Coronavirus, the biggest threat to our survival and world business

Coronavirus, the biggest threat to our survival and world business. Since the emergence of Coronavirus in December 2019 and its devastating effect on human life, movement and safety of the world’s people. The entire world has panicked and this is gradually affecting trade and commerce across the globe.

Flights have reduced, trade is slowing down among nations, countries are closing their borders, transportation is general is halting, food, medical and other essential logistics are in low supply whiles demand is gradually rising.

The long term effect this had on financial institutions, economies, businesses, and social life will begin to be felt across the globe should. It is already happening.

Political leaders and governments around the globe and the United Nation needs to take swift action and decisions to curtail the spread of the virus or come out with a vaccine as quickly as possible to deal with this.

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The Coronavirus looks threatening and could impact governance and politics is it affects businesses globally and brings them to a halt.

Today, over 80,000 people have been affected. China is a big market in world business where many companies go to do business. The cut in flights across the world is clear evidence of business being impacted.

business risk in on the increase as many companies in China are shutting down until something can be done about the coronavirus. Multinational companies doing business in China and other parts of the world are forced to limit travels due to the coronavirus.

Africa does brisk business in China and the outbreak is surely impacting these countries.

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Due to the huge trading between China and the world which has led to the influx of millions into China every month, the virus is spreading so fast and soon the world may be faced with a global epidemic.

Transportation is being affected, free movement of people, workforces are being limited to help contain the disease. Which has been recorded in at least 30 countries across the globe as of 20 February 2020).

The manufacturing and service sectors in China may be dwindling gradually and its impact on businesses across the world that rely on it for the supply of raw materials and finished goods in Africa, Europe, the US, and others will create shortages.

A report on the impact of coronavirus on world business is expected to be released by the end of February and it is expected to give a clearer indication of global trends for action.

The president of Chine, Xi Jinping has revealed that the coronavirus would have serious repercussions on the world’s economy. In his words, there will be a “relatively big impact on the economy and society”.

International Airlines such as British Airways and Iberia, are already looking at the impact of coronavirus on their finances to be able to further project future negative effects and come out with strategies to help mitigate the unfavourable variances.

Microsoft is bracing itself as well as it announced it has to revisit its revenue projects for the third quarter. This announcement which it made on February 26, 2020, is a clear indication of its anticipated impact Coronavirus on the global business of the multinational company.

COVID-19 is expected to be managed better in the next few months but the rate at which the disease is spreading gets out of hand, it could further lead to huge job cuts, increase in demand for goods and services far outweigh supply as businesses continue to shot down. US consumer demands, for example, could easily plummet and layoffs may be aimed at maintaining profit margins so that businesses do not lose.

Let us join forces around the world to win the battle against the likely negative implications of the virus before it wipes the world’s population.

Source: electionsinghana.com