World Health Organization, the leading agency on all matters related to health globally has declared the current coronavirus outbreak a pandemic. This declaration amid sudden surge in number of deaths being reported globally. In fact things have gotten so severe that a meeting on the coronavirus was cancelled because of, you guessed it, coronavirus, as reported by Bloomberg.
Deaths in Italy, the epicentre of the virus in Europe have surged by 31% to 827 deceased while cases in U.K. took a jump by 22% to 456 infected.
The virus has affected around 125,072 people by the time this article was written with about 4,590 deaths and 67,050 recoveries. Even though there is a high chance of recovery, especially for people in the age bracket of 10-50, the virus is still expected to be 10 times deadlier than the seasonal flu. All major events across industry, have been cancelled globally as countries continue to ban large public gatherings.
In India, coronavirus cases rose to 60 as of March 9 with 17 testing positive from Kerala. The highest number of cases however have been reported in Rajasthan with 18 cases detected so far. 8 people in the state of Uttar Pradesh have also been found infected with the virus and the country has had to take some excessive measures like denying all tourist visas till April 15 from most infected countries.
Needless to say, the financial impact of coronavirus across the globe has been nothing short of a catastrophe. While public markets continue to tumble, even smaller businesses are finding it hard to conduct daily business as people prefer to stay indoors. Markets in the U.S., after a brief respite, once again tumbled, following the trend in markets across all major economies, including Japan, South Korea, Singapore, China, India among others.