Covid -19 pandemic : Its meaning , Origin and Statistics of Countries affected
Safety Measures Adopted
Global Impact of COVID-19: Nations, Businesses, Economy and Finances and Importantly, Households for developing economies
Economic & Financial Impact of COVID-19 on Businesses & households in Nigeria
Economic and Financial Forecast of Post Covid 19 : Lots of Latest information on protective measures , however some fail to educate people on how to survive .
PREPARED BY: VICTORIA ESSIET
Origin of Corona Virus .
Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus. The virus was said to have Originated in China. Precisely In December 2019, a cluster of pneumonia cases caused by a newly identified coronavirus was discovered in Wuhan. It was first named 2019-novel coronavirus, but was later renamed by the World Health Organization as Corona Disease 2019 (COVID -19).
The COVID-19 virus is said to spread primarily through droplets of saliva or discharge from the nose when an infected person coughs or sneezes, so it’s important that we practice respiratory etiquette (for example, by coughing into a flexed elbow. Most people infected with the COVID-19 virus will experience mild to moderate respiratory illness and recover without requiring special treatment. Older people, and those with underlying medical problems like cardiovascular disease, diabetes, chronic respiratory disease, and cancer are more likely to develop serious illness.
So What are the symptoms?
Common signs of infection include fever, coughing and breathing difficulties. In severe cases, it can cause pneumonia, multiple organ failure and death.
The incubation period of COVID-19 is thought to be between one and 14 days. It is contagious before symptoms appear, which is why so many people get infected.
Infected patients can be also asymptomatic, meaning they do not display any symptoms despite having the virus in their systems.
Statistics of Corona Virus Globally and in Nigeria
Globally, the Virus is said to have killed more than 180,000 people and infected some 2.and half million. .The number of coronavirus (COVID-19) cases worldwide has exceeded 2.9million. The United States is the most severely affected country . Usa – 976,092. Spain: 220,389, Italy: 198,327, France: 125,877, Germany- 157,648, UK, 153,495. Nigeria: 1182, 38 Deaths
Currently, there are no specific vaccines or treatments for COVID-19. However, there are many ongoing clinical trials evaluating potential treatments. The best way to prevent and slow down transmission is be well informed about the COVID-19 virus, the disease it causes and how it spreads. Everyone is talking about coronavirus disease 2019 (COVID-19). Be sure to get your facts from reliable sources. The relevant health organizations are providing new information as it becomes available. So Protect yourself and others from the virus infection. The brings us to the second session of our outline, What safety measures can be adopted to prevent the virus?
Section 2. :Safety Measures: Which brings us to the safety measures in curbing the virus.
Avoid Large Gatherings
Wash hands regularly , and avoid touching face
Consistently Apply alcohol based hand sanitizers consistently
Maintain Social distancing ( at least six meters apart from the next person)
Maintain good and regular hygiene
Stay safe and Informed.
Section 3. Global Impact of COVID -19 On Nations, Businesses and Households
COVID-19 will set back the achievement of the SDGs .(Nations)
According to The United Nations (UN) has expressed concern that the COVID-19 crisis will lead to a reversal of decades of progress in the fight against poverty, and that the levels of of inequality within and between countries will be further exacerbated. The crisis will therefore inevitably and adversely impact the implementation of the 2030 Agenda for Sustainable Development. The COVID-19 pandemic is expected to negatively influence almost all SDGs. The current crisis will also severely affect the prospects for industrialization in developing countries. What does this mean, More unemployment, more spade of Violence, More crises and it could even amount to increase in Health, Increase in crimes including FRAUD. No wonder we are seeing an unprecedented spike in the tendency towards scam and fraud not just in Nigeria alone, but globally.
Impact on trade and manufacturing production (Businesses)
COVID-19 is severely impacting businesses especially manufacturing production in developing countries because: 1) demand from high-income countries for manufacturing goods and raw materials is decreasing; 2) value chains are being disrupted due to delays in the delivery of necessary components and supplies from more technologically advanced countries; 3) other factors, including policies (e.g. restriction of movement of goods and people), inability of employees to reach the workplace or financial constraints, which affect the normal production process.
