THE way the Coronavirus has spread to all parts of the globe and the speed with which it is affecting more and more people of all nationalities with each passing day is alarming. Apart from the health risks, it is taking heavy tall on the economy of the individual countries as well as international commerce and trade and, therefore, requires more coordinated action by the world on a war-footing.
The issue assumes greater urgency and significance as the outbreak of the virus and its psychological effect are forcing countries to divert resources from other pressing needs to address the challenge. In Italy, all but most important surgeries have been suspended to focus resources on virus, doctors and nurses work non-stop, ambulances can be hard to find and in some cases emergency hotlines divert to recorded messages. Saudi Arabia has suspended travel to and from nine countries and quarantined entire Qatif region from where 11 of the 15 cases of the Kingdom have been reported. The spread of the virus to the United States has put President Donald Trump on defensive while the report that the Italian army chief has been tested positive for Coronavirus could have highly negative impact on global interaction and meetings held to exchange views on important issues. According to the Bloomberg, the economic fallout could include recessions in the US, Euro-area and Japan, the slowest growth on record in China, and a total of $2.7 trillion in lost output—equivalent to the entire GDP of the UK. The magnitude of the challenge requires urgent intervention at the UN level and holding of regional and global summits to ensure coordination and tackle financing and emergency response needs. Wealthy countries have the resources to take precautionary measures and absorb the economic shock but poor and developing countries would definitely need assistance to cope with the new challenge.
