Impact and Scale of Corona virus (COVID 19) in 2020

This article discusses the impact and scale of the Corona virus (COVID 19) pandemic in 2020. It covers the global management of the pandemic, measures to protect economies and financial systems, and potential changes in the world economy. Find study material and assignments related to this topic on Desklib.

Impact and Scale of
Corona virus (COVID 19)
in 2020

Contents
INTRODUCTION.......................................................................................................................................3
MAIN BODY..............................................................................................................................................3
Global management of the Covid19 pandemic that will enable us to minimize the economic, financial,
social and lives losses in future if Covid19 or even a more devastating virus strikesEarth again............3
Cushion or measures could world leaders use to protect their economies and financial systems against
the effects of a similar pandemic in the future.........................................................................................5
As a consequence of Covid19, are political and other influential views relating to the world economy,
the global financial system and its operation likely to change, and if so, how.........................................6
CONCLUSION...........................................................................................................................................7
REFERENCES............................................................................................................................................9

INTRODUCTION
The COVID-19 pandemic is known as the decade's greatest critical global health disaster and the
biggest threat humanity has encountered since World War II. A new contagious influenza virus
appeared in Wuhan, Hubei province, China in December 2019, and has been called COVID-19
by the World Health Organization (Corona virus Disease 2019). A new type of corona virus,
identified as SARS-CoV-2 (acute respiratory syndrome (sars corona virus syndrome 2), was
known to be involved for the incidence of this disorder. With regard to the past of human
society, there are cases of serious infectious diseases triggered by a variety of diseases (Chang,
Yan and Wang, 2020). The June 2020 Global Economic Outlook discusses both the current and
the near-term forecast for the effects of the disease outbreak as well as the long-term damage it
has caused to development expectations. Based on market exchange rate levels, the benchmark
projection envisages a 5.2 per cent reduction in global GDP in 2020. In this essay consist of
COVID 19 impact on the economic, financial, and social and lives losses in future. Along with,
cushions and measures uses by leaders to protect economies and financial systems.
MAIN BODY
Global management of the Covid19 pandemic that will enable us to minimize the economic,
financial, social and lives losses in future if Covid19 or even a more devastating virus
strikesEarth again
The global management of COVID 19 manages this situation and We should all play a
part in disseminating relevant data and research, combating the disinformation that endangers
lives. The Coronavirus tells us how horrible it is to spend our existence, entangled in constant
fights for money, rank and influence. How horrible it is just not to understand the importance of
customer satisfaction within us – not even just our family and close friends, not just coworkers
and fellow human beings, but perfect strangers too. How awful it is not to bring sense to our
lives-every hour each and every day-by upholding the preciousness of life and the reverence,
care and compassion they deserves and from all life forms. The Covid-19 pandemic shows us the
importance of independence from our family members to the homeless and the impoverished –
the right to speak, to be with everyone we enjoy, to exist in freedom and protection – for

ourselves or for those within us. It tells us how necessary it is to understand the true intent of all
our companies and industries, of our parliamentary parties and leaders, of our local civic
institutions and government organizations, of their conferences and philosophies and of all our
other structures: specifically, to serve social desires and ends.
As per the global management America's workforce might be able to work online from
home. The percentage of Indians would be far smaller. Mostly during lockdown knowledge,
company India will be pushing to innovation ways of cutting journeys, conferences, and meeting
rooms as well as other tasks which are now regarded training regimen. This will decrease its
need for popular premium space, airport and train travel, as well as minutes of travel time. This
would not only reduce costs, improve efficiencies and reduced prices. It will produce significant
public welfare, the ecological ones of which are notable. Less driving to work means huge fuel
savings and industrial emissions decrease. It implies less particulate matter, particularly from
automobiles which are idle in traffic jam (D'Adamo, Yoshikawa and Ouslander, 2020).
Every nation makes different strategies to manage financial condition and provide
employment to people to maintain economy effectively. The principal lesson is how to plan
better in the next disease outbreak. The Bill & Melinda Gates Organization combined with the
Johns Hopkins Center for Medical Protection and the World Economic Forum (WEF) performed
a high-level pandemic preparedness modeling exercise, 'Event 201,' on October 18, 2019, days
until its spread in China. They found that companies, companies and representatives of public
health were all extremely inexperienced. Covid-19 demonstrated any need for potential outbreak
tools and cost-benefit calculations to determine scheduling and different forms of outages save
the people through undue economic damage. Technology is also used helpful to reduce crowds
of masses in temples, gurudwaras, mosques and churches unless priests live their prayer sessions.
Priests should also provide internet one-on-one service providers to their worshippers from of the
greatest houses of worship, such as Tirupati and Vaishno Devi. The post-Covid economy would
add redundancy to many employments (Drucker, 2020). And it will generate numerous new
ones, too. This would cause tremendous usage of online training programs on how to use
different websites to provide clients with the best service providers, whether this is services
associated with religion or psychiatric or schooling. Covid teaches us virtual space vertues. Let's
implement them so as to cut emissions and prevent the next Pandemic. Covid-19 obliged the

