Global Impact of Deadly Coronavirus - Seeker's Thoughts

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Global Impact of Deadly Coronavirus

Coronavirus or COVID 19 virus which brought the world under the shadow of fear in 2020 has forced countries to lock down. The COVID-19 virus started from China, has now spread worldwide.

The virus even forced big global events to be cancelled due to fear as well. 

      Also Read - How to protect from coronavirus?

Just a few short weeks ago - on 16 February - the square was buzzing with partygoers enjoying Venice Carnival 2020, which was cut short due to the outbreak.

Islam’s holiest shrine at the city of Mecca has been stripped of worshippers after Saudi Arabia authority’s suspended Umrah. The Islamic pilgrimage to Mecca.

Countless football grounds around the world have postponed or canceled matches because of the outbreak.

     COVID -19 shaken the world economically

      According to the UN’s trade and development agency , UNCTAD, Apart from the tragic human consequences of the COVID -19 coronavirus epidemic, the economic uncertainty it has sparked will cost the global economy $1 trillion in 2020.

UNCTAD report a world financial markets tumbled over concerns about supply chain interruptions from China, and oil price uncertainly among major producers.

The new coronavirus, which causes the new disease COVID-19, is the major uncertainty in the global economy, with the potential to trigger a worldwide recession. The path of the disease and its economic consequences are highly uncertain. Most likely, the world will see rolling recessions as the disease spreads to different areas, with economic recovery as the local epidemics die down.

A coronavirus forecast comes not because the future is known with high certainty, but because businesses are making decisions every day that depend on the economic outlook...

The economic impacts of quarantines and travel restrictions are probably more severe than the direct effects of death and illness. Thus, we are trading off sickness against economic growth. Usually, a strong economy bodes well for health, as prosperity brings better water and sanitation, better nutrition, more and better healthcare services. In fighting this epidemic, though, health and the economy come into conflict.

So far, countries that have been hard hit have chosen to protect lives through quarantines and other restrictions, such as limiting public gatherings. Countries in the early stages of the epidemic—including the United States—are delaying such action until a sickness spreads widely.

Falling oil demand, stock markets down

China is the world’s biggest oil importer. With coronavirus hitting manufacturing and travel, the International Energy Agency (IEA) has predicted the first drop in global oil demand in a decade.

Global oil demand has been hit hard by the novel coronavirus (COVID-19) and the widespread shutdown of China's economy. Demand is now expected to fall by 435,000 barrels year-on-year in the first quarter of 2020, the first quarterly contraction in more than 10 years," the IEA said in its latest monthly report.

On 9 March, oil prices lost as much as a third of their value - the biggest daily rout since the 1991 Gulf War, as Saudi Arabia and Russia signaled they would hike output in a market already awash with crude after their three-year supply pact collapsed.

After news of the lockdown in northern Italy, markets in London, Frankfurt, and Paris fell 7-8%. Italy's main index lost 11%. Trading on U.S. stock exchanges was initially suspended as the S&P 500 fell 7%, triggering an automatic 15-minute cut-out put in place after the 2008-9 financial crisis.

The 'circuit-breaker' rule did its job - curbing panic-selling (and possible automated/algorithmic triggers) and allowing time for traders and analysts to digest the implications of the drop in oil prices, as indicated by the slight rebound once the 15-minute halt was over.

Impacts on air travel

Coronavirus is also taking a toll on the airline industry, with the International Air Transport Association (IATA) predicting the outbreak could cost airlines $113 billion in lost revenue as fewer people take flights.

“The industry remains very fragile,” Brian Pearce, the IATA’s chief economist, told the Associated Press. “There are lots of airlines that have got relatively narrow profit margins and lots of debt and this could send some into a very difficult situation.”

British regional airline Flybe stopped flying on 6 March, as ongoing financial problems were exacerbated by the loss of revenue due to the outbreak.

Impact on Education

More than 290 million students have been disrupted worldwide by COVID -19.

Educators and students around the world are feeling the extraordinary ripple effect of the novel coronavirus as schools shut down amid the public health emergency.
There are school closures of some kind in 22 countries on three continents with hundreds of millions of students around the world facing upheaval, including 13 countries that have shut schools nationwide. 
The United Nations has warned of the unparalleled scale and speed of the educational disruption being caused by a coronavirus.
Currently, school closures in over a dozen countries due to the COVID-19 outbreak have disrupted the education of at least 290.5 million students worldwide, according to the United Nations Educational, Scientific and Cultural Organization.

