Sunday, March 08, 2020 / 04:50 PM / Ottoabasi Abasiekong for
WebTV / Header Image Credit: Bloomberg
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.
Italy
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
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
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
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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