Sunday, March 08, 2020 / 04:50 PM / Ottoabasi Abasiekong for
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As the Global economy responds to the pressures of COVID-19, the impact of the disease on key economic sectors like aviation , tourism, technology, financial services, stock markets, infrastructure, oil & energy, sports, arts and entertainment amongst other sectors continues to dominate the news.
As at a recent count over 50 countries have reported cases of the virus, while leading economies like the United States, United Kingdom, Japan, Italy, Germany and France grapple with the impact on their respective economies.
Over 100,000 cases of coronavirus infection have been detected and the World Health Organization (WHO) has warned that it is time to take action.
United States Of America
The United States of America the world's largest economy through its Centre for Disease Control (CDC) issued a travel advisory to its citizens on exercising caution travelling to countries like China, South Korea and Italy experiencing high incidences of the virus.
Currently the New York Stock Exchange (NYSE) has felt the heat of the disease as companies like Twitter, Google, Amazon have asked staff to work from home.
The State of California has already declared a state of emergency and New York is taking tough measures to ensure the virus does not spread.
The death toll in USA has risen to 12 and in response to this the American Congress approved the sum of $8.3bn requested by the Government, for use to tackle health problem.
The European nation of Italy is one of the top 5 nations that have been adversely affected by the virus.
From Northern Italy to the Southern part of the country socio-economic activities have slowdown including the Serie A Football League which boasts of players like Christiano Ronaldo.
The death toll in Italy has risen to 148, with schools closed for now to enable the country organize a more effective response to the menace.
Following the worsening spread of the virus the Italian government has requested from Parliament approval for Euros 7.5bn to address the issue.
Singapore a leading economy in Asia is also affected by the coronavirus as its booming tourism industry, financial services and aviation sector are all experiencing revenue falls.
In response the government has put together a $4.5bn stimulus plan to cover healthcare and cushion the effects of the slowdown of business activities on local corporations.
Hong Kong a nation in close proximity to China has also reported several cases of the novel coronavirus and is also taking bold steps to contain the pandemic by rolling out $3.22bn to also support businesses and those that will be vulnerable to the coronavirus.
Nigeria the first country in Sub-Saharan Africa that detected an early case of the virus carried by a returning Italian who visited one of the major cement companies in the country, is working hard to contain the possibility of contagion. The country has achieved a coordinated and proactive response through inter-ministerial and inter-agency collaboration.
The infected Italian is currently being treated at the Lagos State Centre For Disease Control Centre (CDC), Yaba, Lagos.
The Nigerian Government has released $1.1m to partly combat the situation across the country.
Three additional cases of coronavirus are currently being monitored by the Health Authorities.
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