How #Coronavirus (Covid-19) Destroyed Our World's Economy? Let's find.
Nowadays a disease is spreading very fast all over
the world, which we know as #Coronavirus (Covid-19). Coronavirus
has become a huge problem all over the world; all countries and the people of
there are very upset with this problem. This disease has disturbed not only
India, China and America but also the entire world (mostly Italy),
today the whole world is suffering a lot due to this disease. Many countries
have already declared this disease an epidemic, and they are taking
very important and strong steps to avoid this disease. As i had
shared an article on this topic in my last blog that, Common signs of infection
include respiratory symptoms, fever, and cough, shortness of breath and
breathing difficulties. In more severe cases, infection can cause pneumonia,
severe acute respiratory syndrome, kidney failure and even death. The number of
people worldwide who have been infected with the corona virus has passed 3
lakh. More than 13,000 people have died since the outbreak began in December
2019. The vast majority of cases more than 3 lakh have occurred in China and Italy, but
now whole world are also dealing with these outbreaks. South Korea, Italy and
Iran are fighting the largest outbreaks outside of China. I am linking here a link of Worldometers.info, From where you can know what is the condition of this disease in the world right now.
This epidemic has had a huge
impact on everything in the present world (eg sports, events, business, travel,
world economy, trade, import-export, stock market, etc.). So due to
this epidemic there are #Mahamandi in today all over the world.
Like the whole world, this epidemic has grown so fast in India, to prevent it
the Indian government has taken many strict rules. As of 31 March, all schools,
offices, buildings and all such places have been closed. This COVID-19 is also
growing slowly - slowly in India like whole world; so far above 300 people have
been infected (5 people died) in the country. To avoid its infection, people
were given work from home in many cities of the country.
So let us know what things have affected from this disease in India and all over the world. Coronavirus has not only claimed lives but also hampered the businesses of some of the biggest companies. Some of the biggest tech events were also cancelled in the wake of the COVID 19 and several tech giants had restricted employee travel owing to the threat.
Coronavirus impact on India & all over world:
Coronavirus is expected to
present both opportunities and challenges to Indian pharmaceutical manufacturers,
while trade with China is expected to be hit. Initial estimates of the COVID-19
impact on India’s trade were $348m, but likely to increase given the global
spread. Many smartphone brands were forced to halt their on-ground launch in
various countries including India. One by one, from the world’s premier
basketball league and international concerts to sprawling festivals,
institutions have faced the same hard question: Is a public gathering worth the
risk of spreading the new coronavirus? The answer, again and again, has been
“no.” Dozens of organizations, gatherings and cultural events have changed
their plans in the last few weeks, as the World Health Organization formally
declared the coronavirus a pandemic, and the number of people who have been
sickened or died has mounted. Public gatherings have been banned in many
places. Sporting, Travels, Businesses, and many more events have been
cancelled. So in this article, we would focus on some of the major events that
got cancelled due to the coronavirus outbreak.
The Chinese economy constitutes around 20% of
global GDP (gross domestic product) and analysts estimated that if containment
of the outbreak is delayed beyond the summer, the “cascading effect” might
cause a drag of around one percentage point on global GDP growth. In case the
virus is transmitted over the next three to four months, the extent of supply
chain disruptions globally could be higher than that during the 2003 SARS
outbreak. The quantum of impact on sectors would be contingent on the nature of
business activity and the nature of linkages the rest of the world has with
mainland China. Several Indian industries have a significant direct dependence
on supplies from China. Some of these products such as antibiotics activated
pharmaceutical ingredients (APIs) and fertilizers are critical commodities and
any disruption in the supply over the long-term could have far-reaching
economic consequences for India. Textiles and automobiles could also face
supply disruptions for critical raw materials. All this together could further
worsen the recovery in industrial production over near to medium term. China is
a net importer of various commodities globally.
Supply chain disruptions imminent: China accounted for
nearly 11% of the global imports and 13% of global exports in 2018. It also
serves as an import supplier of various raw materials and intermediate goods.
Thus, the supply chains for various global and Indian industries are linked to
China. In a situation wherein the outbreak continues for over two quarters, the
impact on China’s industrial activity could be substantial – both due to a fall
in labour availability and consumption demand. Fitch Ratings expects the
Chinese GDP to grow by 5.50% in 2020 as against 5.90% in its pre-outbreak scenario.
