The tale Coronavirus, likewise called SARS-CoV-2, that began in the modern city of Wuhan in China in December 2019, has spread across China like a fire as well as has presently contacted different pieces of the world as well – principally Europe, East Asia, the Center East and furthermore the US.
As the infection spreads and with no logical or clinical fix yet on the scene, Covid-19 is hoping to disturb business and business functionalities with a likely negative effect on the worldwide economy.As per a report published by McKinsey, it is being said that the global GDP growth rate that was estimated to be about 2.5% for 2020 is likely to go down to 2.0%.
The report also goes onto say that by Q2, things would start to get back to normal in most parts of the world through the consumer market may take time to strengthen up again.Impact of COVID-19 so farWHO has now gone ahead and declared Coronavirus as a pandemic and Europe to be the epicenter of the virus for now!With the closure of shopping malls, cinema halls, public events, sporting events, and all kinds of mass gatherings and public notifications being issued in most countries to stay indoors and away from public places; this disease is surely going to affect many small, medium and big businesses.
Some of the industries that are going to be badly hit by the virus are the airlines, travel, tourism, hotels, and other such service sector entities.
Business entities that have been dealing with China-made products will face a maximum challenge.
In the consumer industry too, there is going to be a steep drop in consumer demands, especially in the luxury segment goods.