Coronavirus (RNA Virus) is a virus that affects birds and mammals including human beings. This virus causes lethal diseases mainly in the respiratory system with its related infections. Up to now, there is no cure, no vaccines or antiviral drugs to treat human antivirus infection. This virus originated from the bats and later to human beings in December 2019 in Wuhan Region, Hubei Province in China with symptoms similar to Pneumonia. The disease has killed more than 3200 people and infected more than 9500 people in more than 60 countries in the world. This disease has led to harsh quarantine measures over the involved countries and people.
Impacts of RNA Viruses
Factory Shutdown in the Virus-Affected Areas. Coronavirus has led to the closure of very many factories in China and other affected countries in the world. This has caused a short-term blow to in industrial sector and virtual standstill as people fear being infected by the virus. Industries can no longer get the required manpower to work in them and suppliers of the raw materials can’t deliver the required items to these industries.
RNA Virus pandemic has resulted in the rising of oil prices worldwide. This is expected to carry on until the disease is contained. According to Wemer (2020), the oil-price increase leads to the high production cost of the manufacturing industry hence excessive prices for the produced goods in most of the industries in the world. The increase in these prices is due to decline in oil exploration and, elevated extraction cost caused by inadequate labor supply in the producing countries.
COVID-19 outbreak has sharply struck road transport, sailing, and air transport. According to Beige (2020), the disease has roiled airports worldwide, instigating flight cancellations, and changes across the globe. This has also been felt in all the transport sectors including road transport and water transport. The impact on the transport sector has resulted in short-term economic recession to the affected nations and their trade partners’ hence, the enigma will continue until this pandemic disease is contained.
Coronavirus has led to an acute rise in healthcare cost in most of the countries in the world. This is because hospitals are facing challenges in access to medicines to treat patients and, medical items required in the healthcare sector. The challenge has been caused by transport restriction measures which the only available conveyance channels to be pricy to people travetravelingccess those healthcare items.
RNA Virus has also disrupted the tourism sector throughout the world. Tourists are at a dead end as they are scared off by the threat of the new viral infection. Therefore, the vacation industry has noted a sharp drop in the number of visitors to different countries since potential tourists are fearing the possibilities of intermingling with those already infected. This is a serious problem to miforions of people who depend on the income that international visitors bring to their countries. This precautionary and quarantine measures to those will remain to interfere with tourithe sm sector until the viral menace is suppressed.
Morbidity and mortality has ahave greatly disrupted supplthe y of finished products and raw materials in China and other countries in the world. This is mainly as a result of impeded supply chains and tightening of credit. People fear for their health as well as death due to this deleterious virus. The suppliers of the raw materials are therefore avoiding supplthe y of their products to the affected areas together adjacent countries. This has resulted to a inceleration phase in the global economy and collapse.
Schools, colleges and,, universities have also been closed in most of the affected countries. This has led to disruption in implethe mentation of the curriculum and, delivery of the content in all the affected schools in the world. According to Medico B. (2020), children are now denied their right to access education and, the problem will persist until the virus has been contained. The closure has been implemented in the education sectors as a way of preventing further spread of the dangerous disease.
There is also collaa pse in demand of the produced products due to higher uncertainty, increased precautionary measures, repression and, rising financial costs. Human asset mobility, foreign financier sentiments and, trade tensions have declined the productivity growth with its resultant technological catchcatch-upulting to economic decline in China and other countries infected with the virus and their trade partners worldwide.
Severe shortcomings in the global monetary markets now indicindicate the world economy is on a path to stagnation. Assessments of safe assets have spiked sharply and investors are fearing to risk in any country that may have contacontractedvirus. Commercial markets depict significant disruptive potential to CovidCOVIDMajor economies have been sharply hit as growth has slowed and are now at risk of difficulties in absorbing the sudden shocks.
COVID-19 outbreak has also interfered with the religious, entertainment and,, sports sectors. Most of these activities have been banned indefinitely in an effort to control further spread of the l disease. According to Wemer D. (2019), these cancellations have led to massive losses worldwide in all these sectors, unemployment and, disruption of major world schedules. This condition is likely to continue worsening until the viral infection is permanently confined.
According to Wemer (2020), COVIDthe -19 outbreak is likely to cause severe economic and market disturbance depending on how the virus spreads and evolves. The virus is snarling supply chains and disrupting companies. Coronavirus is a harsh pandemic as people are likely to stay at home to avoid getting sick preventing them from travetravelingking and shopping. This has led to severe losses to multiple businesses, companies, and, production plants worldwide.
References
Medico B. (2020). Coronavirus CovidCOVIDDefend Yourself. Avoid Contagion. Protect Your Home, Your Family, Your Work. Italy: Bruno Del Medico Editore.
Division of International trade & Commodities(UNCTAD). (4/03/2020). Global Trade Impact of the Coronavirus(COVID-19) Epidemic. The social stigma associated with COVID-19, 173(1), pp 21-117. www.EPI-WIN.com
Weber D. (2019). The Potential Global Impacts of the Coronavirus Outbreak. The World under the Attack of the COVID-19 Virus, 173(1). www.atlanticcouncil.org
Center for Disease Control and Prevention(CDC). (2020). Health Information for International Travel: Coronavirus COVID-19. London: Oxford University Press