However, in a worst case scenario, it expects GDP to drop to 5.2%.
Visa cancelled for
foreign nationals travelling from affected countries: With
India many other countries announced the cancellation of existing e-visas
issued to all foreign nationals of China, on 05 February and advised Indians to
avoid travelling to China. Further, India announced that people travelling to
China will be quarantined upon return. India temporarily suspended visa on
arrival for Japanese and South Korean nationals on 27 February. On 03 March,
India announced the suspension of all visas issued to nationals of Italy, Iran,
South Korea and Japan who have not yet entered the country. Visas issued to
foreign nationals who travelled to China, Iran, Italy, South Korea and Japan
and all over the world who have not yet entered the country have also been
cancelled. Travel business was greatly affected due to this disease all over
the world. The Indian government has mandated that non-resident Indians
(NRIs) arriving to the country should carry a coronavirus-negative certificate
from designated hospitals in the countries they are travelling from. The Indian
government has advised all Indians to avoid non-essential travel abroad.
Self-quarantine is mandated to passengers arriving in India from China, Hong
Kong, Republic of Korea, Japan, Italy, Thailand, Singapore, Iran, Malaysia,
France, Spain and Germany.
Impact on India’s trade
with China: Impact on India’s trade with China: With China
under lockdown, India has a huge major impact on imports and exports in various
industries including pharmaceuticals, electronics, mobiles, and auto parts.
China is the biggest exporter to India, followed by the US and UAE. In 2018,
China exported goods worth $90.4bn to India and accounted for 14.63% of the
exports. In 2017, telecom instruments, electronics components, computer
hardware and peripherals, industrial machinery for dairy and organic chemicals
were the top five items imported by India accounting for 46% of the imports
from China.
How the
COVID-19 outbreak impact the Indian pharmaceutical industry: Bulk
drugs and drug intermediates accounted for $1.5bn or 3% of India’s imports from
China. According to the Trade Promotion Council of India, approximately 85% of
active pharmaceutical ingredients (APIs) imported by Indian companies are from
China. India’s overdependence on China for APIs exposes it to raw material
supply disruption and price volatility. Another major hindrance to the Indian
pharmaceutical industry is its low capacity utilisation, according to a report
from the Ministry of Commerce and Industry (MCI). India has a capacity
utilisation between 30% and 40% as against 75% of China. Mankind Pharms and
Granules India are airlifting APIs and other input materials for their
manufacturing due to limited land movements and shipping delays from China as
inventories are drying up, reported Economic Times.
Export ban on protection equipment: The DGFT
issued a ban on the export of personal protection equipment such as respiratory
masks and protective overalls, on 31 January. The exact reason for the ban has
not been notified, though.
Coronavirus cancellations: An updating list
Here’s a brief rundown
of some of the larger events around the world that have been modified or
cancelled.
Sports
Coronavirus and
Cricket:
A running timeline of how COVID-19 is impacting cricket all around the
globe:
 |
| IPL 2020 |
- IPL 2020 suspended until April 15 amidst Coronavirus concerns, the 13th season of the IPL T20 tournament, was originally scheduled to begin on March 29.
- Road Safety World Series 2020 is cancelled, due to Coronavirus.
- India-SA series to be played without spectators; IPL likely
to follow suit, India's sports ministry has advised all the National Sports Federations, including BCCI, against public
gathering in any sporting event.
- Cricket Australia has decided to cancel all cricket due to COVID-19 concerns, Australia women's tour of SA called off, Australia were set to play three ODIs and three T20s in South Africa between March 22 and April 4.
- Ireland's tour of Zimbabwe postponed, Featuring three T20Is and as many ODIs, the tour was supposed to start from April 2 but will now have a new date due to the ongoing COVID-19 pandemic.
- PCB postpones Karachi ODI, & Test against Bangladesh, The ODI was scheduled for April 1 with the Test pencilled in to start from April 5.
- Last two ODIs of Australia-New Zealand, (Australia tour of New Zealand) postponed, after having played out the opening game behind closed doors, the remainder of the series has now been postponed due to the corona virus threat.
- England tour of Sri Lanka postponed amid COVID-19 concerns, England were supposed to play two Tests on the tour.
- PSL condensed after 14 foreign players pull out; the playoffs have been replaced by semi-finals, reducing the tournament duration by four days.
