ഗവ. എച്ച്.എസ്സ് .എസ്സ് തേവന്നൂർ/അക്ഷരവൃക്ഷം/EFFECT OF CORONA IN WORLD ECONOMY

EFFECT OF CORONA IN WORLD ECONOMY The new coronavirus, which first emerged in the Chinese city of Wuhan last December, has infected more than 110,000 people in at least 110 countries and territories globally, according to the World Health Organization. The virus outbreak has become one of the biggest threats to the global economy and financial markets. Major institutions and banks have cut their forecasts for the global economy, with the Organisation for Economic Co-operation and Development being one of the latest to do so. Meanwhile, fears of the coronavirus impact on the global economy have rocked markets worldwide, with stock prices and bond yields plunging. The ongoing spread of the new coronavirus has become one of the biggest threats to the global economy and financial markets. The virus, first detected in the Chinese city of Wuhan last December, has infected more than 110,000 people in at least 110 countries and territories globally, according to the World Health Organization. Of those infected, more than 4,000 people have died, according to WHO data. Around 4.4 million Americans filed for unemployment last week. China's economy contracted in the first quarter of 2020 - the first time since records began in 1992. Denmark has said companies registered in tax havens won't be able to access financial assistance. Confirmed cases of the COVID-19 coronavirus have surpassed 2.6 million globally. Businesses are coping with lost revenue and disrupted supply chains as factory shutdowns and quarantine measures spread across the globe, restricting movement and commerce. Unemployment is skyrocketing, while policymakers across countries race to implement fiscal and monetary measures to alleviate the financial burden on citizens and shore up economies under severe strain. The International Monetary Fund (IMF) on 9 April said the coronavirus pandemic had instigated an economic downturn the likes of which the world has not experienced since the Great Depression. Here are some of the ways the outbreak is sending economic ripples around the world. Predicted slump for Asia On 15 April, the IMF warned economies in Asia would see no growth this year, for the first time in 60 years, with the service sector particularly under pressure. National lockdowns across the region have meant airlines, factories, shops and restaurants have suffered the greatest economic shocks. Just a day after the IMF warning, official data showed the Chinese economy had contracted in the first quarter - the first time since quarterly records began in 1992. Gross domestic product (GDP) in the world's second largest economy fell 6.8% in January-March year-on-year - more than the 6.5% forecast by analysts and the opposite of the 6% expansion in the fourth quarter of 2019. The Chinese economy is likely to be hit further by reduced global demand for its products due to the effect of the outbreak on economies around the world. Data released on 16 March showed China's factory production plunged at the sharpest pace in three decades in the first two months of the year. For 2020, the country's economic growth is expected to fall to 2.5%, according to a Reuters poll - its slowest in almost 50 years. Things are moving fast with the COVID-19 novel coronavirus. On March 12, the World Health Organization declared that the virus is now a pandemic and President Trump announced a 30-day ban on all travel from the EU to the U.S. One thing is sure: COVID-19 is the quintessential ‘black swan’. Two key features of black swans are that their occurrence is highly unlikely and their impact is very big, which was also the case for the 9/11 terrorist attacks in 2001 or the global financial crisis of 2008-09. This brings us to one simple question that we try to answer in this column: what is the economic impact of COVID-19 on the Indian economy? As we focus on the economic effects, we want to stress beforehand that we fully realise that there is much human suffering beneath the cold figures presented in this article. It’s been widely reported that air quality in cities around the world has suddenly improved — but of course, this hasn’t happened in the way anyone would want. A decrease in traffic and commercial and industrial activity due to the COVID-19 pandemic has caused a temporary decrease in pollution. There is a more fundamental connection between air pollution, coronavirus and health, however, and like most things about the virus, this connection is worrisome. ഐശ്വര്യ സതീശൻ 9 ‍ സി ഗവ. എച്ച്.എസ്സ് .എസ്സ് തേവന്നൂർ വെളിയം ഉപജില്ല കൊല്ലം അക്ഷരവൃക്ഷം പദ്ധതി, 2020 ലേഖനം