UN economists have estimated a USD 50 billion decrease in manufacturing production in February 2020, and the IMF warns that the negative economic effects will be felt “very intensively” in developing countries that sell raw materials. All these negative channels will inevitably have an impact on exports from developing countries. The losses in export volume will be further intensified by the decline in energy and commodity prices. UNCTAD projects that developing countries as a whole (excluding China) will lose nearly USD 800 billion in terms of export revenue in 2020.
More concretely, this could lead to financial bankruptcy for most business and could lead to businesses folding up.
Closer lens on Impact in Africa
Fully in line with the global economic prospects, a recent report of the African Union (AU) states that “Regardless of the scenario whether optimistic or pessimistic, Covid-19 will have a harmful socioeconomic effect on Africa” . There will be significant losses related to oil losses. Losses related to the fall of the global oil price are estimated at USD 65 billion. Losses amounting to USD 19 billion are expected in Nigeria alone. Like earlier noted , the crisis will massively also affect manufacturing firms. According to the AU report, the automotive industry (-44 per cent), airlines (-42 per cent) and energy and basic materials industries (-13 per cent) will face even higher losses. MNE perspectives of profits in developing countries have been revised downwards by 16 per cent. This revision amounts to 1 per cent in Africa compared to 18 per cent in Asia, and 6 per cent in Latin America.
Section 4 : ECONOMIC AND FINANCIAL IMPACT OF COVID-19:
The COVID-19 pandemic is a public health emergency — but it is far more. It is an economic crisis. A social crisis. And a human crisis that is fast becoming a human rights crisis. The economic effects in terms of households cannot be estimated, but the impacts are real. According to the United Nations industrial development organization. Containment measures have led to the further downward predictions of world GDP growth. The question that readily comes to mind is How does this effect trickle down to the households especially for a developing country like Nigeria.
The ILO’s previously predicted rise in unemployment of up to 25 million in 2020, with losses in labour income in the range of USD 860 billion to USD 3.4 trillion, seems accurate, if not underestimated. According to the ILO, these numbers may underestimate the real magnitude of COVID-19’s impact. The ILO’s latest summary states that the current containment measures are affecting close to 2.7 billion workers, representing around 81 per cent of the world’s workforce.
Developing countries are expected to suffer the most (Lower Trade and Investment)
The crisis is expected to hit workers in low- and middle-income countries like ours particularly hard, where the share of those working in informal sectors by that we mean Traders, repair persons, and who have limited access to adequate health and social protection, is higher. To make matters worse, the expected massive job losses among workers will likely have knock on effects on economies that heavily depend on remittances. Furthermore, the containment measures in advanced economies have already started impacting less developed countries through lower trade and investment.
Capital flight from developing countries at unprecedented rates
There will be unprecedented outflow of capital from developing countries as a result of weak financial markets, together with tightened liquidity conditions in many countries. UNCTAD for example illustrates the net debt and equity outflows from the main emerging economies, which amounted to USD 59 billion in the month since the COVID-19 crisis went global (21 February to 24 March).
How to Survive Individually
No doubt it is difficult to Prescribe how to live through a period no one has ever lived through before. However , This is why it is important we learn early on how to cope and survive in this period. Tomorrow we would be highlighting how individuals and families can and must guide COVID-19 response and recovery.
As the COVID-19 pandemic is rapidly spreading across the globe, most governments in developed and developing countries have deployed some type of policy response to curb the immediate human and economic effects. The IMF (2020), The question is what can we do in our households and minute communities to survive , find out in the continuation of the session tomorrow.
PwC (2020) has mapped a host of challenges for industry in light of the ongoing crisis, including supply chains and the workforce’s global mobility. It identifies policy measures such as extending lines of credit, reducing infrastructure costs, providing short-term funding, lessening the tax burden and providing supply chain support that could assist manufacturers in responding to and anticipating necessary adjustments.