The outbreak of Coronavirus has really put some country into difficult economic situations that would take time to recover.
209 countries of the world have been affected COVID-19 outbreak so far with USA topping the list of confirmed cases with over 400,489 followed by Spain with over 141,942 confirmed cases, Italy with over 135,586, Germany 107,663 cases this is just the countries with highest number of cases.
So far the US government alone has spent close to $8.3bn in the fight against Coronavirus this is a huge amount of money and they are likely to spend more amidst the rapid spread of the virus in the country, Spain is to spend over €200bn, Germany in March 10th bugdeted €1bn to tackle the virus in March 22nd they spent extra €122.5bn and countries are likely to keep spending with no income as most industries are shut down.
The UN’s trade development agency says “the slow down in the global economy caused by Coronavirus and the uncertainty the outbreak sparked on the global economy will likely cost the world $2trillion”, warning that few countries are likely to be left unscathed by the outbreak of financial ramifications.
Another factory that is adding to the collapsing global economy is the fall in oil prices globally, statistics have shown that the Coronavirus outbreak and the fall in oil prices have the tendency of crippling the global economy.
Governments need to step up to reduce the economic impact of Covid-19 to avoid to save the global economy from collapsing.
NKWOCHA CHIBUEZE INNOCENT