Outbreak of “Corona Virus” & it’s Effect on Global Marketing

Global Economy

Impact of Corona Virus

Coronavirus is a life-threatening disease that acts as a Biowar in the world that is more powerful than a Weapon war. Coronavirus is more dangerous than SARS (Severe Acute Respiratory Syndrome) that occurred in the year of 2002, first in animals than infected Humans of Guangdong Province the Southern part of China. The virus causes a severe range of illnesses in the human body which starts from the common cold and leads to severe symptoms like SARS and MERS which leads to death. Moreover, the virus was named by the shape of the virus which is crown-shaped. The virus can also be called as “Wuhan Virus”. Moreover, it has a great impact on the global economy.

Wuhan virus

Occurrence of Coronavirus

Chinese Health authorities and WHO are investigating the root cause of the Spread of this virus. But up to now, it is believed that the virus has occurred in the market for illegal Wildlife the central Chinese city of Wuhan.

Steps initiated to overcome the virus

According to the Statistical report, more than 60,200 people are infected by a coronavirus in Asia and nearly 1,368 people have died. Many other cases are being suspected and yet to be confirmed.

  • The initial step taken by Chinese authorities was they canceled the Planes and trains and suspending buses in Wuhan city.
  • WHOMany awareness programs are initiated among the people.
  • WHO-Advice to the public is if one is suffering from severe cold or breathing problems then immediately check with their medical practitioner.
  • Moreover, avoid eating Animal foods and stop moving on to a crowded public place.
  • Chinese Doctors are staying back at hospitals to prevent the spread of the virus and also trying to cure the patients. (due to this situation they can meet their family members only virtual through video calling).

Global Economy Versus Coronavirus

Gross Domestic Product

Certainly, there would be a drastic Downfall in the Global Economy. If the current scenario continues until the end of February then, there will be a 0.1 percent reduction in global GDP growth and a 0.4 percent reduction in China GDP Growth. In China, there is a Layoff for 500 employers due to Coronavirus.

China Economy: According to the Statistical Survey

As mentioned earlier when china was affected by SARS, China was the Sixth Largest Economical country with 4.2 percent of world GDP. But as of now, China has come up to the second largest Economical country with 16.3 percent of the World GDP. After the SARS impact also china was able to overcome the situation and came out well with a dramatic improvement in China’s GDP which also reflected in World’s Economy which is larger now.

Why China Considered Most important in the Global Economy Growth

China has a population of 11 million people, and it is considered to be the industrial area and an important cog in the Automotive industry and a magnet of foreign firms. Due to the Coronavirus, most of the industries in China are closed As this the case, China is considered to be one of the major country in economic growth because it stands in the second-most position in the world by its GDP. Here not only the position is considered but also China is a country where it acts as a center for various ranges of the “Goods supply chain”. But now “the Slowdown in the Growth of china would significantly affect the Global Growth”.

Probable Countries to be affected

Many companies like Apple and Walmart imports their products from china would be now much worried about their Production and distribution process. Similarly,Exporters like Brazilian ranchers and Chilean Winemakers are facing a massive drop in Chinese demand. So on the whole, the South Korea Automotive industry,U.S and EU countries would be most affected.

Finally, the situation would become worse if the virus continues spreading. Proper measures and prevention should be taken and implemented to recover the situation. The public should also render support and prevent it completely. Moreover, it also important that nearby countries support china to overcome the situation.