Coronavirus pandemic, it’s effects on business and how to overcome

Humans are spreading all across the world, and so are infectious diseases. Even during this modern era, outbreaks are nearly constant, though not every outbreak reaches epidemic levels like the Coronavirus (COVID-19) has. Diseases have afflicted humanity since the earlier times, our mortal flaw. However, it was not until the marked shift to pastoral communities that the scale and expansion of these diseases increased dramatically. Several coronaviruses, first discovered in domestic fowls in the 1930s, can result in respiratory, gastrointestinal, liver, and neurologic diseases in animals. Only 7 of those coronaviruses are known to cause diseases in humans. 4 of those cause common colds while the other 3 are more severe and can be fatal. These 3 viruses have caused major outbreaks in the 21st century.-SARS-CoV was discovered in 2002 as the source of an outbreak of severe acute respiratory syndrome (SARS).-MERS-CoV was identified in 2012 as a source of the Middle East respiratory syndrome (MERS).-SARS-CoV2 is identified as the cause of coronavirus disease 2019 (COVID-19) that began in Wuhan, China in late 2019 and spread worldwide and has caused a pandemic.

SARS (Severe Acute Respiratory Syndrome)

SARS-CoV was first detected in China in November 2002 and eventually spread to more than 30 countries. In this outbreak, over 8000 cases were reported worldwide, with 774 deaths (about a 10% fatality rate, which varied significantly by age, ranging from less than 1% in people of under 24 years to more than 50% in those over 65 years). The SARS-CoV outbreak was the first time that the Centers for Disease Control and Prevention advised against travel to a different region. This outbreak faded, and no new cases have been identified since 2004.

MERS (Middle East Respiratory Syndrome)

MERS-CoV infection was first announced in September 2012 in Saudi Arabia, but an outbreak in April 2012 in Jordan was confirmed retrospectively. Through 2019, worldwide, nearly 2500 cases of MERS-CoV infection, with almost 850 related deaths, have been reported from 27 countries. Cases have been confirmed in countries throughout Europe, Asia, North Africa, the Middle East, and the United States in patients who were either transferred there for care or became ill after returning from the Middle East. The average age of patients with MERS-CoV is 56 years, and the male: female ratio is about 1.6:1. The infection tends to be more acute in older patients and patients with a preexisting disorder such as diabetes, a chronic heart disorder, or a chronic renal disorder.

COVID-19 (Coronavirus)

Coronavirus disease (COVID-19) is a contagious disease caused by a new virus. COVID-19 was first reported in late 2019 in Wuhan, China and has since spread extensively all around the world. The virus was initially passed on from animals to humans. Person-to-person spread occurs through contact with infected emissions, mainly through contact with large respiratory droplets, but it could also occur via contact with a surface contaminated by respiratory droplets. The coronavirus appears more transmissible than SARS and the way it has spread is probably more similar to that of influenza. It has affected over a million people by now and has caused over 50,000 deaths. Symptoms may consist of fever, cough, and shortness of breath. People with a more severe infection may have lymphopenia and chest imaging findings consistent with pneumonia. The exact incubation time is not certain: estimates range from anywhere between 1 to 14 days. The risk of serious disease and death in cases of COVID-19 seems to increase with age. The medical care of cases of COVID-19 is supportive. No vaccine, antiviral drug, or other specific treatment has yet been found. You can protect yourself by washing your hands several times a day, refrain from touching your face, and avoid close contact (1 meter or 3 feet) with people who are sick. The only solution the medical world has to offer at this point are ways to try to ease the potentially fatal symptoms and support the immune system as much as possible in the hopes that the patient will get the best chance of recuperation.

How to make your immune system stronger? It is pretty simple if I have to sum it up I would say just eat and sleep well. At the moment the antibodies created by one’s immune system is the only way to overcome this disease.The coronavirus is spreading. It’s terrifying. Will I be infected? My friends? And most importantly how will it affect us? The uncertainty of the unknown is probably the most disturbing of the whole situation. Schools, bars and restaurants have been closed down. Streets are empty. People are working from home. The world seems upside down with the coronavirus pulling our lives and our daily routines apart. High levels of uncertainty related to the coronavirus epidemic have been noted in several other economies with a high number of cases (such as France, Germany, Iran, Italy, Spain, Switzerland, the United Kingdom and the United States). What’s being concluded from the coronavirus pandemic is the fact that some states are equipped to handle this type of action, and some are not, and it has little to do with development status.

