How #Coronavirus (Covid-19) Destroyed Our World's Economy?

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
  1. 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.
  2. Road Safety World Series 2020 is cancelled, due to Coronavirus.
  3. 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. 
  4. 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.
  5. 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.
  6. PCB postpones Karachi ODI, & Test against Bangladesh, The ODI was scheduled for April 1 with the Test pencilled in to start from April 5.
  7. 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.
  8. England tour of Sri Lanka postponed amid COVID-19 concerns, England were supposed to play two Tests on the tour.
  9. PSL condensed after 14 foreign players pull out; the playoffs have been replaced by semi-finals, reducing the tournament duration by four days.
  10. Inaugural Africa T20 Cup called off due to COVID-19 scare, the tournament was set to feature 8 African countries, hosted in Kenya.
  11. 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.









  1. 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. 
  2. NASCAR said that, it is suspending all racing through May 3.
  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.
  4. 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.
  5. The French Open, set for late May, has been postponed until Sept. 20.
  6. 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.
  7. 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. Japan’s Prime Minister, Shinzo Abe, has asked the organizers of sports and cultural events to consider postponing or cancelling them. Tokyo’s Nakameguro district cancelled its Cherry Blossom Festival. The Japan National Tourism Organization is maintaining a list of attractions and events that have been cancelled. 

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. Austin, Texas, cancelled the 34th annual South by Southwest festival after tech companies, including Apple, Facebook, Twitter and TikTok, withdrew their participation. The sprawling music, tech and film festival was to run from March 13 to 22, with events planned throughout bars and party spaces across the city, and at a convention center.
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. 

Now I'm ending this blog, it's been too long. So friends please do not take this disease jokingly, the whole world is suffering from this disease. Take precautions and stay safe. Thank you.



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