ABSTRACT

What is
coronavirus and
how it has impact
on the health
system and on
the economy and
how it changes
the current
scenario

Shivam
M.Sc.
Economics
(20617023)

REPORT ON COVID-19
 Report on COVID-19 by SHIVAM 1

INTRODUCTION
On December 31, 2019, the World Health Organization (WHO) was informed
that a cluster of pneumonia cases of unknown aetiology had been reported in Wuhan,
Hubei Province, China. China CDC identified the causative agent as a novel
coronavirus (SARS coronavirus-2 (SARS-CoV-2)). The disease associated with it is
referred to as novel coronavirus disease 2019 (COVID-19).

WHAT IS COVID-19
Coronaviruses (CoV) are a large family of viruses that cause illness ranging
from the common cold to more severe diseases such as Middle East Respiratory
Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV).
A novel coronavirus (nCoV) is a new strain that has not been previously identified
in humans.
Coronaviruses are zoonotic, meaning they are transmitted between animals
and people. Detailed investigations found that SARS-CoV was transmitted from
civet cats to humans and MERS-CoV from dromedary camels to humans. Several
known coronaviruses are circulating in animals that have not yet infected humans.
Common signs of infection include respiratory symptoms, fever, cough, shortness of
breath and breathing difficulties. In more severe cases, infection can cause
pneumonia, severe acute respiratory syndrome, kidney failure and even death.

RISE And IMPACT of coronavirus across the GLOBE

On March 11, 2020, the World Health Organization declared that COVID-19
was a global pandemic, indicating significant global spread of an infectious disease.
At that point, there were 118,000 confirmed cases of the coronavirus in 110 countries.
China had been the first country with a widespread outbreak in January, and South
Korea, Iran and Italy following in February with their own outbreaks. Soon, the virus
was in all continents and over 177 countries, and as of this writing, the United States
has the highest number of confirmed cases and, sadly, the most deaths. The virus was
extremely contagious and led to death in the most vulnerable, particularly those older
than 60 and those with underlying conditions. The most critical cases led to an
overwhelming number being admitted into the intensive care units of hospitals,
leading to a concern that the virus would overwhelm local health care systems.
As the deaths rose from the virus that had no known treatment or vaccine
countries shut their borders, banned travel to other countries and began to issue
orders for their citizens to stay at home, with no gatherings of more than 10
individuals. Schools and universities closed their physical locations and moved
education online. Sporting events were cancelled, airlines cut flights, tourism
evaporated, restaurants, movie theatres and bars closed, theatre productions
cancelled, manufacturing facilities, services, and retail stores closed. In some
businesses and industries, employees have been able to work remotely from home,
but in others, workers have been laid off, furloughed, or had their hours cut.
 Report on COVID-19 by SHIVAM 2

The International Labour Organization (ILO) estimates that there was a 4.5%
reduction in hours in the first quarter of 2020, and 10.5% reduction is expected in the
second quarter. The latter is equivalent to 305 million jobs.
Globally, over 430 million enterprises are at risk of disruption, with about half
of those in the wholesale and retail trades. Much focus in the press has been on the
impact in Europe and North America, but the effect on developing countries is even
more critical.

ECONOMIC IMPACT OF COVID-19

The COVID-19 global pandemic has produced a human and economic crisis
unlike any in recent memory. The global economy is experiencing its deepest
recession since World War II, disrupting economic activity, travel, supply chains, and
more. Governments have responded with lockdown measures and stimulus plans,
but the extent of these actions has been unequal across countries. Within countries,
the most vulnerable populations have been disproportionately affected, both in regard
to job loss and the spread of the virus.

The implications of the crisis going forward are vast. Notwithstanding the
recent announcement of vaccines, much is unknown about how the pandemic will
spread in the short term and beyond, as well as what will be its lasting effects. What
is clear, however, is that the time is ripe for change and policy reform. The hope is that
decision makers can rise to the challenge in the medium term to tackle the COVID-19
virus and related challenges that the pandemic has exacerbated—be it the climate
crisis, rising inequality, job insecurity, or international cooperation.

CURRENT SCENARIO
In the past week the number of new COVID-19 cases and deaths
continued to rise with 70 million cumulative cases and 1.6 million deaths
globally since the start of the pandemic. The Regions of the Americas and
Europe continue to shoulder the burden of the pandemic, accounting for
85% of new cases and 86% of new deaths globally. Globally as of 16
December 2020, there have been 72,196,732 confirmed cases of COVID-19,
and 1,699,560 confirmed death cases.
 Report on COVID-19 by SHIVAM 3

PREVENTIVE MEASURES
To prevent the spread of COVID-19:
• Clean your hands often. Use soap and water, or an alcohol-based hand rub.
• Maintain a safe distance from anyone who is coughing or sneezing.
• Wear a mask when physical distancing is not possible.
• Don’t touch your eyes, nose or mouth.
• Cover your nose and mouth with your bent elbow or a tissue when you cough
or sneeze.
• Stay home if you feel unwell.
• If you have a fever, cough and difficulty breathing, seek medical attention.
 Report on COVID-19 by SHIVAM 4

CHALLENGES WE FACE
The COVID-19 crisis has affected societies and economies around the globe
and will permanently reshape our world as it continues to unfold. While the fallout
from the crisis is both amplifying familiar risks and creating new ones, change at this
scale also creates new openings for managing systemic challenges, and ways to build
back better.
Some of them are:
1. Global Governance: Planning for the World After COVID-19: The post-
COVID world will be shaped by decisions being made in the crucible of the fight
against the virus. At the very least, leaders across the world must cooperate to fight
against the virus, collectively eliminating it. They must do so without being
distracted by political differences but by focusing on the extraordinary challenges
that lie within their own borders.
2. Economics: Trade and Connectivity in the PostCOVID-19 World: The WTO
expects the volume of merchandise trade to fall between 13% and 33% in 2020, and
even worse for trade in commercial services. At the time of writing, the IMF’s
forecast of a 3% contraction of the world economy in 2020 looks optimistic There are
clearly gaps in the international institutional architecture for dealing with emerging
risks. A new international organization in charge of precaution is needed, one that
takes charge of risk assessment, monitoring and notification. Such an institution
could also include governance of strategic buffers, removing the need for overly
precautious policy on the part of nations.
3. Health: Providing Free Health for All, everywhere: Now COVID-19 has
taken hold, universal healthcare has been shown to be the ultimate global public
good. Beating COVID-19 and recovering from the crisis depends on delivering free
healthcare for all, everywhere, fast and forever.
Given the interconnectedness between health and livelihoods, all countries will also
need to strengthen social safety nets to enhance resilience.
4. Management: Catastrophic Risk Transfer in a Post-Pandemic World: As
governments and businesses refine risk management in a world that feels riskier and
more interconnected than ever, focus must be on harnessing the strengths of the
public and private sectors to allow private-risk transfer within its capabilities, and
provision of public support for the private sector’s two key limitations: covering
catastrophic levels of correlated losses; and protecting the most vulnerable who
cannot afford private protection.