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Saudi Journal of Economics and Finance (SJEF)
Volume-4 | Issue-04 | 145-148
Review Article
What behind Coronavirus? How Coronavirus affect the Economic Growth
Nisreen Mousa
Published : April 24, 2020
DOI : 10.36348/sjef.2020.v04i04.002
Abstract
The first occurrence of the highly contagious Coronavirus was in 2003 when China was hit with the Severe Acute Respiratory Syndrome coronavirus (SARS-COV). SARS resulted in around 8,000 infections and 774 deaths worldwide not to mention the impact on world economy which saw declines in domestic and international travel and over 40 billion dollars in economic losses. Fast-forward to 2012, Saudi Arabia was hit with novel Middle East Respiratory Syndrome coronavirus (MERS COV) causing over 1611 active cases and 575 deaths worldwide. Since December 2019, our world succumbed to the rapid spread of COVID-19 now reaching 2,204,511 infections and 149,000 deaths worldwide. COVID-19 virus spreads through droplets of spittle or nose flow when an infected person coughs or sneezes. Effects vary between mild respiratory difficulties with average patients to severe illness with older people and those with underlying medical problems. Since vaccines are still unavailable, the world were to adopt extraordinary measure to control the outbreak such as flight suspensions, visa restrictions, border closures, social distancing and quarantine. The effects on world economy were severe with huge losses in tourism, travel, retail and service sectors and strains on the medical sector due to high demand and treatment costs.The circumstances surrounding COVID-19‘s spread makes many inquire about the motives of governments that are benefiting from the high infection and mortality rate of this virus to unproductive people, elderly and people with chronic illnesses forming a huge burden on welfare systems. Finally, with nothing confirmed, it is important to inquire about the invisible hands behind the epidemic and what would wait the world after COVID-19.
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