The world is going thru a tough time. These are Covid 19 or Novel Corona Virus days. Past few months world’s biggest economies are busy firefighting this pandemic. The world’s trade and commerce is almost shut. We are experiencing a biggest universal self-imposed lock-down to contain the Corona Virus threat. This must be the 1st of its kind in the history wherein Governments, Financial Institutions, Trade bodies and various powerful corporations willfully adopted this unwarranted call – of all type of trade cessation in the interest of mankind. Threat has been conceived and measures to contain the spread of virus are roped in by all with a uniform voice. In spite of the fact that the fatality rate of this disease is not more than 5% and its main target audience is people with weak immunity, elderly ones – above 65 years and infants up to 03/05 years the consequences of this lock down are going to be cataclysmic.
Development and advancement in science and technology has reduced the physical distance and time between man and places. Vasudhaiva Kutumbakam meaning that World is one Family is so true and apt in present era as what affects here has reciprocatory affect elsewhere also and it ripples all across the globe. Wikipedia defines Pandemic as a disease epidemic that has spread across a large region, for instance multiple continents, or worldwide. Trade experts, Economist, Financial wizards all are trying to evaluate the impact of this pandemic which cropped up inadvertently and is considered to be worst for already ailing economy across continents. It was during 14th century that Italians encountered the outburst of “Bubonic Plague” and this revealed the importance of social distancing and quarantine to them. Lately this methodology was widely adopted and suggested whenever epidemic is suspected to have begun. World had no notion of microbiological world, but they comprehended that isolating infected or suspected people is the best way to contain the epidemic. Probably this was the first time in human history that anti-contagion measures were discovered and implemented. Whole world has come to standstill. As on date there is no solution for novel corona virus. WHO has declared it a Pandemic. The only answer available to contain this is quarantine and social distancing, which will further suffocate the failing economic graphs. Businesses, Factories, Shops, Start-up, Courts, Banks, and Government Institutions excluding essential businesses are either closed and/or manpower curtailed and/or the people are advised to work from home. Impact on world economy, trade and stock markets is negative and pessimistic. Recovery of Trade and Business looks gloomy and a distant dream. International Trade is hit hard. Commerce (local as well as cross border) have taken a big jolt. Stock Markets have nosedived. Production is closed. Industries have been shut. Movement of essential items have been exempted. All these are clear indications of an imminent greatest economic depression. I am hearing muffled steps of Great Economic Depression approaching as the time is passing by. Every day is crucial. Every effort in the direction to contain this Pandemic is vital. I am not being pessimistic and also not undermining the human capabilities but to arrest the present downtrend will require enormous efforts and emotional guts. In the following series I will share some points to ponder.