- Inaugural Africa T20 Cup called off due to COVID-19 scare, the tournament was set to feature 8 African countries, hosted in Kenya.
- BCB postpones World XI-Asia XI clashes amid COVID-19 outbreak, the games were scheduled to be played on March 21 and 22 in Dhaka.
Big events (like UEFA Champions League, Premier League, Formula One, Indian Premier League have been postponed and international cricket series featuring teams like India, South Africa, New Zealand, Australia, England and Sri Lanka have been cancelled). The global outbreak of Coronavirus (COVID-19) disease has led to the suspension of several events around the world. Here is a look at some events, including Coachella and NBA that have been either cancelled or rescheduled.
- The N.B.A. suspended its season, shortly after a March 11 game between the Utah Jazz and the Oklahoma City Thunder, was halted just before tip-off. A player for the Jazz tested positive for the Coronavirus.
- NASCAR said that, it is suspending all racing through May
3.
- Major League Soccer, suspended its season for at least 30 days, who was beginning March 12, less than two weeks after match began on Feb. 29. The season is scheduled to run through Oct.
- The National
Hockey League also said it would pause its season. Major League Baseball pushed back its season opening by
at least two weeks and suspended spring training games.
- The French
Open, set for
late May, has been postponed until Sept. 20.
- The N.C.A.A. cancelled the men’s and women’s
Division I basketball tournaments, in addition to all remaining winter
and spring N.C.A.A. championships. The association’s initial response to the
crisis called for tournament games to be played without fans in the arenas.
- Many international sporting events have been postponed, including Six Nations and Women’s Six Nations rugby matches that had been scheduled for February and March, and the Hong Kong and Singapore Sevens. The Boston Marathon and the Masters golf tournament, two of America’s oldest sporting events, were postponed because of the virus.
Other Games: Others
have taken place with major changes, like the Tokyo
Marathon, which was restricted to elite
runners. The BNP Paribas Open, a major tennis tournament that
was scheduled to take place in Indian Wells, Calif., beginning this
week, was cancelled after local health officials declared a public
health emergency in the Coachella Valley because of a locally acquired case of
the coronavirus. Formula One has said that its
upcoming Grand Prix in Bahrain will be closed to
spectators, while the Chinese Grand Prix, which had been scheduled for
April, was postponed. Italy and Iran, which are contending with major
outbreaks, have cancelled sporting events, and Greece barred spectators for
a two-week period. Professional soccer games in Spain and Portugal will also
take place in empty stadiums for at least two weeks, officials said on Tuesday.
A day earlier, FIFA said it
would postpone the Asian qualifiers for the 2022 World Cup in
Qatar.
Now we talk on biggest event of @WWE (#Wrestemania 2020), they are already affected with this disease, like there are already showing theirs shows (#Raw, #Smack down live) in empty stadium. It was scheduled to take place on April 4 and 5, 2020 at multiple locations, including the WWE Performance Centre in Orlando Florida. It was originally scheduled to take place solely on April 5, 2020 at the Raymond James Stadium in Tampa; Wrestle Mania 36 was relocated due to the 2019–20 coronavirus pandemic.
The @WWE said #Wrestemania 2020 was still on, just with no audience. It will be streamed live on April 5. And the Tokyo Olympics 2020 are still set to begin in July, Japan and the International Olympic Committee have said the Games will go on, but there have been discussions about holding competitions without spectators. The Tokyo Games are scheduled to begin July 24. The 2020 Summer Olympics in Tokyo have not been cancelled. However, the impact of COVID-19 is already being felt. At the traditional flame-lighting ceremony in Greece on March 12, following the announcement of a pandemic, spectators were not allowed. The Tokyo games are set to begin on July 24 and end on Aug. 9, and this story will be updated with the latest news on the Tokyo games. As sports events worldwide are halted or delayed this week, Olympics Minister Seiko Hashimoto told reporters on Friday that the plan to hold the Games from.
Mobile World Congress 2020
One of the first events to bear the brunt of the coronavirus outbreak was the
Mobile World Congress 2020, which was supposed to take place in Spain’s
Barcelona on February 27. The GSMA took the decision after several tech
companies like Amazon, Sony, LG, Ericsson, Nokia, Vivo, Intel, Facebook and
others pulled out of the event. All the core brands cited a major health risk
as a reason for their withdrawal from the conference. However, companies like
Xiaomi and Realme were the only companies that didn’t withdraw from the event.
