No one envisaged it. Nobody saw it coming. The rage of the Covid-19 has been quite phenomenal in all ramifications. The big bull is here; the all-powerful Coronavirus and its deadly fangs have unleashed untold fear, terror and hardship on all of us. From the Americas to Asia, from Europe to Africa and from Australia to Oceania; Covid-19 has swept through the seven continents of the world like a deadly hurricane. Right now, it’s only because the Antarctica is aloof and not habitable for human beings, that’s why this daredevil cannot touch it.
It’s an understatement to say that this Wuhan-born virus has wreaked untold havoc on our world and its devastating effects may take the whole world about five years to mop up, according to experts. But what is it…what is Coronavirus or Covid-19 as it’s been renamed lately?
According to the World Health Organization (WHO), Coronaviruses are a large family of viruses that are known to cause illness ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS) and Severe Acute Respiratory Syndrome (SARS). Medical experts have affirmed that the virus can be transmitted from person to person, usually after close contact with an infected patient, for example, in a household, workplace, or health care facility.
Coronavirus outbreak has negatively impacted on global economy in a very shocking way and world renowned economists, groups, rating agencies, business schools and top ivory towers have all been taken aback by the ravaging powers of this raging storm. According to World Economic Forum, “The shock to the global economy from COVID-19 has been both faster and more severe than the 2008 global financial crisis (GFC) and even the Great Depression. In those two previous episodes, stock markets collapsed by 50% or more, credit markets froze up, massive bankruptcies followed, unemployment rates soared above 10%, and GDP contracted at an annualized rate of 10% or more. But all of this took around three years to play out. In the current crisis, similarly dire macroeconomic and financial outcomes have materialized in just three weeks. Click the link below to read more.
https://citynewsng.com/the-raging-third-world-war-why-covid-19-may-defeat-the-contractual-rights-of-force-majeure-sola-adeyemo/