Most contagious pandemic yet?

In China, the state put mutual welfare over discrete rights: and in this instance, it was the right thing to do. In the United States, local and state governments across the country have done their best to handle the crisis, with several states passing strong legislation to enforce social distancing faltering expulsions and utility payments to help those who will suffer from the disrupting economic disruption. The United States also believes that the World Health Organization did not declare this virus a pandemic on time. The Australian government operated its urgent response to COVID-19 on February 27, declaring it a global pandemic much earlier than the World Health Organization and any other advanced economy in the Group of Seven nations. Michael Wallach, a vaccines expert at the University of Technology Sydney, said that this allowed authorities there to quickly release emergency funding and tax breaks, and bought precious time for its medical facilities to arrange for a possible flood of patients. Britain’s Prime Minister Boris Johnson, who has tested positive himself, has recognized that Britain is struggling with its “greatest public health crisis” in decades. As of March 30, Britain’s outburst has fallen behind its European counterparts, with more than 19,500 infections and about 1,300 deaths. The British government has now inflicted a total lockdown, with only necessary trips to supermarkets and for medicine, as well as exercise, allowed. Authorities in Germany adopted comparatively stern measures early on, including closing all schools and day-care centers and disallowing gatherings. Italy is following the trail of the U.S. as the base of COVID-19, according to the World Health Organization. It has around 98,000 infections and over 11,000 deaths, most of them in its rich northern regions, where there are world-class hospitals. Italy has inflicted a near-total lockdown on its citizens, with only supermarkets and medical stores open to the public.

French President Emmanuel Macron has also sternly restricted movement in France. Only trips to the doctor and food stores will be permitted. Macron also postponed elections. As of March 30, France had over 40,174 cases of COVID-19 and 2,606 deaths from the novel coronavirus. Spain, the most affected nation after Italy and the U.S. have taken comparable actions to France. It has more than 85,000 cases of COVID-19 and 7,300 deaths from the new coronavirus. As I write these lines, the coronavirus continues to spread. As more countries inflict quarantines and social distancing, the fear of infection and income losses is increasing uncertainty around the world. The coronavirus outbreak is a human tragedy, impacting thousands of people. It is also having a growing effect on the global economy. Lockdown is placing constraints on the global economy. We face a serious decline.

Effects of the Coronavirus on different businesses

This constraint has led some world leaders to call for the moderation of lockdown measures. The economics of disintegration is fairly uncomplicated. Businesses exist to make an interest. If they can’t manufacture, they can’t sell things. This means they won’t make interests, which means they are less able to hire you. Businesses tend to hold on to workers that they don’t need immediately: they want to be able to meet ultimatum when the economy picks back up again. But, if things start to look inadequate, then they won’t. So, more people lose their jobs or are scared of losing their jobs. So they buy less. And the whole pattern starts again, and we decline into an economic depression. Business leaders are struggling to deal with a wide line-up of problems, from collapsing sales and impeding supply chains to keeping employees healthy and making sure they can continue working.

Travel industry

The travel industry has been poorly affected, with airlines calling off flights and tourists canceling business trips and vacations. Governments all around the world have established travel limitations to try to subdue the virus. The EU has forbidden visitors from outside the union for 30 days in an unmatched move to seal its borders because of the coronavirus pandemic. In the US, the Trump administration has prohibited travelers from European airports from coming into the US. Information from the flight tracking service Flight Radar 24 states that the amount of flights has taken a huge hit worldwide.

Telecoms and Technology

The clearest and most rapid business impact of the coronavirus pandemic has been a serious disturbance to supply chains. The spread of the coronavirus has caused several of the foremost important tech conferences to be canceled, likely leading to numerous missed partnership opportunities. Online substitutes have helped limit the fallout from canceled conferences, but tech industries will likely still suffer a period of suppressed innovation because of renounced in-person business opportunities. The growing need for remote interactions in the middle of the coronavirus pandemic has highlighted a requirement for 5G technology, potentially accelerating adoption within the future.

