According to Global News International Economy and Trade Affected by Corona Virus. The effects of the Corona Virus are harmful to International Transportation companies and other trading companies in the world. Top concerning factors is international economy freight FedEx, international economy shipping USPS, international economy freight. International economy shipping times have been extended. Which is affecting the economy of emerging companies in the world.
Global economy at risk of severe crisis after a 1.5% decline in GDP due to emergency global after 11 deaths in California due to Coronavirus. The death toll has gone up to 3200, while more than 90,000 people are affected. The death toll from the Coronavirus in the US goes up to 11.
While the state of California has been declared an emergency after the first death due to the virus, the 71-year-old man was on board an anchorage ship off the California coast to go to Moscow, which was killed by the Coruna virus.
Death Toll due to Corona Virus
After which the crew and passengers were also prevented from returning to the ship after the virus symptoms appeared. According to the shipping company, the ship has about 2500 passengers and 1,150 crew members. The state is working at every level to identify California cases and reduce the spread of the Coruna virus, California Governor Gavin Newsome said in an emergency announcement. The effects of coronavirus are greater than the effects of alcohol on the body and the effects of a tsunami.
Financial Crisis and Economy Crisis in Asia
According to news 1130 and fox news, the Coronavirus has also shattered the world’s economy where it is killing human beings. The Organization of Economics Corporation says that Global GDP has declined by 1.5 percent, while it is expected to decline by 2.4%. the agency says The world may be facing a severe economic crisis because the fear of the virus has stopped global trade. While tourism has been affected all over the world. Which is a source of income of billions of dollars annually.
The OICD says it is proving to be the worst crisis in human history and is growing every day instead of decreasing. Which can be the biggest Crisis than the banking crisis of 2008 and the financial crisis of Europe and Asia. The Director of The Department says that Global GDP was expected to remain at 2.9 percent. But given the global economic situation, it doesn’t seem that half of the target will be met, which is why the World Organization has reduced the target to less than half.
America, the world’s largest economic power, is also facing severe problems and the stock markets of America have been in constant trouble for weeks. There are chances of the financial crisis in the USA and also the financial crisis in India. According to the New York Times, investors have drowned in the Us market, and the supply chain is losing several hundred million dollars a day, making the supply of goods a major hit for U.S. consumers.
Almost all major stores in America get their supplies from China. A small part is from the local or nearby countries. China’s supply line delay has led to a shortage of food items in America. And because of the lack of proper management, it seems impossible to stop the price rise of the commodity.
Oil prices continue to fall, oil prices fall to record lows in four years. Russian President Vladimir Putin has said that the spread of the Coruna virus is having a bad impact on the global economy, “It is difficult to predict how long the oil spill will continue, but we have to prepare to deal with the situation.” According to Al-Mursad, Oil prices fall to a four-year low level.
The worst-case scenario is the U.S. oil market where crude oil prices in many states have fallen to $35 per barrel. The United Arab Emirates (UAE) has warned its citizens and its residents not to travel anywhere due to the spread of the Coruna virus.
British Airline Companies and British Airline Reservations
British FlyBy, the UK’s largest airline, was shut down due to the impact of the Coruna virus on business. Since then, the airline, which has 2,000 employees, has been unable to make profits due to a decline in demand and stiff competition. Nearly 300 million children have lost their schooling worldwide after schools were closed in Italy, like other countries, to prevent the Coronavirus.
Financial Crisis 2020
International Economy and Trade Affected by Corona Virus. The death toll due to coronavirus could be much higher than the death toll of ww2, death toll of ww1, death toll ww1, and death toll of Vietnam war. Where the death toll in the US has gone up to 11, Congressional lawmakers have decided to provide $8 billion to fight the virus. Many countries are also cracking down on international travel. Even the film industry has been affected by the virus that has led to the delay in the release date of the new James bond film.