COVID-19: Looming Economic Crisis: Possible Measures

Team TheCodeWork

9 April 2020 4 minutes read
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Reading Time: 4 minutes

Coronaviruses are a cluster of correlated viruses that result in various infections in animals as well as in birds. In human beings, the coronaviruses end up in respiratory tract toxicities that are insignificant in some cases, like the common cold. But in some cases it gets lethal, for instance, the SARS, MERS, as well as COVID-19.

COVID-19: Affect the human body

Coronaviruses typically attack the human respiratory system. It happens to be a group of tissues that helps humans to breathe. Respiratory diseases affect diverse portions of this respiratory structure. It infects the coating of the esophagus, air route, as well as lungs. Initial signs of being affected by the coronavirus might comprise intense coughing or else breathing problems and fever. In certain cases, it might result in severe impairment to the lungs.

COVID-19: Affects on Entrepreneurs and Finance

The COVID-19 has been spreading across the world like wildfire and has been impacting people in the worst ways possible. And though we are yet to comprehend the incalculable influence that will trail the pandemic owing to the local as well as nation-wide lockdowns, the shutting of innumerable trades and businesses, already have a severe economic shock worldwide.

As of now, commercial entrepreneurs, in precise, are the ones who have remained significantly impacted through the COVID-19 pandemic, financially. From advertising as well as marketing to work-related analysis, businesses have always been forced to constantly adjust to the altering tides of the world and society. In our investigation, three broad financial situations might come up: a quick retrieval, a world-wide economic slowdown, besides a global recession. We hope that the rampant pessimistic plot gets overshadowed by the prospect of a more positive economic consequence to the COVID-19 outbreak.

Scenarios for the economic impact of the COVID-19 crisis GDP impact of COVID-19 spread, public health response and economic policies

Economic impact of COVID-19 crisis graph
Source: McKinsey & Company

Possible measures to reduce negative impacts 

What is the way to survive this biological disaster, with the traditional calculations and other conventions have been reduced to irrelevance? 

The answer is stretched across five basic points to evolve from this crisis to our normal lives: 

 Overview

The COVID-19 happens to be the consequence of the novel coronavirus, which started in the city of Wuhan, China in the month of November last year. Slowly it spread to different corners of the world which resulted in the WHO announcing it as a world pandemic. At present, the world has announced a global lockdown to control the spread of the highly contagious disease which is, in turn, impacting the global economy in the worst way possible.

In a nutshell, curtailing COVID-19’s enduring economic impact while handling at-risk agreements will be requiring discipline, attention, as well as assurance to a visualization that lies beyond the critical moment, embarked upon us, at present. Utilizing this time wisely will help you combine the virtual openings presented by the moment, and then you may be able to emerge in a much better profile than you could have ever visualized.

Team TheCodeWork

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