Cultural
Events
The Metropolitan
Museum of Art and the Museum of Modern Art announced that
they would temporarily close. MoMA’s closure would continue at least through
March 30; the Met did not announce a target date to reopen. The organizers of
the Met Gala announced that the annual benefit at the
Metropolitan Museum, which had been scheduled for May 4, had been postponed
indefinitely because of the health crisis.
The Louvre Museum in Paris said it was closed
until further notice. The Cannes Film Festival, scheduled for
May, was postponed. The Eurovision Song Contest —
Europe’s longest-running, most popular and perhaps its campiest talent
competition — was also canceled. In New York, the Metropolitan
Opera, the New York Philharmonic and Carnegie Hall cancelled
performances through the end of the month.
The auditorium of (National
Theatre of Pecs) on the evening of a cancelled show in Pecs, southern
Hungary. Due to the coronavirus outbreak the Hungarian government has
prohibited all indoor events with more than hundred participants.
One of the largest rodeos in the world, the Houston Livestock Show and Rodeo,
was shut down a week into the event.
The rodeo, which was to run through March 22, features bull and horse riding
and an exhibition of cattle, pigs, llamas and other animals, among other
activities. It regularly draws tens
of thousands of people every day. The organizers of the giant Coachella
Valley Music and Arts Festival, which takes place in the picturesque
desert of Southern California and is seen as a bellwether for the
multi-billion-dollar touring industry, have postponed the festival
until October. The festival will now take place
in October. Tickets that were purchased for April will be honoured in October.
Effect on Hollywood
& Bollywood:
Hollywood has been watching the spread of the virus closely, and expecting a major impact on box office sales. In one of the industry’s first significant responses, the producers of the latest movie in the James Bond franchise, “No Time to Die,” announced they would move its release from April to November. John Krasinski, the director of “A Quiet Place Part II,” said the movie’s release would be postponed. The latest film in the blockbuster “Fast & Furious” series, “F9: The Fast Saga,” was supposed to premiere on May 22, but will now be released in April 2021.
This Bollywood has been also watching the spread of the virus closely, and they also suffering from this COvid-19. In this affair, he has also cancelled several release dates of his films (like Hindi Medium, Sooryavanshi, 83 etc.).The prestigious Cannes Film Festival, which sees attendance by Bollywood’s leading ladies every year, has announced that it will announce its decision on the 15th of April, about calling off the festival this year. The 63rd San Francisco International Film Festival has cancelled its 2020 edition due to the coronavirus. The Indian Film Festival of Los Angeles, which was originally supposed to take place from the 1st to the 5th of April, has been postponed and a new date has not been confirmed yet. In India, the IIFA 2020 dubbed as Bollywood #Oscars, was scheduled to happen in the last week of March in Madhya Pradesh but has now been postponed to an unconfirmed date. For the first time in its history, the Zee Cine Awards took place in Mumbai last weekend in the absence of a ticketed audience. Gully Boy won big awards but had no one to cheer it on, unfortunately.
KEY POINTS
- A special briefing issued by global business research firm Dun & Bradstreet analysed the Chinese provinces most impacted by the virus, and found they are intricately linked to the global business network.
- Almost half (49%) of the companies with subsidiaries in impacted regions are headquartered in Hong Kong, while the U.S. accounts for 19%, Japan 12% and Germany 5%.
- Dun & Bradstreet researchers found that at least 51,000 companies worldwide, 163 of which are in the Fortune 1000, have one or more direct or “tier 1” suppliers in the impacted region.
- Among the hardest hit sectors are airlines, leisure and hospitality, affecting small bars and restaurants as much as the share-traded. Sterling has been on the slide, partly reflecting the other big challenge for the UK, of getting a Brexit deal done at the same time as the health crisis.
- Corona virus convulsed markets this week, as investors realized the economic consequences, and were spooked by fumbling leadership.
- It has been concluded that the whole world is affected by this disease, and all events, business, export-import, tradings, travels, sports, and many other events are also affecting, Because of which the world economy has suffered a lot.
- China and Italy are suffering from this disease, the conditions there are huge bad. Many humans lost their lives.
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