THE ABRUPT SPREAD OF THE CORONAVIROUS DISEASE AND THE CRASH OF THE GLOBAL ECONOMY

World Health Organisation

                   

The cases and deaths of the coronavirus have, unfortunately, doubled or tripled during the last few days.  The number of cases and deaths in China and South Korea are still rising but at a slowing rate, but the number of patients and victims in Iran, Italy, Switzerland, France and Germany, parts of the Middle East and the USA are growing fast.

More than 4.000 people have died, worldwide, from the coronavirus and over 113.000 cases have been recorded and about 64.000 people have recovered, according to the World Health Organisation.  What is alarming is that the number of cases and victims are growing rapidly, daily, one of the reasons being that some carriers are asymptomatic 

  

In Italy, there were 1.492 more cases overnight and 102 more deaths bringing its total, on Wednesday, to 631.  The whole of Italy is now in quarantine, the cities and towns are deserted ghost towns. Our thoughts and prayers are with you, dear friends.

Iran temporarily released about 70.000 prisoners due to the coronavirus epidemic, as the death toll rose by 43 new fatalities to 237.

 In Germany where 1.153 cases have been confirmed the Health Ministry has appealed to citizens to travel as little as they can, to work from home and to contact doctors by telephone in cases, where the virus is suspected.  So far, it had been possible to isolate those infected or those infected from their environment, but this is no longer likely.  Nevertheless, the authorities are trying “to protect the population as best as possible”, by limiting transportation, such as flights, busses and trains, The have also prohibited large gathering such as trade shows, like the Wine and Beer Festivals and INTERPACK which have been postponed.

      

The UK Health Secretary said that there are 4 deaths and 319 cases from the coronavirus disease in the country.  “We shall do what is right to keep the people safe and guided by science we shall act at an appropriate time.” 


Spanish media say that about 60 people contracted the virus at a funeral, two weeks ago and the national death toll has risen to 10. The latest unfortunate news is that in Spain there are 2.303 confirmed cases, with 183 recoveries, and 56 deaths.   Almost al the deceased were aged between 70-90 years old.  Also, at least 126 hospitalised patients are in intensive care.   

  

Greece has shut down schools, theatres and large public gatherings, as from Wednesday, according to the latest measures to stop the spread of this terrible disease.  Cases have climbed dramatically in the country after pilgrims, who were carriers, returned from Israel and Egypt. Unfortunately, authorities are preparing for the numbers to soar, potentially affecting up to 15% of Greece’s population of 15 million.  That means that more than 5.000 intensive case units might be needed and George Patoulis, the regional governor of Attica, the largest and most densely populated region in Greece, is calling for extra measures.  He wants the government to hire extra medical staff and to supply masks, soap, antiseptic solutions and gloves to hospitals and he urges the authorities to open up to 100 more intensive care units in and around the capital of Athens.

Prime Minister Kyriakos Mitsotakis headed a crisis meeting, last Sunday, to propose a plan that would help to stop the spread of the virus from western Greece to other parts of the country.  He also tried to convince the Greek Orthodox Church hierarchy that they should shut down the churches and avoid distributing Holy Communion, during the coronavirus epidemic. On Wednesday, stricter measures were imposed by the government, such as the shutting up of all educational institutions and forbidding sports activities, concerts, theatres, cinemas and all sorts of gatherings. 


All this seems like a nightmare, it is unbelievable that this devastating plague is taking place in the 21st century.  Apparently, researchers are working non-stop to discover a vaccine or an antidote against this terrible disease. 

The global system came under unusual and intense pressure over the weekend.  Reports about the quarantines imposed on countries due to the coronavirus disease, a dispute in the OPEC negotiations about levels of oil production, and an already angry financial market collided to produce a global stock market crash.  For a moment, downward trading was so quick that all trading activities were halted in the United States. European exchanges were close behind following the sentiment in the Asian – Pacific region where markets ended sharply lower.

The Dow Jones

We have had market crashes before and anyone who is familiar with commercial  markets know all too well and that things can become, occasionally extremely bad, This is clearly one of those moments, where the global pandemic starts a wave of uncertainty and severe pause in economic activity, which is now felt all around the world.

As mentioned above, as the coronavirus subsides in China and South Korea, it is now intensifying in Europe, in parts of the Middle East and in the USA. This has massive implications, but in a moment of concern and anguish, we should do, what we think is more advantageous for us. 

Occasionally, in the course of history, the worst possible happens, like the Great Depression, the Spanish Flu in 1918, the two World Wars, the Korean war, the SARS and birds flu diseases, and so many other problems that have beset us.

So, we should be thankful, because, the coronavirus disease, usually, has mild symptoms compared with these awful, deadly ailments and wars are ghastly nightmares, where so many young people of the armed forces and civilians are killed, causing so much blood and pain and anguish.  There can be nothing more agonising and horrifying than war.

Let us hope and pray that all wars will end, that all diseases will become curable in the very near future, and humanity will live in peace and tranquillity, happily ever after.

By Zhlying Lim