Coronavirus: NASA reports pollution Levels in China have dropped greatly

On March 2, 2020, NASA (National Aeronautics and Space Administration) reported that Nitrous Oxide pollution in China has declined greatly between January and February 2020.
According to the report, nitrous oxide pollution has declined by more than 100 tonnes of carbon dioxide.

      Also read - Coronavirus mysterious virus outbreak

Every year, after New Year Celebrations, air pollution in China peaks at its highest. 

However, this year, due to the economic slowdown caused by the fear of the virus, the pollution was at its minimal. This was mainly because of the closure of several businesses and factories all over China.

Though WHO is optimistic, the Health Agencies believe that the countries have to assess their preparedness in fighting the disease. They that 30% of those hospitalized with COVID -19 infections require critical care. In such a scenario, apart from financial support, the countries should also possess skilled hands that are capable of operating the critical care equipment.


Coronavirus treatment: - Vaccines/ drugs

Favilavir, the first approved coronavirus drug in China

   Altimmune’s intranasal coronavirus vaccine

   INO-4800 by Inovio Pharmaceuticals and Beijing Advaccine Biotechnology.

APN01 by University of British Columbia and APEIRON Biologics.

mRNA-1273 vaccine by Moderna and Vaccine Research Center

Avian Coronavirus Infectious Bronchitis Virus (IBV) vaccine by MIGAL Research Institute.

TNX-1800 by Tonix Pharmaceuticals.

Brilacidin by Innovation Pharmaceuticals.

Recombinant subunit vaccine by Clover Biopharmaceuticals

Vaxart’s coronavirus vaccine.


Linear DNA Vaccine by Applied DNA Sciences and Takis Biotech

MERS CoV vaccines for coronavirus.

Remdesivir (GS-5734) by Gilead Sciences

The Indian Council of Medical Research has been authorized to research on COVID-19 drugs. Also, the council has been approved to use the above HIV drug combination during public health emergencies. Currently, 70% of HIV positive patients in India are on first-line drugs. These medicines are manufactured in India mainly for export purposes. They are exported to African countries predominantly. The combination of Lopinavir and Ritonavir drugs is a second-line drug.

Aid for Coronavirus

The World Bank has committed $12bn (£9.4bn) in aid for developing countries grappling with the spread of the coronavirus.

      The emergency package includes low-cost loans, grants, and technical assistance.

The action comes as leaders around the world pledge to shield their countries from the economic impact of the outbreak.
It follows warnings that slowdown from the outbreak could tip countries into recession.
The aid is intended to help countries improve their public health response to the crisis, as well as work with the private sector to reduce the economic impact.
The organization said it would prioritize the poorest and most at-risk countries in distributing the aid to counter the effects of the virus, which has spread to more than 70 countries around the world.
Half of the package comes from the bank's International Finance Corporation, which works with the private sector. About $4bn of the $12bn is being shifted from previously available funds.
Countries with weak health systems, limited financial resources and close economic links with China are said to be most vulnerable to the coronavirus outbreak.
The countries most at risk to the economic impact of the outbreak are Sri Lanka, Vietnam, and the Philippines, according to a vulnerability index by the Overseas Development Institute (ODI).

US$15 million from the Central Emergency Response Fund (CERF) to help fund global efforts to contain the COVID-19 virus.

The announcement came as the World Health Organization (WHO) upgraded the global risk of the coronavirus outbreak to "very high" – its top level of risk assessment. The WHO has said there is still a chance of containing the virus if its chain of transmission is broken.

The sudden increases of cases in Italy, the Islamic Republic of Iran and the Republic of Korea are deeply concerning. There are now cases linked to Iran in Bahrain, Iraq, Kuwait, and Oman, along with cases linked to Italy in Algeria, Austria, Croatia, Germany, Spain, and Switzerland.

The UN funding has been released to the WHO and the United Nations Children’s Fund (UNICEF). It will fund essential activities including monitoring the spread of the virus, investigating cases, and the operation of national laboratories.

The WHO has called for US$675 million to fund the fight against coronavirus. There is a window of opportunity to contain the spread of the virus if countries take robust measures to detect cases early, isolate and care for patients, and trace contacts.

“This grant from the UN’s Emergency Fund will help countries with fragile health systems boost their detection and response operations. It has the potential to save the lives of millions of vulnerable people.”

This is a critical juncture in the outbreak. The focus is on containing COVID-19 by strengthening surveillance, conducting thorough outbreak investigations to identify contacts and applying appropriate measures to prevent further spread.

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