Digital Media

Global media ad spending is most likely going to suffer heavy loss because of the coronavirus, according to newly revised eMarketer estimates, but for now, nearly all of the related slowdown is caused by China alone. Companies with supply chains reliant on China might begin to scale back their ad spend as a way to mitigate economic losses. Additional event cancellations could cause advertisers to miss out on typically reliable, high-profile opportunities, which can not have appealing substitutes within the year. The spread of coronavirus is probably going to improve digital media consumption across the board as people spend a long time and communicate personally less. Marketers will need to get creative to search out opportunities to deliver personal experiences to clients and customers from a distance.

 Payments

Cashless payment adoption and use could increase worldwide. E-commerce is probably going to grow as consumers eschew physical stores and crowded gathering places—but this might create logistical challenges. Delivery services across the world might see an overwhelming charge of new customers, but they’ll need to work to keep up consumer trust. While individual sectors are likely to improve, however, payment companies are expecting an overall downfall in business as consumer spending falls.

Services Contraction

The virus crisis in China has also hit the country’s services industry as reduced consumer spending affects retail stores, restaurants, and aviation along with others. The services sector within the U.S, the world’s biggest consumer market, also contracted in February, per IHS Markit, which assembles the monthly PMI data. One reasoning behind the U.S. services contraction was a decrease in “new business from abroad as customers held back from placing orders amid global economic uncertainty and also the coronavirus outbreak,” stated the IHS Markit.

Stock Market Rout

Terror surrounding the influence of COVID-19 on the worldwide economy has affected investor sentiment and led down stock values in major markets. Cedric Chehab, head of country risk and global strategy at Fitch Solutions has identified three channels through which the COVID-19 outbreak was going to affect markets so that’s the slowdown in China, the slowdown from domestic outbreaks, and also the third channel was financial markets stress.

Daily Wagers

The bigger concern that a decline in the economic movement would halt people’s daily wages, would evaporate the work that daily wagers do, is already concluding. Daily wage laborers call for sites and opportunities that require their skills or input. But when there’s a lockdown, all economic activities and construction activities are halted.

CoronaVirus in the United States

The US is at first, and not in a good way. The previous week, the United States set a shocking record, exceeding all other nations in the announced number of people infected with the coronavirus. An epidemiological threat like the coronavirus, can have troublesome effects on the economy. It can damage the worldwide supply of products, making it harder for U.S. firms to fulfill orders. It may also ambush workers in affected areas, lessening labor supply on one end and the opposite, slow down the requirement for U.S. products and services. The economic disruptions provoked by the virus and also the growing uncertainty is being reflected in lower evaluations and increased turbulence within the financial markets. While the precise effect of the coronavirus on the U.S. economy is unknown, it’s clear that it poses great risks. To place the U.S. economy on stable footing, CAP recommends that Congress and also the President Trump administration got involved in revenue stimulus and embrace five key principles for economic policy action in acknowledgment to the coronavirus:

• Do No harm.
• Put more assets in public health efforts.
• Reassure businesses that things are going to be fine if the virus hits their sector and remediate harm when obligatory.
• Calm financial markets.
• Ease the risks for households and unsafe populations.

Effects on the economy

To evaluate the possible influence of the coronavirus on the economy, it’s crucial not only to concentrate on the epidemiological profile of the virus but also on how consumers, businesses, and governments may react to it. COVID-19 will most directly shape economic losses through supply chains, demand, and financial markets, affecting business investment, household consumption, and international trade.

And it’ll do so both in traditional, textbook supply-and-demand ways and through the initiation of probably large levels of uncertainty. Disturbances to global supply chains are among the clearest effects of the coronavirus. The amount this affects U.S. firms will rely on how strictly they manage their supply chains. Many firms manage the time between needing new supplies from China and putting them into their products with very brief lead times—usually weeks and not months. These companies will feel the effect of factory shutdowns in China comparatively rapidly. These challenges impact not just traditional industries like car manufacturing but also high-tech industries like smartphones and computers. As a result of those supply chain disruptions, U.S. firms are unable to complete their production and thus cannot bring their products to customers. The result’s reduced economic activity and growth.

