EFFECT OF CORONA VIRUS ON GLOBAL ECONOMY
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The World Health Organization (WHO) declared COVID-19 a global health emergency in January 2020, and on March 11 it declared the viral outbreak a pandemic, the highest level of health emergency.
1 Since then, the emergency has evolved into a global public health and economic crisis that has had a far-reaching impact on the world’s $90 trillion economy that has not been seen in nearly a century.
In a twist on John Donne’s poem “No Man is an Island,” the viral infection spread between and across countries and affected nearly every community, demonstrating the global economy’s interconnected nature: the virus has been detected in every country and all U.S. states. 2 By early March 2020, the focus of infections had shifted from China to Europe, particularly Italy, but by April,
the spotlight had shifted to the United States, where the number of infections was increasing. By April 2021, India, Brazil, and parts of Africa and Asia had emerged as viral hotspots, with infection and death rates reaching daily highs.
The more virulent COVID-19 Delta variant reportedly had become the more globally dominant strain of the virus by mid-September 2021, prompting various national leaders to call for additional health measures, including the reintroduction of travel restrictions.
3 According to ECDC projections, the variant could account for 90 percent of coronavirus infections across much of Europe by the end of August 2021 and “could lead to a fast and significant increase in daily cases in all age groups.”
4According to the Centers for Disease Control and Prevention, the Delta variant was also increasing as a percentage of total cases in the United States, accounting for 97.9 percent of all cases in late August 2021. (CDC). 5 After escaping the initial rounds of infections, cases in Australia and New Zealand were rapidly increasing, prompting restrictions on social gatherings and movement.
6 COVID-19 infections were on the rise in Russia in June 2021, owing to the populace’s reluctance to receive the Russian-developed Sputnik V vaccine.
The World Health Organization estimates that by November 1, 2021, the COVID-19 virus will have sickened over 246.6 million people worldwide, with over 5.0 million deaths:
The United States reported that over 45.6 million Americans had been diagnosed, and over 740 thousand people had died as a result of the disease. The virus killed him. More than 80
countries had closed their borders to arrivals from infected countries, ordered businesses to close, instructed their populations to self-quarantine, and closed schools to an estimated 1.5 billion children at one point. 8 The date is set for August 23, 2021.
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