The Corona Virus outbreak, which is terrorising the world, has adversely affected the global market. Around 5 key business sectors are under threat following the outbreak. Reports suggest that tourism, steel, EV, pharma and consumer durables sectors are in crisis. The fact is, sectors where China ruled, have severely suffered.
According to the UN report, Corona Virus caused a loss of Rs 2500 crore to India. The travel sector alone has been hit with a loss of nearly Rs 200 crore with trips being largely cancelled. Meanwhile, Corona has caused a $ 580 billion loss to the United States and $ 500 billion to Japan. In India, the growth rate is expected to fall by 5.1% compared to the last year. As per the Organisation for Economic Co-operation and Development, India’s growth is expected to show a decline of 110 basis points.
Global market experts cite the cancellation of the Geneva Auto Festival, one of the world’s best automobile shows, uncertainty over the Milan Fashion Show in Italy and cancellation of the World Mobile Congress to be held in Barcelona as examples of the massive blow of Corona Virus on the business sector. The business world will have to necessary precautions if the Covid-19 or Corona Virus keeps pushing the world economy into crisis. Globally, 3,497 cases were reported dead owing to Corona Virus.
