COVID-19 was first identified in Wuhan City, Hubei Province in China, The coronavirus disease 2019 (COVID-19) is regarded as an illness caused by Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2) which is formerly referred to as 2019-nCoV. The World Health Organization (WHO) was reported about COVID-19 on December 31, 2019. The COVID-19 was declared a global health emergency by the WHO on January 30, 2020. On 11 March 2020, after the exponential increase in the cases and the mortality rate. The acronym covid-19 was chosen by the WHO denouncing the origin of the virus in terms of demographics, geomorphology, and any resemblance to the animals. COVID-19 was declared as a global pandemic by the WHO and became the first pandemic since the declaration in 2009 of H1N1 influenza. The COVID-19 follows an outbreak of respiratory illnesses.
The Center for the Control of and Prevention of Diseases (CDC) has been warning of an increase in the number of people who will be pruned to need emergency medical attention due to viral illnesses. The CDC is concerned that an epidemic could lead to hospitalization and death since health care systems have become overcrowded. When numbers and results started increasing and came before the world the concern became fear and mayhem.
COVID-19 presents range from asymptomatic/mild signs to serious and death-related diseases. Symptoms can develop between 2 days and 2 weeks after the virus has been exposed. ] The mean onset of symptoms found to be 5.1 days in a pooled analysis of 181 confirmed cases of COVID-19 outside of Wuhan, China, and 97.5% of those who developed symptoms had done so within 11.5 days of infection. Of 72,314 COVID-19 cases, 81% were mild (absent or moderate pneumonia), 14% were severe (sometimes due to hypoxia, dyspnea, >50% lung involvement 24–48 hours), 5% were critical (shocks, respiratory insufficiency, multiorgan dysfunction), and 2, 3% fatal.
Each region around the world is undergoing significant declination in regards to the economic growth. Eastern Asia and the Pacific are set to increase by just 0.5%. South Asia and Sub-Saharan Africa will have declination of 2.7% and 2.8% respectively, 4,2% of Middle East and North Africa, 4.7% of Europe and Central Asia, and 7.2% of Latin America.
The COVID-19 epidemic has advanced at an unprecedented rate, trampling millions and interrupting commercial transactions, with governments implementing severe restrictions on transportation to stop the disease spread. The June 2020 Global Economic Prospects analyzes the immediate and future pandemic impact. The pandemic is anticipated to have caused the recession in several countries in 2020, the most per capita income in the globe since 1870.
The economic headwinds across outcry are having an evident impact on emerging markets and developing economies. The pressure on inadequate real-time healthcare care facilities and the system itself, trade and tourism revenues, businesses are all affected by the COVID-19. The pandemic has caused the oil demand to plummet unprecedentedly and has resulted in the collapse in the price of oil. The demand has also declined for metals and goods relating to transit such as rubber and platinum for car components. While agriculture is well served globally, restrictions on commerce and disruption of the supply chain could nonetheless in some places generate difficulties related to food security.
The immediacy of the crisis engulfing the global economy is an indication of the depth of the recession. The sharp rates of global growth prediction decreases indicate the potential for further negative adjustments and the need for further policymakers to promote economic activity in the coming few months.
The humanitarian and economic toll of the global recession on economies with extensive informal sectors accounting for an estimated one third of GDP and almost 70% of overall unemployment in the emerging markets and developing countries is a particularly significant feature of the prospect. The downturns are projected to overturn years of development goals and lead tens of millions to dire poverty. The pandemic is subjected to sluggish investment returns, undermining capital movements and making financial conditions tight despite increasing debts. Before this crisis, many emerging and developing nations experienced lower growth; the COVID-19 shock has now exacerbated the problems faced by these economies.
There is no certainty to when the economy is falling back to normal or will take pace but the economist believe that we can bounce back if the maximum people get vaccinated against COVID-19. This could allow the world economy to recover sharply when the pandemic ends. There are still many variables that can influence such economic recovery, but there are compelling reasons to believe that some of the more dire predictions cannot be achieved with the right mix of competent government measures and good luck.