The Outrage of Coronavirus: Tipping World’s Economy Towards Recession

The catastrophic impact of Coronavirus Epidemic is evident across the globe. According to the latest data of “worldometer”, the total number of confirmed cases has reached 785,807 worldwide till 31st March 2020 which includes 37,820 fatalities. Almost 165,659 has won this battle of life.

What Coronavirus is Doing to Our World?

The first case of Coronavirus was reported in December 2019 in Wuhan, China. Since then it has been spreading like a wildfire. The current situation of the world clearly indicates that this pandemic is here to stay. The deadly virus has already taken many innocent lives around the world. The US reports the highest number of confirmed cases. Italy and Spain are still battling with the wrath of Coronavirus. These countries have faced the tragic loss of mankind in the past few weeks. India is under complete lockdown for the next 21 days with a consistent rise in the number of confirmed Coronavirus cases. Other countries as well are struggling to protect its citizen from this virus.

How COVID-19 Outbreak Has Brought the World’s Economy to the Destructive Level

The Coronavirus COVID-19 has been influencing 200 countries and territories around the world. The hitchhike of this virus has been causing lockdowns in serval countries. The fretting prospect of the COVID-19 outbreak is also reasserting the uncertainties over the stabilization of the world’s economy. Will these disastrous implications of the virus result in a global recession? Let’s take a look at the broad scenario delineating the impact of COVID-19 virus on the world’s economy.

The Outbreak of Coronavirus has already brought an abundant amount of suffering to humans. It has started creating economic disruptions even in some well-established countries in the world. The global supply chains are affected, commodity rates have dropped, trade is slowing down, financial markets are at risk aversion, and the regional turn in international tourism are some serious downgrades in the economy. Check out these alarming statistics to get better insights about it.

  • The report of March 2020 tells that the predictive growth of almost all the economies has gone downwards.
  • The world’s economy was predicted to grow 2.4% in the year 2020 which has already disparaged 2.9% from the mark.
  • The global trades are getting weak with each passing day.
  • The demand for oil has also reduced to a significant level which has brought its prices lower.
  • China’s Prospects are revised again, it predicts the slip down of 5% this year.
  • During this period global growth can drop to 1½ % in 2020. Half this rate projected earlier to the Coronavirus Epidemic.
All such scenarios are frightening and clearly demonstrates that the world’s economy is at high risk. But right now it’s more important to save people’s lives. Take all the preventive measures and follow instructions given by the country’s authorities to stay safe.

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