an expositary essay on Covid-19 pandemic and its global effect.
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Coronavirus disease 2019 (COVID-19 or coronavirus) was first detected in December 2019 by health authorities in Wuhan City in the People’s Republic of China. Since that time, more than 118,000 cases have been confirmed worldwide, and the virus has spread to more than 114 countries across 6 continents, causing over 4,200 deaths to date, according to the World Health Organization (WHO). Spread of the coronavirus is causing a global emergency. It has been characterized as an “epidemic” by the US Centers for Disease Control and Prevention (CDC) and the WHO has just raised the status to that of a “pandemic”—an infectious disease that is able to infect people easily and spread from "person to person in an efficient and sustained way," according to the CDC.
In addition to significant health concerns, the spread of the coronavirus will impact the global economy. Just-in-time supply chains, many of which originate in China, are particularly vulnerable to disruption caused by COVID-19. In January 2020, Chinese officials mandated factory shutdowns across most of the country’s provinces in order to stem transmission of the coronavirus. Despite expectations of their reopening in early February, many have remain shuttered. These factories make everything from medicines to car parts to electronics, and their shutdown has interrupted the work routine of roughly 60 million Chinese workers, according to Dun & Bradstreet.
Many analyses compare the coronavirus with the 2002-03 SARS epidemic. But this comparison is misleading as the relative importance of China in the worldwide economy has increased tremendously in the past 18 years. China has more than doubled its share of trade with the rest of the world in that time, and many more industries are now heavily dependent on its economy.
As a result, the coronavirus has caused almost every Fortune 1000 company to experience an interruption of their routine business operations. Across nearly every industry, multinational companies are confronting the stark reality that business will not go on as usual. Further, economists have warned that the coronavirus outbreak could cost the global economy an estimated $1.1 trillion in lost income. Some predict that the epidemic's after-effects will cause the global economy to shrink this quarter—for the first time since the end of 2008, when a shock to the financial sector caused turmoil for businesses around the world.
Many countries plan to implement stimulus packages to mitigate coronavirus impact. On March 3, 2020, the Federal Reserve slashed interest rates by half a percentage point; the first unscheduled, emergency rate cut since 2008, and the largest one-time cut since then. The International Monetary Fund has announced it will provide additional support to poorer countries by way of grants and debt relief. But such efforts cannot save certain businesses and industries from the substantial losses that will inevitably result from a pandemic.
Specifically, experts expect that technology companies, apparel makers and industrial-equipment manufacturers, as well as shipping companies, hospitality chains, airlines and the luxury goods sector will be among those hardest hit by the coronavirus. The economic slowdown could also derail US plans to increase exports of farm produce, energy and manufactured goods to China, delaying any real recovery in the distressed farm and rust belts and other areas of the US economy that rely on the US-China trade relationship. Below is an overview of those industries we expect will be hardest hit by the coronavirus outbreak.
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Answer:
The period following the Black Death in Europe turned out to be the “waning of the Middle Ages", bringing to an end the universalist culture.
The COVID-19 epidemic could lead to similar far-reaching, historically significant global change, according to one historian.
The outbreak of the new coronavirus, COVID-19, that began in Wuhan, China, may well turn into a global pandemic. More than 50 countries have confirmed cases of the virus, with the precise nature of the transmission mechanism remaining unclear.
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