Coronavirus and Economies of Developing Countries
Poverty-stricken countries might not stabilize after the pandemic.
Coronavirus has been declared as pandemic as the virus has now spread in 170 countries and territories with more than 212,000 individuals infected by COVID 19, and the death toll has reached 9000 people. As the number of infected people is increasing, the rate of recovered individuals a have been increasing along with it, as around 85,000 have become fully healthy after being infected and showing mild symptoms associated with the novel Coronavirus.
COVID 19 has affected all the things around the whole world, but the most affected by Coronavirus and economies of developing countries are suffering from it rather severely.
The continuing spread by COVID 19 has become the world’s largest threat to the financial market and global providence. Mainland China was the first and majorly affected by Coronavirus and economies of developing countries are now under duress after it has spread around the world and has caused the decline of every major industry, including education sector and airlines after major cities of multiple countries have been put into lockdown to reduce the risk of further spread of COVID 19.
While the majority of cases were initially reported in China, which was more than eighty thousand and all are resolved with either deaths or isolation treatment, now the epicenter of the pandemic is Italy with the second largest number of confirmed cases of COVID 19 after mainland China.
How will Coronavirus affect developing countries?
The health care system of developing countries has been already at its worst level, even before the pandemic due to limited financial and resources available. As the number of infected individuals continues to rise by Coronavirus and economies of developing countries is forecasted to decline rather fast. Limitations regarding the availability of proper treatment tools for every individual and intensive care unit also provide major restrictions in fighting the virus as compared to developed countries.
Some countries will face extra issues and burden with their economies as they might be challenging with other epidemics, natural catastrophes, or housing refugees that might provide hindrance in the fighting of the Novel Coronavirus. Several countries of Africa are already facing Ebola virus, and severe famine will not be able to survive after being hit with a third major issue which might paralyze the whole system of those countries as people are dying even by malaria and tuberculosis
People’s income is seriously affected by the pandemic after international travel restrictions, and business closure and economies of multiple countries have come to a standstill. Oil exporting countries are one of the most affected countries as the prices of oil have come to its lowest point in the last 10 years as several countries have decreased the amount of import of oil after the pandemic has hit them.
Rich countries should help those in need
After the worldwide pandemic of Coronavirus and economies of developing countries are suffering majorly as they don’t have the required resources to fight with the pandemic and resources about them might further fall. To fight with Coronavirus and economies of developing countries, it is now being advised to the rich countries to help them as thousands of people are under heavy financial burdens after the closure of jobs and people does not have any resource to pay their bills and mortgage.
As African states are slowly reporting multiple cases of Coronavirus and economies of developing countries, including several African states, they might not be able to cope with the outbreak. To counter this, rich and developed countries should help them with the required medical equipment for the week’s health care system, even though they too are fighting with the pandemic.
Many countries, including the poorest in the world, have started the preventive measures against COVID 19 by closing their borders and screening certificate required by every individual who is entering the country. These measures might not be enough, but will slow down the exposure. It has also been advised to the rich and developed countries to drop the loans taken to the developing countries and help them either financially or with the required medical equipment to fight against the pandemic.