COVID 19 – A Global Threat

COVID 19 – A Global Threat

The novel coronavirus pandemic has impacted every aspect of human life and the global economy. As of the 11th of May  this year,  COVID-19 has infected over Four Million people {4,214,284} and caused over Two Hundred Thousand deaths {284,661} worldwide.

The number of new cases and deaths is increasing at an alarming rate with no signs of control yet, making the estimates of its economic and other impacts uncertain. The global cost of the COVID-19 pandemic could range from $2.0 to 4.1 trillion, equivalent to a 2.3% to 4.8% loss of global gross domestic product (African Development Bank). It will make more than 25 million people unemployed by the end of 2020 depending on how quickly the economy recovers in the second half of the year and how effectively policy measures will boost labour demand (ILO).

Depending on the level of COVID-19 impact in each country, as well as country-specific situations and capacity, the world’s governments are adopting different levels of interventions including travel restrictions and lockdown to contain its. The lockdown restricting movement of people and shutting down business and industrial establishments was first imposed on January 23, 2020 in the city of Wuhan, China where the first case of this deadly virus was reported and later followed by other countries (Jing).
Since then, more than 3.9 billion people (half of the world’s population) across 90 countries are currently under containment as a measure to maintain social distancing (Sandford) and this has significantly affected all forms socio-economic activities from transport to commerce.

Source:
https://www.worldometers.info/coronavirus/

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