The Coronavirus is paralyzing the global economy

Publish: 10:35 PM, May 19, 2020 | Update: 10:35:PM, May 19, 2020

Coronavirus disease (COVID-19) is an infectious disease caused by a recently discovered coronavirus. The virus is spreading out rapidly in different parts of Asia and whole over the world. Experts believe that this has come from animals. Coronavirus originates in the city of Wuhan, China. Not all types of coronavirus are so dangerous. But viruses that can be transmitted from animals to humans are very dangerous. If, the body’s immune system is weakened, or for some other special reason, the virus can still be transmitted from animals to humans.

The coronavirus has paralyzed the wheel of the global economy, which has also affected Bangladesh. The COVID-19 pandemic was confirmed to have spread to Bangladesh on March 2020. As of 4 May 2020, there are a total of 10,143 confirmed cases besides 1,209 recove­red & 182 deaths in the country.

On 22 March, Bangladesh declared a 10-day shut down effective from 26 March to 4 April. This has later increased to 16 May 2020. Experts criticized that not enough tests are conducted in the country that has a population of over 160 million.

In response to the coronavirus epidemic, Bangladesh has been on a general holiday for more than a month and lockdown in many areas. So far, 60 districts of the country have been locked down due to the spread of the infection across the country.

The country’s economy is facing a loss of millions of rupees due to the stagnation across the country, as well as the benefits of a severe lockdown to prevent the spread of coronavirus. Meanwhile, it has been seen that in Dhaka, Narayanganj, Gazipur, Kishoreganj, the infection has increased during the general holiday or lockdown.

That is why some people question the effectiveness of public holidays. With public transport, offices, courts and businesses shutting down for more than a month, keeping the virus under control and reviving the economy has become a major challenge.

The economic downturn is as multifaceted as the success of an effective lockdown to prevent the spread of the coronavirus. Bangladesh’s GDP growth was expected to be 7.2 percent in the 2019-20 fiscal year, the World Bank said in a forecast this month, adding that growth could slow to 2-3 percent.

According to the World Bank forecast, if the epidemic lasts for a long time and reaches its worst stage, the growth will be negative. It may be up to -5.2 in Bangladesh. Economic activities in Bangladesh have come to a complete standstill during the general holidays.

As the Institute of Health Economics at Dhaka University, the amount of financial loss to the country in a month of general holidays is approximately 1 lakh 2 thousand 3 hundred crore which is at least 3300 crore rupees daily. Due to the economic stagnation in the agro-fisheries and livestock sector, a loss of Tk 200 crore is being incurred every day, while the estimated loss to the industry is Tk 1,131 crore. However, in the service sector, which suffers the most in the economy, the daily loss is Rs 2,000 crore. The daily loss of 57 lakh small and medium enterprises across the country is about Tk 1,074 crdaily.

The coronavirus has killed more than 60,000 people in the United States, one-third of the world’s total (till 4 May 2020). More Americans have died in the last six weeks from an invisible virus than from two decades of war in Vietnam. And the more deaths, the sharper the language of attack on China, President Trump and his political allies. Trump has commented confidently that the coronavirus was made in a Chinese laboratory. Economic activity of this country has come to a standstill as a lockdown has been imposed to curb the spread of the coronavirus. According to government figures, the world’s largest economy has shrunk at an annual rate of 4.6 percent. This is the first contraction of the US economy since 2014. More than 26 million people in the United States have applied for unemployment benefits.

The corona virus alone will cost India Rs 9 lakh crore. The agency Care Ratings says growth in the fourth quarter of the current fiscal year could stand at 1.5 to 2.5 percent. It will have an impact almost throughout the first quarter of the 2020-21 financial year. The death toll from the corona rose to 1,064 in the country. The number of cases of corona has risen to 33,050.

The number of corona cases in China is 82,065. However, 6,065 of them have recovered and 14,663 people have died. China’s economy has collapsed unimaginably.

It is a matter of concern that proper vaccine hasn’t been discovered today. For this reason, we should be conscious about disease. Like other respiratory illnesses, the virus can cause mild symptoms, including colds, coughs, sore throats, and fevers. Infection with this virus can be fatal for some people. It can also lead to pneumonia, shortness of breath and organ failure. Medical masks help to limit the spread of coronavirus and other diseases.

However, its use alone is not enough to reduce infection. Regular hand washing and avoiding contact with a potentially infected person is the best way to reduce the risk of contracting the virus. The COVID-19 virus spreads primarily through droplets of saliva or discharge from the nose of an infected person coughs or sneezes. We should sincere to children because there have been recent reports of children being infected in Mongolia at a high rate.

Shahzada Salim Reza
Writer and Journalist