The novel coronavirus has now been officially declared a global pandemic as the virus now has a foothold on six continents and more than 110 countries. World economies, stock markets, oil prices, trade, tourism, sports and all kinds of businesses are being hit by the deadly disease.
In the last three months, the novel coronavirus has gone from being a public health emergency to an epidemic and now a pandemic, and with no vaccine expected anytime soon, it would be a long time before the social, political and economic effects can be contained. The last pandemic in the world was the H1N1 flu crisis, commonly known as swine flu, which killed thousands of people globally.
The coronavirus originated from the Chinese city of Wuhan but has wrecked havoc in Europe. In Italy, around sixteen million people are under quarantine and are only allowed to work in emergencies or buy food. Tourist hotspots like Milan and Venice are virtually deserted. Even sports are affected and being held in closed stadiums or cancelled while everyday lifestyle habits are being altered due to the virus.
This was followed by the shocking announcement by US President Donald Trump that all travel from Europe was being suspended for thirty days as it heightens the risk of coronavirus. The sudden travel ban has angered Europeans and even sparked outrage. The EU Commission decried that it was not informed over the decision and had concerns over the economic impact of travel bans.
The news hit financial markets the hardest as stock markets plunged and oil prices slumped over the lack of clarity and failure to provide any economic stimulus to offset the fall in consumption. Shares in equity markets around the world were in free-fall bring the world economy to a virtual halt. Though Trump offered some relief measures, there were deemed insufficient for investors.
Behind the global chaos and panic, it is being observed that coronavirus has shown how vulnerable we are to pandemics and other catastrophes. This will be an excellent experiment to see whether people will finally be listening to the scientists. The basic prevention measures are simple everyday tasks such as washing your hands thoroughly, good hygiene and taking precautionary measures.
We have often debunked critical issues such as climate change despite scientific evidence and world leaders have failed to respond effectively. There is lack of clarity and political moves are being played but our vulnerabilities are exposed. With all the disinformation, fake news and rumours, this can be rather difficult but we need to start listening to the scientists while leaders should provide accurate, timely, and effective communication to the public.
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