The Global Economic Disaster and Covid-19– An Analysis

Abstract

Coronavirus (COVID-19) has perhaps been the biggest scare that the entire global community has suffered in the recent past, infecting more than 4.5 million people in more than 200 countries and Territories. The impact that this has created in the business world affecting the lives and livelihood of the business community starting from the top to bottom of the food chain is a very concerning issue that has to be debated upon. A pandemic on the health front has never troubled the business community as it only affects a specific geographic location thereby making it more of a local threat than a global one. However, COVID-19 has spread like a wildfire affecting virtually every continent in the world. The bulls in the stock market either at Wall Street or Dalal street have been brutally battered. Stock markets have heavily crashed and most international indices are nearing bear market territory due to a fear of a broader outbreak. The COVID-19 outbreak has generated both supply and demand shocks echoing across the global economy. The majority of business sectors including Aviation, tourism, food, hospitality, IT sectors, and every other business player in the ecosystem has got to experience an interruption in their routine business operations. This article intends to dig deeper into the subject to analyze how the business community has taken a hit due to this virus.