education system to step as fast as possible online. Online classes in the US offer an incentive for
the $1.5 trillion student loan issue to be significantly reduced. Nearly half of college loans to
private colleges and three-fourths of college loans to state colleges go for tuition and other living
costs to compensate. Internet college education would allow university children to attend with
their parents and siblings, having saved on rent, transportation and other standards of housing.
The abrupt change from classrooms to virtual class has impacted education. But if it persists for
another year, the development of health learning would suit the learning in the classroom.
Cushion or measures could world leaders use to protect their economies and financial systems
against the effects of a similar pandemic in the future
Economist Mariana Mazzucato predicts the COVID-19 pandemic would shed light on
economic and social processes worldwide, revealing a few of the shortcomings of a capitalistic
system. She says that even the way we perceive work is subject to fluctuate, specifically with
respect to the service sector and the protection of employees. Even worse, at a moment when
personal debt is already extraordinarily high, government agencies are now expanding business
loans. In the United States, gross government borrowing was $14.15 trillion the day before the
present situation, which is $1.5 trillion higher than it was in 2008 (in nominal terms). But neither
should we ignore, the financial meltdown was characterized by increased private sector debt
(Duffy, Cainzos-Achirica and Michos, 2020). Due to face this Panedemic experts make different
strategies that use by the countries for future problems like Corona virus.
Establish a debt settlement system for developing economies concentrating, at least, on
the debt that will come due within the next 2 years. At a least, positive equity movements with
MDBs and mutual financial institutions need to be ensured, along with the fender bender of
personal debt payable in that timeframe. Because of greater deficit spending and dropping money
transfers, many emerging economies would need more help.
IMF and multilateral development banks (MDBs) boost in wealth (at least the same
amount as in 2008-2009). This will start taking opportunity to discuss, so that the MDBs may be
questioned to modify their financial initiatives to encourage their lenders / equity value. This will
necessitate control systems to be established and discussion with financial institutions to modify
their risk rating requirements, so that these alterations do not result to MDB gloomy predictions

that would restrict their borrowing functionality just in the centre of the downturn (Röhr and
et.al, 2020).
The pandemic paralyses the UK economy just as its leaders are seeking a post-Brexit alliance
with the EU. There had been worries about a downturn from these so-called rough Brexit due to
the beginning. Researchers predict that a 5 to 10 per cent piece of corona virus disease outbreak
could be taken out of the economy by 2020. The government is willing to make investments to
strengthen the local that would be "largely uncontrollable of the British state," minister of
finance Rishi Sunak said during early March. Among its emergency steps, the Treasury has
promised to pay 80 per cent of wages and salaries for a few periods to discourage businesses
from having to resort to mass layoffs; agreed to compensate self-employed employees for missed
salaries; interest income payouts; expanded unemployment rewards; created a loan scheme for
small and medium-sized enterprises; and supported organizations with rescue help (Hoque and
et.al, 2020).
Global Monetary Fund: The IMF has put down $100 billion to borrow to participating
countries text version economic collapse as a result of corona virus, with the developing markets
being given priority. Over ninety nations had sought bailouts whilst also early April. The bad
news is that all those concerns are going to exacerbate the COVID-19 crisis. The great news is
which we can start creating a more equitable and thriving nation using the existing public health
emergency. This is not about slowing or denying government funding, but about correctly
structuring it. We must avoid the errors of the post-2008 period, when stimulus packages
conducted to reap much increased revenues after the crisis had ended.
As a consequence of Covid19, are political and other influential views relating to the world
economy, the global financial system and its operation likely to change, and if so, how
The planet, as we understand it, is pretty unpredictable for presently; country had a
stagnant economy before most of this corona virus crisis began, but the volatility of an
unpredictable, anything that we have not seen in a hundred years, has turned all predictions into
the storm. As a result of COVID 19, it is required to apply the changes in financial system and
economy system. The nation's top countries have developed mechanisms in recent years to
enable for development cooperation, such as the G7 and G20. The lack of coordination and
cooperation at the dominant offices rates has been frustrating (Ivanov, 2020). The first online