New York state is the area hit hardest by the virus and the most number of reported cases are in New York City. At least 7,844 people with COVID-19 have died in the New York state, which has the largest number, around 35% of confirmed cases in the U.S. Mass burials are being done in New York due to a large number of fatalities. Thankfully the spread of COVID-19 is slowing down in New York as the authorities in New York are taking social distancing measures to control the spread of the virus. Not only in the States but a lockdown is being observed globally where only essential businesses that provide essential services are open. Essential businesses with essential services include but are not limited to medical and healthcare, telecommunications, information technology systems, defense, food and agriculture, transportation and logistics, energy, water and wastewater, law enforcement, and public works.

Overcoming the crisis

Ensure your response is balanced across these seven dimensions:

1. Social Distancing

Social distancing means keeping a distance between yourself and other people. Safety measures to ensure one’s own and other’s safety:

• Stay 6 ft away from other people
• Do not meet in groups
• Stay out of crowded places and avoid crowding

In addition to the daily steps to prevent COVID-19, maintaining space between yourself and others is one of the best tools we have to avoid being exposed to this virus and reducing its spread nationally and internationally.

When COVID-19 spreads locally, everyone should limit contact with people outside your home in indoor and outdoor spaces. Since people can spread the virus before they know they are sick, it is important to stay away from others where possible, even if you have no symptoms. Public outreach is especially important for people at high risk of serious illness.

2. Communications

Employees will likely be exposed to conflicting information and feel anxious or confused about the simplest course of action. make sure to communicate policies promptly, clearly, and in a very balanced manner. In addition to that, liaise contextual information and also the reasoning underlying policies so employees can increase their understanding and also take measures in unexpected situations, like employee holidays in a very restricted location or the way to manage contractors.

3. Employee needs

Confinement on travel and congregation will provoke employee requirements for ingress to education, health care, daily provisions and also the like. you must anticipate and develop solutions to those and build an information hub where employees can find all the data they have. Many of those needs are locally specific, requiring a multi-tiered approach to policymaking.

4. Travel

Ensure that travel policies are clear in terms of where employees can travel, for what reasons, what authorizations are required and when the policies are reviewed.

5. Remote work

Be clear on your policies — where they apply, how they’re going to work, and once they are reviewed. Homeworking is rare in some geographies, like China for instance, and also the need for extra explanation should be anticipated.

6. Supply-chain stabilization

Try to stabilize supply chains by using safety stocks, alternative sources, and dealing with suppliers to unravel bottlenecks. Where rapid solutions aren’t possible, co-develop plans, put in interim solutions, and communicate plans to all or any relevant stakeholders.

 7. Business tracking and forecasting

The crisis will likely create unpredictable fluctuations. Put in rapid-reporting cycles so you’ll understand how your business is being affected, where mitigation is required, and the way quickly operations are recovering. A crisis doesn’t insinuate immunity from performance management, and sooner or later markets will decide which companies conducted the challenge most beneficially.

Being a part of the broader solution

As a corporate citizen you want to support others in your supply chain, industry, community, and native government. Consider how your business can contribute, be it in health care, communications, food, or another domain. target the intersection between acute social needs and your specific capabilities — in other words, live your purpose. According to the WHO the elderly can get severe illness from the novel coronavirus. According to another study from WHO and health care departments, people with pre-existing conditions like diabetes, heart disease, etc are at a higher risk of becoming critically ill with the new coronavirus. WHO recommends to wash hands several times a day for around 20 seconds to keep your hands clean so you don’t get affected with the novel coronavirus, it is also recommended to avoid touching your eyes, ears or nose with your hands to avoid getting infected with the new coronavirus. It is advised to keep yourself isolated if you think you have contracted the virus to keep your family members and others safe.

There is a minimum of 14 day isolation period recommended for people with good health and elderly people are advised to stay up to 12 weeks in isolation until they regain good health. Health care professionals in any department of health are at a high risk as they have the most exposure to the virus and due to a shortage of medical supplies around the world some health care providers are treating patients without protective equipment. Federal governments and local governments around the world are trying their best to overcome this shortage of medical supplies. Moreover some non-essential businesses and independent contractors have also stepped in and have started manufacturing face masks and protective equipment for their local health departments. Small businesses are also trying to play their part and manufacturing whatever they can to overcome the shortage. While most small businesses and non-essential businesses around the world are strictly following the guidelines provided by WHO, many are still not taking this seriously. There are many conspiracies and rumors associated with the virus which are keeping many non-essential businesses and small businesses from keeping themselves under lockdown. The Federal governments and local governments are urging everyone not to take the rumors seriously as they have no grounds.

