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See how coronavirus is affecting global economy

Piroll

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NEWS: See how coronavirus is affecting global economy [New Foreign News] » Naijacrawl
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Since the outbreak of the deadly coronavirus and the high rate it is spreading across Nations, it is important to note that there has been a significant fluctuation in the global economy as major international trade platforms have been suffering from drastic loss, and the rate the global economy has been dwindling in the past few days is absolutely worrisome.



Earlier yesterday, report has it that the richest man in Africa (Dangote and co) lost close to a billion-dollar in the last 40 hours and this loss has been directly linked with the uncontrollable state of coronavirus.

As at 13 March, the popular cryptocurrency (bitcoins) witnessed an unprecedentedly low rate by moving from $10,000 to $5000, and this is also directly as a result of this inhumane virus.

Since the outbreak of the virus in Wuhan, the global tourism revenue has been drastically reduced a clear example can be said of Thailand's monkeys that were starving as a result of lack of tourists to give them food.


What this connotes is that the virus has limited the adventure rate of people of which the economic aspect of this cannot be overlooked.


Late last week, OPEC instructed her members state to reduce their supply a situation that led to the fall in the price of oil from $50 to $31. With this, some countries that mainly based on oil as the major means of revenue will be drastically affected.

Today, the United States President places travel ban on some countries that have been affected by the virus, this means, there will be a significant loss in business activities.

Sport's economy cannot be sidelined as many sporting activities will be playee without spectators a situation that sees many clubs or organisers losing tremendously and also a lot of major league and championship have been postponed indefinitely such as the Champions league, English Premier leaguer, LA Liga, Ligue 1, Serie A and lot more.

Conclusively, it can be seen that the coronavirus has largely hindered the free flow of the global economy, it is my wishes that the virus goes into extinction as soon as possible.

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Piroll
 

Piroll is a creative writer, social-political commentator, socio-researcher, and sports analyst. He holds certificates in media management and data journalism from the Thomas Foundation Institute of Journalism. He works as a... Read More

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