courses of the G7 and G20 did not take place until mid-March-months because after epidemic in
China started. And even though these debates took place, there was a lack of agreement on a
single COVID-19 method. This weakness is compounded in a nation as heavily populated as us.
As per my opinion apply changes in financial system and provide loan to small business
in order to operate effectively. This is also a critical time for monitoring current access to finance
flows indicators. Beware as to what your driveway is. Companies have to determine the effect on
new revenue, transactions, credit cycles and future bank debt. But, if the recession lasts for 9
months or even a year, companies would need to modify their corporate strategies to minimize
variable costs, negotiate a new fixed expenditures (rent, wages, machinery monthly payments,
etc.) and concentrate purely on the despite enormous factors. Revisiting the sales approach –
selling online vs in-person – may be a smart idea (Tao and et.al, 2020).
Since then much has modified. Post-COVID, Nation will have to contend with a
circumstance in which the international referees sound true – and false – warnings from around
corners about the disaster. For example, the chief executive of the UN food and agriculture
organisation, David Beasley, has said since the disease outbreak he expects "many crop failures
of biblical proportions." It is much easier to counter both Covid-19 and global warming if it
eliminates unessential economic growth. It is because if it generates less things, you use much
less electricity, and release less greenhouse gas emissions. Covid-19's genomics is in rapid
evolution.
CONCLUSION
As per the above report it has been concluded that COVID 19 is now an epidemic with
nearly five million reports and more than 300,000 people died as a result of the outbreak, it is
clear the case for investment in healthcare services, human capital and new technologies. It is
also clear to see that economic programmers have slashed health budgets over the past few years
and these services have been weakened or neglected too much. Although waste reduction inside
healthcare systems is important, this epidemic underlines any need for clear reason to manage
and resolve an epidemic. To overcome from this problem all over the world apply the changes in
their economic and financial activities and try to sustain their GDP in strong manner. Most of the

nation face many problems but World bank, IMF provide the funds to those countries who wants
funds.

REFERENCES
Books and Journal
Chang, L., Yan, Y. and Wang, L., 2020. Coronavirus disease 2019: coronaviruses and blood
safety. Transfusion medicine reviews.
D'Adamo, H., Yoshikawa, T. and Ouslander, J.G., 2020. Coronavirus disease 2019 in geriatrics
and long‐term care: the ABCDs of COVID‐19. Journal of the American Geriatrics
Society, 68(5), pp.912-917.
Drucker, D. J., 2020. Coronavirus infections and type 2 diabetes—shared pathways with
therapeutic implications. Endocrine reviews. 41(3). p.bnaa011.
Duffy, E. Y., Cainzos-Achirica, M. and Michos, E. D., 2020. Primary and secondary prevention
of cardiovascular disease in the era of the coronavirus pandemic. Circulation.
Hoque, A. and et.al, 2020. The effect of Coronavirus (COVID-19) in the tourism industry in
China. Asian Journal of Multidisciplinary Studies. 3(1). pp.52-58.
Ivanov, D., 2020. Predicting the impacts of epidemic outbreaks on global supply chains: A
simulation-based analysis on the coronavirus outbreak (COVID-19/SARS-CoV-2)
case. Transportation Research Part E: Logistics and Transportation Review. 136.
p.101922.
Röhr, S. and et.al, 2020. Psychosocial impact of quarantine measures during serious coronavirus
outbreaks: A rapid review. Psychiatrische Praxis. 47(4). pp.179-189.
Tao, K. X. and et.al, 2020. Recommendations for general surgery clinical practice in 2019
coronavirus disease situation. Zhonghua wai ke za zhi [Chinese Journal of
Surgery]. 58(3). pp.170-177.