Global Economy begins to fall as Covid-19 spreads

Anmol Aujla / March 2, 2020

As Covid-19 spreads across the globe stock begins to decline more than ever, especially in China.
(Pixabay)

The recent outbreak of Covid-19 has had more than a negative medical effect around the world, but a market fall.

Since the virus broke in China multiple businesses around the globe have begun to suffer.

Many businesses have imported goods from China; however, the risk of infection has forced many vendors to switch their source of goods.

According to The China Passenger Car Association (CPCA) car sales have seen a decline since early February.

Domestic sales have plummeted by 96% and most dealerships remained closed as a precaution.

Studies show that businesses are dealing with lost revenue and distorted supply chains, as a result to the factory shutdowns across China.

According to the IES Oil Market Report (OMR) global oil demand has been hit hard by the coronavirus and the shutdown of China’s economy. The virus created a global downfall for the markets around the globe. Although, during the downfall of China’s economy, business aren’t the only ones effected globally. The scare of the virus being transmitted has changed the habits of multiple consumers.

When asked consumers stated that have adjusted their shopping habits to lower the risk of Covid-19.

According to The New England Journal of Medicine, a robust research effort to find a vaccine for Covid-19 is underway. They anticipate that the first candidate will enter phase one by early spring. More updates on the virus are yet to come.