Coronavirus: Global economy on trial, impact and the Nigerian factor
The effect of coronavirus pandemic on global economy has continued to generate rapid trepidation among governments, corporate organizations and businesses across the world, including Nigeria.
Nigeria, being an imported dependent economy, relies on China for most of its manufacturing goods. More than half of its imports such as clothes, healthcare products, construction materials and, even, household products come in from China.
Sadly, a larger percentage of major projects in Nigeria also rely on foreign loans and constriction workers. This calls for an urgent action.
The recent outbreak reveals the national economic insecurity facing Nigeria; perhaps if the global economy falls into a stop as a result of a pandemic, country like Nigeria will face untold hardship. Experts across the world have expressed fear that the rapid spread of coronavirus (code name COVID-19) could bring the global economy to a recess.
The epidemic that originated in China’s Wuhan city has affected 98 countries and territories around the world and has claimed at least 3,661 (March 08, 2020) lives globally while more than 107,732 (March 08, 2020) cases have been confirmed worldwide, according to Johns Hopkins University report. The World Health Organization (WHO) has declared the new coronavirus outbreak a global health emergency.
There is also strong evidence that it can be transmitted by people who are just mildly ill or not even showing symptoms yet. This means COVID-19 will be much harder to contain than Middle East Respiratory Syndrome or Severe Acute Respiratory Syndrome (SARS), which were only spread by those showing symptoms and were much less efficiently transmitted.
The severe acute respiratory syndrome (SARS) outbreak was the first epidemic of the 21st century that posed a global threat to the international communities, spreading across some 26 countries around the world in a matter of weeks, infecting around 8,500 people with a mortality rate of around 11% (912 deaths). But COVID-19 has already caused 10 times as many cases as SARS in just a quarter of the time.