Servixer’s part in overcoming the crisis

In this time of crisis, our company Servixer has taken all the steps necessary to keep our employees healthy and infection-free. The first case reported in Pakistan was on 26th February 2020, we quickly sprung in action as we were aware of the rapidly increasing numbers of the people infected with the virus and the dangers associated with it. The best way to minimize the risk is through social distancing so we only had 30% of our staff coming to the office and the rest were working from home. The employees who were showing up for work were provided gloves, face masks, sanitizers, office floor and work stations were being cleaned with disinfectants to minimize the risk as much as possible. As observed by many countries that social distancing is the most effective way to keep everyone safe.

When the government imposed a lockdown we came to know that most of our staff do not have the necessary equipment to complete their daily tasks, we at Servixer value our employees more than anything so the company stepped up and even issued equipment to our employees on company’s expense.As the pandemic becomes worse we are observing that people are being laid off globally and that is understandable as businesses have been affected very badly by this pandemic. Some very well renowned companies in Pakistan have laid off their employees but Servixer prides itself on not laying off a single employee due to the current situations. Even though the business is suffering greatly in retaining its employees we also understand that all of us have to stand together in these crucial times as it is for the betterment of everyone. Although working from home has decreased productivity as not everyone is cut out for it, we firmly believe that we will come back stronger than before once the lockdown is lifted as every experience makes us learn something new.

The Brighter Side

There is a lot of fear and fear, perhaps rightly, about COVID-19. But I would like to draw your attention to the bright side of the coronavirus. First of all, I’m sure we all know the famous Arabic proverb: “Maybe something harmful is worthwhile.” This proverb is often used when a bad situation hurts someone, a group or a city. So, if you look closely, one can see that the coronavirus has helped (humankind) in many ways. But how?

On the environmental side, the benefits are numerous and good. Restricting travel provides an opportunity for the environment, sky, air, our lungs, etc. Parts of China have been able to see the sky for the first time in years, with factories shut down there.

On the social side, the virus allowed us to reconnect with the family, as we spend more time at home. Sitting at home nowadays is a great opportunity for people to communicate with their loved ones, and this will bring them closer!

On the environmental side, the benefits are numerous and good. Restricting travel provides an opportunity for the environment, sky, air, our lungs, etc. Parts of China have been able to see the sky for the first time in years, with factories shut down there. Italy has also joined China, where satellite imagery shows that air pollution in the north of the country dropped dramatically after the virus forced authorities to close factories and block travel, and several areas, often filled with cars, turned into major cities. Besides, working from home to work reduces frustration, pollution, saves time and money. That is a great help in combating climate change; something the public has been unable to handle after years of climate negotiations.

In the face of a coronavirus, there is an opportunity to make decisions and policies to capture the economy i.e. an economy based on the atmospheric emissions. There are climate threats if the decisions are focused on not only expanding economic activity, but also opportunities to support green investment and infrastructure, raise income for the poorest, and strengthen health care systems, clean water and sanitation.

On the health side, the virus has also reminded us of the importance of common sense that some of us may overlook – such as personal hygiene, sterilization, disinfection, and healthy eating.

With advanced technology, the changes are huge, because distance education has become a reality. The technological boom is truly amazing, such as the Internet of Things (IoT), which is all online devices such as smartwatches, phones, TVs, and robots (which provide a network of connected systems and advanced data analysis and artificial intelligence) can help streamline the broadcast of the virus and help control it. The information used by these devices is sometimes harvested as “big data”, and helps provide a precautionary measure to reduce the spread of infectious diseases. Also, seeing a small and smart city, with millions of people exposed to smart devices, as in many Chinese cities now, can be one of the most important human-driven explosions. With only essential businesses with essential services open, there is less crowd everywhere which will result in lesser pollution.

Finally, there is no doubt that the economic effects of coronavirus on the local and global economy are critical and varied.