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SARS COVID -19 and its rising Economic Impact

The world has been grappled by a hidden virus which is taking its toll on a daily basis. Everything has come to a standstill, Factories are shut shops are closed Malls are shut There is hardly a non-essential movement on the streets this is because of a deadly virus causing serious illness and death to large number of people and the only cure known is prevention and social distancing.

COVID -19 is said to be first emerged in a Chinese city Wuhan and the source often attributed is wet market of Wuhan. There are many theories doing rounds over outbreak of this virus the most infamous is that This Virus has been developed in a Chinese lab and set free to unleash chaos all over the globe. Now coming back to virus impact at global level and steps being taken to contain its outbreak. Western countries are where this virus has been surfaced more than that of China. The most developed economies of world are fighting this virus more than that of Asian countries where this virus has said to be originated from. There has been assessments going on around world by renowned agencies about the impact of corona virus from different perspective, the most looked after impact is the downfall of the economic growth. Economic impact of corona virus on different countries is question for whole which  need to be answered very soon. The economic downfall can be sustained in phased manner but it can only happen when there is prime focus on core sectors of economy, The economic activities around the world are ongoing and it has not been completely halted. Just recently we saw West Texas Intermmediate Crude popularly known as WTI crude trading in negative for May cap. The WTI settled in negative for May basket on 21 April.

Corona outbreak has now been reported in most of the countries of world. China where this virus first emerged is swinging back with large scale productions of Health care kits/PPEs , masks , rapid antibodies as the demand surge amid global pandemic . India has so far been good in controlling its surge of infected patient. The infection rate is considerably lower than previously estimated, recovery rate is all time high and continues to rise. India a country of 1.3 billion people went into a complete lockdown on 24th of March to contain the outbreak of the deadly corona virus. India is to home to people of so many different class. The majority belongs to lower class and middle class. India has vast majority of people living under poverty line.
India being a global Economic giant though yet to be called a developed Nation also house a large section people who belongs to working class commonly termed as working class. These people are considered as workforce of a driving economy and India with 1.3 billion people doesn’t shy away from calling itself a biggest marketplace for companies. Amid this global pandemic the plants are shut and factories are compelled to lower their workforce. Companies across the world are viewing this as an opportunity to cut their expenses and trim their workforce. The Chinese attitude of conveying improper caution to the world is also being looked as a serious vulnerability in China. This has led to a rethink among major companies of the world who largely depends on China for Raw material and an efficient workforce. The notion of China being a largest Marketplace has been successfully daunted with this Corona Virus. This Chinese monopoly of being unanswerable to all questions is being largely criticized all around the world And The COVID-19 Data released by Chinese govt. gives fuel to the suspicion that the outbreak is much bigger than disclosed. China on other hand is sending test-kits and PPEs to other countries.

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