Coronovirus Propagation and Its Impact on the World Economy
Technology Transfer: Innovative Solutions in Social Sciences and Humanities, 3, 37–41. (2020) doi: https://doi.org/10.21303/2613-5647.2020.001298
5 Pages Posted: 3 Dec 2020
Date Written: April 30, 2020
From the appearance of an unknown virus in China to a "black Monday" which has seen markets fall like never since the end of 2008: in two months, the COVID-19 epidemic has brought the world economy to its knees. The current coronavirus epidemic that has started in China is a real tragedy for individuals and communities not only in China, but around the world. The results for the Chinese are already terrible and are likely to worsen. To date, more than 80,000 infections have been reported, including thousands of fatal cases. In response to the spread of the virus, the world health organization declared an international health emergency on January 30. All global production chains are affected, and even blocked for certain sectors. A quasi-monopoly, China is not only the factory of the world, but also the supplier of components for all the other factories or industries on the planet. Hundreds of companies have therefore suffered the full force of this crisis and are struggling to preserve activities, on which millions of consumers and employees depend, directly impacted by their operation or by their disruption. The epidemic is infecting several Asian countries and little by little other continents, with more than 115,000 cases of infection to date, including more than 4,000 dead.
JEL Classification: coronavirus; banking risk; economic risk; bank regulation
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