Impakter
  • FINANCE
    • ESG News
    • Sustainable Finance
    • Business
  • TECH
    • Start-up
    • AI & Machine Learning
    • Green Tech
  • Environment
    • Biodiversity
    • Climate Change
    • Circular Economy
    • Energy
  • Industry News
    • Entertainment
    • Fashion & Lifestyle
    • Food and Agriculture
    • Health
    • Politics & Foreign Affairs
    • Philanthropy
    • Science
    • Sport
  • Editorial Series
    • SDGs Series
    • Shape Your Future
    • Sustainable Cities
      • Copenhagen
      • San Francisco
      • Seattle
      • Sydney
  • About us
    • Company
    • Team
    • Global Leaders
    • Partners
    • Write for Impakter
    • Contact Us
    • Privacy Policy
No Result
View All Result
  • FINANCE
    • ESG News
    • Sustainable Finance
    • Business
  • TECH
    • Start-up
    • AI & Machine Learning
    • Green Tech
  • Environment
    • Biodiversity
    • Climate Change
    • Circular Economy
    • Energy
  • Industry News
    • Entertainment
    • Fashion & Lifestyle
    • Food and Agriculture
    • Health
    • Politics & Foreign Affairs
    • Philanthropy
    • Science
    • Sport
  • Editorial Series
    • SDGs Series
    • Shape Your Future
    • Sustainable Cities
      • Copenhagen
      • San Francisco
      • Seattle
      • Sydney
  • About us
    • Company
    • Team
    • Global Leaders
    • Partners
    • Write for Impakter
    • Contact Us
    • Privacy Policy
No Result
View All Result
Impakter
No Result
View All Result
Home ESG FINANCE Business

Coronavirus Harms Economies Worldwide

byCarter Root
February 27, 2020
in Business, Editors' Picks, Health, Society
Share on FacebookShare on Twitter

The Coronavirus — Where It Stands

This past Sunday, February 23rd, there were a total of 79,205 reported cases of the coronavirus. In deaths, there were 2,470 reported cases. Considering the 23,419 reported recoveries from the virus, the statistics for the virus appear to be pointing toward a positive outcome. As of February 25th, the total number of reported cases rose to 80,427 while the number of recoveries rose to nearly 28k. 

With these statistics in mind, the number of total cases is rising at a rate of less than 1% per day. Meanwhile, the number of recoveries is rising at roughly 8% per day. Additionally, all cases with outcomes are now at a recovery rate of 91%. Compared to the rate of roughly 60% three weeks ago, it seems almost confirmed that we can soon rest easy without any fear of the coronavirus.

Effects on Economies

The impact of the virus extends farther than that of the individuals (and their families) affected, however. European economies and, more specifically, businesses reliant on tourism activity have recently seen a dip in their revenue due to travel bans implemented for health security. Roughly 70 airlines worldwide have canceled international flights to and from China, causing European (and other) economies to lose some of their wealthiest regular tourists. 

Many citizens from countries not restricted under travel bans have chosen to avoid travel altogether, leading to an even greater deficit in tourism business’ revenue. The International Civil Aviation Organization predicts that Japan may see a deficit of 1.29 billion USD in lost tourist revenue while Thailand misses out on 1.15 billion USD from the lack of Chinese travelers.

Tourist revenues dived in Italy, the new epicenter of the virus in Europe. Confturismo expects that there will be 22 million fewer tourists in Italy over the next three months. But all sectors are affected. Prometeia, an Italian economic research agency, estimates that GDP will contract by 0,3% because of the virus. Confcommercio, the Italian retail business association, expects losses to range between 5 and 7 billion euros should the outbreak last until May.


Related Articles: Coronavirus Political Risks | Coronavirus and Animal Policies

Europe, Thailand, and Japan are hardly the only economies affected by these economic ramifications.

China, in many ways, the manufacturing hub of the world with global supply chains, is deeply hit. Chinese economic growth is expected to slow to 4.5%, a nearly record low. Aside from the obvious blow to China’s economy, the ripple effects are felt in both Europe and America.

American companies are now feeling the economic effects of the coronavirus. With their product parts primarily being manufactured in China, large American corporations such as Apple, Nissan and Hyundai are seeing their partner factories either slowing in production or shutting down entirely.

American travel agencies are expected to see reductions in revenue as well, part of an estimated reduction of 4-5 billion USD worldwide.

In the Photo: All countries with coronavirus cases. Photo Credit: CDC

In response to the spreading virus, the annual National People’s Congress meeting was postponed in China. This postponement, among other factors, sparked political activists to speak out against the Chinese government’s neglectful response to the epidemic, an act which may have had them covertly detained.

