Published:  12:16 AM, 02 April 2020 Last Update: 12:18 AM, 02 April 2020

COVID - 19 outbreak: Impacts on South Asian economy

COVID - 19 outbreak: Impacts on South Asian economy

Md Toufique Hoosain

The novel coronavirus (COVID - 19) is spreading remarkably around the whole world, making the global ecovnomy handicapped. The virus that originated in China at the end of 2019 now has emerged as a pandemic. China and Europe have the highest death rates so far.

Some argue that the outbreak of the virus from poisonous animals and others say the virus is due to eating poisonous food. It is apparently a human-centered virus that spreads through hives, coughs and originated from an animal.

Undoubtedly, the virus is just as harmful to humans as it is to the economy. Now the discussion looks at some of the effects of COVID - 19 on the economy and suggests some forward-looking plan to the problem.There is no doubt that the progress of an economy is slowdown because of COVID - 19. How?

 Organization for Economic Co-operation and Development (OECD) report revealed that "Impact of weaker domestic demand, lower commodity and equity prices and higher uncertainty. Base-case scenario with the virus outbreak centered in China; a broader contagion scenario with the outbreak spreading significantly in other parts of the world."

The success of the economy of Bangladesh is enviable in the last couple of years. Export-based garments industry has been playing a big role in the economy of Bangladesh. It is also true that,in Bangladesh, poor people are the main sufferer of any type of disease only because of their inability to benefit from health-related issues. For developing countries, it is a very important issue to ensure human safety.

In conclusion, any humancentric virus should be tackled because it is harmful to the health of humans as well as the growth of the economy. Mass-awareness alongside necessary security measures improves a country's capability to tackle COVID - 19.

The writer is a development professional, is an analyst specialized in financial market, economics and digital finance.
Emai: toufique @wavefoundationbd.org


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