Tourism across the globe has reported over 80% decrease in sales and revenues
MALAKAND: Historical analysis shows us that humanity has overcome a number of deadly pandemics and epidemics over the centuries. We are currently in the midst of one. Within weeks the deadly Covid-19 virus has made its way around the entire globe. First discovered in the city of Wuhan China, it has pushed the world economy to the brink of collapse. The virus has affected almost every continent and financial markets are facing a great deal of turmoil.
China, a country that is accredited with the title of being “the factory of the world” now faces a sudden decline in demand for goods. The fact of the matter is that due to the sheer scale of the outbreak China is not the only country that is economically affected. The virus has literally put the brakes on economies all over the world as governments hurry to announce relief packages to those affected by it. The two giant economies, the US and China, have started blaming each other for the spread of the novel virus while those at the bottom of the food chain struggle to survive. According to statistics, it is estimated that millions of people will be pushed towards poverty due to lockdowns that have been initiated in order to curb the spread of the deadly virus.
Tourism across the globe has reported over 80% decrease in sales and revenues. Almost $2.7 trillion have been lost in the global GDP, and the virus is only just picking up. Investors are gone into quarantine, industries and factories have closed down, the oil price steadily increases and daily wagers have been restricted to their homes. This toll on the globalised economic system has resulted in the decline of national income, trade, transportation, tourism and employment. If the world community does not unite and take timely action, the global economy will shrink and we will eventually witness the collapse of economic system.
Ikram Ullah Buner
Published in The Express Tribune, April 17th, 2020.
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