No one is unaware of the havoc that has been created by currently indispensable Coronavirus / Covid-19. More than 81,000 people in around 47 countries have been infected with it.
The outbreak started with China’s one of the big cities Wuhan, the capital of Central China’s Hubei province.
The Mystery virus is on every continent but Antarctica, with more new cases now being reported outside China than within it. It has caused by a member of the coronavirus family that has never been encountered before.
Governments and health workers around the world scrambled to contain the rapidly spreading new coronavirus, as the number of new cases outside China for the first time exceeded those inside the country at the heart of the epidemic.
Thousands are still being treated but may go on to die – so the death rate could be higher. But it is also unclear how many mild cases remain unreported – so the death rate could also be lower.
This impact of the shutdown across China has started to hit Indian businesses industries in India that depend on imports are coming to a grinding halt.
The story is not so bad for India’s exports to China, but imports to several industries are feeling the strain. Coronavirus has covered almost 44 countries till now, causing a disturbance in many trade partways.
But now the question has arrived, will corona could cause a global recession? as the growth has been slumped 2.9% to 2.3% in the US and from 3.5% to 2.9% globally.
Importers and Exporters mostly rely on goods produced in China. But now they need to have an alternative source of production. With a labor supply held up by quarantine procedures, it might be a while before production capabilities reach normal levels.
China is a global supply-chain hub. Disruptions there undermine output elsewhere. Commodity exporters – including Australia, and most of Africa, Latin America, and the Middle East are likely to be affected the most, as China tends to be their largest customer.
Recently, more than a dozen countries recorded their first confirmed cases and the world’s leading health official warned of a coming pandemic.