut down for a while to avoid the spreading of this disease. Corona is an easily spreadable disease that can pass from person to person even though air droplets. It is a type of easily communicable which affects most of the old age and children below 10 ages. People lacking immune power are most vulnerable to this deadly virus.
This virus is triggering economic crisis, this is now creating a bad impact on all the sectors of the economy. In the mid of the march month, there is a greater dropdown in the world economy and Indian economy. Big multinational companies are in threat due to the effect of this virus and there is also a decrease in customer spendings.
How the Coronavirus is affecting businesses?
In the logistics industry, this virus results in the weakening of the trade flow, in turn, it will reduce the overall economic growth. If the situation continues there is a decline in the demand and supply chain.
In the pharmaceutical industry growth rate is very low due to the weak global economy. Demands have been increased worldwide but there is a shortage in the supply. This impact will be minimum in the areas of the European and United States.
The impact of this virus affects different types of business sectors. The automotive company and its products are already weakened by the slow growth rates
Coronavirus’s impact on IT industries is too heavy and it is going to result in huge down in the economy. Keeping in mind the growing threat of the coronavirus, the Indian government has advised all IT firms, industries, BPOs, corporate offices, and MNCs to shut down for a while and advised the management to give work from home to control this virus. Several companies from Bangalore, Chennai, Delhi, and other metropolitan cities have been vacating their offices to avoid spreading. Companies are doing a temperature check to their employees to detect the virus. Most of the affected people affected by coronavirus are from IT background hence care is taken severely to avoid this deadly epidemic. But work from home is not convenient there will be a problem in net connectivity issues, client meetings, and conference calls.coronavirus is spreading mostly on the closed and compact air-conditioned areas if the companies were open it will, in turn, results in a severe breakout of the epiderm.
It also affects the financial sectors, due to the decrease in the buying capacity of the people this sector is in a severe problem. This sectors are being digitalized to escape from this virus. Due to arising in the technology it is much easier to cope up with this situation. Bank loans are being offered online hence there is no interaction between person to person.
In the education industry, this impact results in the cancellation of classes, exams, and other activities. Hence classes are being digitalized students can attend classes from home and some of the states canceled exams. Colleges postpone their exams. This is the unexpected epidemic outbreak we should join in hand to fight against this disease.
As per the new coronavirus update, there is no evidence of community outbreak of coronavirus in India reported by ICMR. according to the research conducted by ICMR, more than 500 thousand samples are tested and the result came out is negative. Balancing the economy during this outbreak is not an easy process. Scientists and specialized doctors are busy in finding out the vaccine for this deadly disease.