Coronavirus has put the world in an economic danger which is far greater than its health risks to the public. The virus can affect your life in several ways i.e. you can’t step out of your house for work or bankrupting your business.
As per record, coronavirus has killed 4,389 which includes 31 individual from the Unites States. Furthermore, it will economically wipe out millions of businesses such as stock market crashes, trigger an oil war between Russia and Saudi Arabia, and the spilling over of an actual war in Syria into another potential migrant crisis.
As far as the health of a common man is concerned, various precautions can be taken to prevent from the coronavirus but it is also affecting economy and businesses to a great extent. From where an individual can pay the bills or survive at a tragic economic situation? It means health as well as the financial stability are equally important to sustain for life.
Factory closures in China have led to a record low in the country’s Purchasing Manager’s Index which measures manufacturing output. China is the world’s largest exporter and is responsible for a third of global manufacturing, so China’s problem is everyone’s problem, even in the midst of a trade war between the White House and Beijing.
President Trump has pushed through overdue payroll tax cuts and help for hourly workers — measures that will help both employers and employees survive. In the UK, Chancellor Rishi Sunak today unveiled a ‘Coronavirus Budget’. But everyone needs to think bigger if they want to properly deal with how this new factor changes the status quo.
The US, UK and others counties need to protect the future of their businesses, large and small, and look for opportunities to benefit from the new economic world order, not deny it. Ignoring these changes will be even more damaging than any flu epidemic.