With the virus being cured at a much higher rate than it is spreading, we can likely put these economic and health concerns behind us soon.


Editor’s Note: The opinions expressed here by Impakter.com columnists are their own, not those of Impakter.com — In the Featured Photo: People inside an airport — Photo Credit: @hiurich
Tags: Americachinacoronavirus outbreakeconomic impactitalytourism
Previous Post

Be A Lady They Said

Next Post

Supreme Court Rules Border Patrol Agent Cannot Be Sued for Shooting Mexican Teen

Carter Root

Carter Root

Carter Root is an English and Psychology student currently studying the latest research of the mental health industry. Outside of his studies, he has a passion for the environment, its wildlife, and cutting-edge breakthroughs in technology and other scientific fields.

Related Posts

fossil fuel phase-out
Business

Legally Sound Oil and Gas Phase-Outs

June 19, 2025
ESG news regarding Musk’s xai air pollution lawsuit, australia’s new sustainable finance taxonomy, brazil’s research into offshore drilling, and investment coalition with $9.5 trillion in assets calling for an end to deforestation
Business

Musk’s xAI Could Face Lawsuit Over Air Pollution

June 18, 2025
Iran and Biological Weapons: Could There Be Another Hidden Weapon of Mass Destruction?
Politics & Foreign Affairs

Iran and Biological Weapons: Could There Be Another Hidden Weapon of Mass Destruction?

June 18, 2025
Next Post
Supreme Court Rules Border Patrol Agent Cannot Be Sued for Shooting Mexican Teen

Supreme Court Rules Border Patrol Agent Cannot Be Sued for Shooting Mexican Teen

Recent News

Bonn Climate Talks Are a Critical Test for International Cooperation Ahead of COP30

Bonn Climate Talks Are a Critical Test for International Cooperation Ahead of COP30

June 19, 2025
fossil fuel phase-out

Legally Sound Oil and Gas Phase-Outs

June 19, 2025
Biofuel Prices Spike as Israel-Iran Conflict Demands Oil Alternatives

Biofuel Prices Spike as Israel-Iran Conflict Demands Oil Alternatives

June 19, 2025

Impakter informs you through the ESG news site and empowers your business CSRD compliance and ESG compliance with its Klimado SaaS ESG assessment tool marketplace that can be found on: www.klimado.com

Registered Office Address

Klimado GmbH
Niddastrasse 63,

60329, Frankfurt am Main, Germany


IMPAKTER is a Klimado GmbH website

Impakter is a publication that is identified by the following International Standard Serial Number (ISSN) is the following 2515-9569 (Printed) and 2515-9577 (online – Website).


Office Hours - Monday to Friday

9.30am - 5.00pm CEST


Email

stories [at] impakter.com

By Audience

  • TECH
    • Start-up
    • AI & MACHINE LEARNING
    • Green Tech
  • ENVIRONMENT
    • Biodiversity
    • Energy
    • Circular Economy
    • Climate Change
  • INDUSTRY NEWS
    • Entertainment
    • Fashion & Lifestyle
    • Food and Agriculture
    • Health
    • Politics & Foreign Affairs
    • Philanthropy
    • Science
    • Sport
    • Editorial Series

ESG/Finance Daily

  • ESG News
  • Sustainable Finance
  • Business

Klimado Platform

  • Klimado ESG Tool
  • Impakter News

About Us

  • Team
  • Global Leaders
  • Partners
  • Write for Impakter
  • Contact Us
  • Privacy Policy

© 2025 IMPAKTER. All rights reserved.

No Result
View All Result
  • FINANCE
    • ESG News
    • Sustainable Finance
    • Business
  • TECH
    • Start-up
    • AI & Machine Learning
    • Green Tech
  • Environment
    • Biodiversity
    • Climate Change
    • Circular Economy
    • Energy
  • Industry News
    • Entertainment
    • Fashion & Lifestyle
    • Food and Agriculture
    • Health
    • Politics & Foreign Affairs
    • Philanthropy
    • Science
    • Sport
  • Editorial Series
    • SDGs Series
    • Shape Your Future
    • Sustainable Cities
      • Copenhagen
      • San Francisco
      • Seattle
      • Sydney
  • About us
    • Company
    • Team
    • Global Leaders
    • Partners
    • Write for Impakter
    • Contact Us
    • Privacy Policy

© 2024 IMPAKTER. All rights reserved.