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Top 7 Global Repercussions of Coronavirus from Economy to Technology

Top 7 Global Repercussions of Coronavirus from Economy to Technology 3

Global repercussions of Coronavirus can be seen on various news platforms. The deadly novel virus has affected every sector from the economy to technology and reached every corner of the world by spreading up to 166+ countries. The deadly novel Coronavirus that originated from Wuhan, China, has shaken the world topsy-turvy and made every sphere of life worst by killing more than 8,800 people worldwide, and the number keeps rising. It’s a very alarming situation, and many countries have been facing a lockdown. Recently, Iran warned that the deadly novel Coronavirus virus could kill tens of thousands if the public keeps traveling and ignoring health guidance.

Moreover, UNCTAD – the United Nations (UN) trade agency, has indicated a slump of 2 percent in global growth in 2020, and it will vanish $1 trillion from the value of the global economy. The global repercussions of Coronavirus are increasing with an increase in the presence of the deadly virus globally.  To conclude, Coronavirus (COVID-19) pandemic has left an enormous impact on every industry, including the world states’ economy and technology.

1. Decrease in Oil Prices

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One of the global repercussions of Coronavirus is fall in global oil prices as demand has decreased globally. US crude prices have seen a fall to a 17-year low with the spread of the deadly virus. Many states are in lockdown, tourism has a sharp decline, and transportations have been stopped, obviously, no one will buy oil due to these reasons. Primarily, oil-dependent countries will feel a huge impact in the coming days when global oil demand will decline more. More so, the effect can be seen in the statistics of Japan’s trade bureau, indicating that crude imports into underdeveloped countries fell 9 percent from a year earlier in February.

More importantly, an emergency meeting was held by Iraq’s oil minister between members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries for discussing urgent action to balance the oil market.

2. The collapse of the Travel and Tourism Industry

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Tourism currently contributes 10 percent to the global GDP. Travel and Tourism is the primary source of generating revenue for most European countries. It is another global repercussion of Coronavirus; the Industry has been collapsed as the spread of Coronavirus skyrocketed to the entire world. The Council of World Travel and Tourism recently warned that the COVID-19 pandemic could reduce almost 50 million jobs in the industry globally, and in the hit list, Asia is on the top. Besides, for Industry to recover, it can take about 10 months if the outbreak of the pandemic is over.

As per the World Economic Forum, more than 8 million people travel each month from Europe to the United States, and their travel contributes around $3.4 billion monthly to the U.S. economy.

3. Stock Market Crash

Global Repercussions of Coronavirus
Image Source: Pixabay

The outbreak of the COVID-19 pandemic has shaken the confidence of investors, and due to the fear, it has left a massive impact on stock markets. The global repercussions of Coronavirus regarding stock market can be seen while reading newspapers, within a few weeks, the pandemic has cut the third of the global market cap; the stock markets have sunk worldwide.

4. Sports Industry

Coronavirus
Image Source: Pexels

With the outbreak of the COVID-19 pandemic in the United States, several sports leagues have changed their schedules. Among others, the global repercussions of Coronavirus can also be seen in the sports industry. The biggest sports events for 2020 across the world, including domestic and international, have been suspended, while many employees of the Industry have been tested positive for COVID-19. Among the events, The Euro 2020 by UEFA, The 2020 Copa America, Premier League, EFL, The Women’s Super League, FA Women’s Championship, and Pakistan Sports League (PSL), to name a few.

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5. Apple closed its Retail Stores

Global Repercussions of Coronavirus
Image Source: Pixabay

As China is the hub of consumer goods; therefore, the deadly novel Coronavirus has affected the smartphone industry. Recently, a top-notch company Amazon halted its production of smartphones and closed its retail stores in China. The supply of the iPhone is constrained globally for a temporary period. Apple said the global repercussions of Coronavirus had impacted the company.

Moreover, TF International Securities analyst Ming-Chi Kuo said that Apple might face iPhone reproduction issues in China. Reportedly, Apple has stopped engineers for sending to China to work on the iPhone 12 supply chain site. Apple further added that only 5 retail stores had been reopened this week in China with a reduction in stores’ timing.

6. Disturbance in the Supply Chain of Online Stores

Coronavirus
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Furthermore, another global repercussion of Coronavirus (COVID-19) pandemic is the disturbance in the supply chain of online stores. The sellers of Amazon have expected a catastrophic effect on their businesses across the world because of disruption in the significant supply chain. About 70 percent of the sellers on Amazon purchase their products from China. More so, many sellers on Amazon have already lost their sales; among them, 36 percent of the sellers said that they had lost their sales due to the outbreak of COVID-19 pandemic. Those who have not lost their sales are sure that they are likely to suffer as well.

7. Tech Sector is Affected Badly

Last but not least, the global outbreak of Coronavirus (COVID-19) pandemic has affected the tech sector severely, with a lot of companies closing offices and stores. The production of spare parts and accessories has been halted; in addition, factories in China are restricting their employees from traveling in the country. More importantly, more than 50 airlines globally have suspended their domestic and international flights. Cryptocurrencies have also been affected by the deadly novel virus, Bitcoin dump, and freelancing jobs have been reduced as there is a lockdown in many countries across the globe.

3 Comments

  1. Maryam Nawaz says:

    A very comprehensive and detailed information about repercussions of COVID-19. Thanks alot for sharing such a useful information and giving your insight on this topic.

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