The article discussed how novel Corona virus impacted negatively on social, economic, and entertainment industry, the lessons and solutions.
Corona Virus Pandemic Impact and the Lessons we Have Learnt
The Corona virus pandemic had taken its toll on the world with devastating effects on the year 2020. As a consequent, several nations recorded different levels of impact affecting civilization at various degrees. This article historically evaluates three core impacts of Covid-19 and lessons learnt from this global pandemic. I enjoin you to read this article about how this pandemic began, took our freedom of movement, shook global economy, and devastated the entertainment industry.
In Jan 22nd the city of Wuhan, China implemented an unprecedented lockdown for the first time in history owing to covid-19 outbreak. This impacted more than 11 million residents of Wuhan City as means of transportation in and out of Wuhan was shutdown. Thirty five days on, been March 10th, Italy went under a national lockdown in a move to cut down the spread of corona virus after it became the second worst hit country besides China. Ireland announced a national stay-at-home order in 12th March and the next day March 13th, President of the US declared Corona virus a national pandemic.
In March 24th, the Republic of India declared a national lockdown in world’s second most populous nation of 1.3 billion people. 76 days after implementing Wuhan city lockdown, the Chinese government lifted the lockdown in April 7th. Two days later was April 9th, being the 100th day of 2020, the New York City reported the worst increase that surpassed corona virus cases of any country in the world.
By 18th of March the UK government announced shutdown of all schools in the UK to be implemented by Friday 20th of March, and in 23rd March, the UK shutdown came into effect but failed to limit the number of exercise per sessions.
In a similar move, France on 19th of March announced that residents will complete a form, and carry along with them an exemption card to leave their home or be fined for embarking on unnecessary journey. Ten days later on 29th March, Spain declared all non-essential workers to stay–at–home for the next two weeks, and was the second country in Europe to record 1 million cases behind Russia. However, Russia was optimistic about the vaccine, and resisted implementing national lockdown.
Exactly, by 11:59 pm of March 25th 2020, a national lockdown was announced in New Zealand. In the long run, a number of nations like Canada, Taiwan, Japan, Singapore, Puerto Rico, South Africa, and Nigeria introduced some form of lockdown or curfews. However, countries like South Korea, and Taiwan relied on contact tracing by cell phones, but interestingly had fewer cases.
The Empty Streets of New York
By March 9th the FTSE 100 plummeted by more than 8 % which was the largest drop ever, since the 2008 economic recession amid the spread of COVID-19. Then by March 18th the British pound sterling fell below $1.18 since 1985.
On the 16th of March, the DOW (Dow Jones Industrial Average) lost 2,352 points which was the biggest drop since 1987. Stocks plummeted 2,997 points amidst corona virus fears. Then again, the S&P 500 plunged more than 8 % at the opening trade and triggered a 15-minute market trading halt worldwide. The Dow slipped up to 9.7 % within its first minute of trading stock.
Meanwhile, on the same day, Asian shares plummeted after Wall Streets’ worst day since 1987, and the benchmark in India, Japan and Thailand sank below 10 % after Wall Street had a black Friday on March 13th and termed the “Black Monday Crash.”
Subsequently, the Shanghai Composite index also went down by 3 %, and other regional markets in Asia lost 4 to 6 % of their stocks. European markets collapsed by 12 % even after European central bank promised to offer more help and buy up more bonds to buffer the economy. In addition, Thailand's SET was also hit hard, and lost nearly 40 %, while the Philippines' benchmark went down by 30 %.
In April 2nd, more than 6 million Americans file for unemployment claims according the US Department of Labor, and reached 10 million after 2 weeks. Shockingly, April 20th saw the US oil benchmark WTI (West Texas Intermediate) going negative to -$37.63 after trading commenced at $17.85. This is 300 % drop been the largest one day drop in history of US crude.
Central banks all over world made the last minute moves to salvage economies by cutting interest rates, providing fiscal stimulus packages, and restarting quantitative easing to keep the economy afloat.
Entertainment Industry Shutdown
In March 24th, the IOC (International Olympic Committee) suspended the 2020 Olympics, and Paralympics games that were supposed to hold in Tokyo amidst the Covid-19 outbreak. The IOC later announced that Olympics will now hold by July 2021 in Tokyo, Japan.
Similarly, NBA Play-offs, were either cancelled or postponed to a later date. The Eurovision Song Contest, Glastonbury 2020, and HHL games, the Burning man Festival, Broadway performances, and Annual Tony Awards were also cancelled or postponed at a later time due to Covid-19 pandemic.
The BBC Radio 1 cancels its Big Weekend music festival and had an alternative event called Big Weekend UK 2020 via virtual stages performed in their homes. Cinema chains, amusement parks, trade shows, and sports across the world also closed in response to the virus outbreak.
Filming of soap operas and theatrical productions were all suspended. The virus outbreak saw a drop in revenue from media and entertainment. However, subscription to sit–at–home entertainers increased owing to people spending more time to watch YouTube, TikTok, Amazon prime, and Netflix raking in several millions of dollars. A number of countries also recorder surge of TV viewership, rapid online gaming’s growth, increase in e–sports, and e–games.
On the far right wing are the prominent entertainment players like 20th Century Fox, Paramount pictures, Universal pictures, Walt Disney, China Film Group Corp, Hulu LLC, Apple Inc, and Warner Bros productions and shooting were all suspended or cancelled due to the virus outbreak.
- The Covid-19 pandemic made obvious the value of freedom to live, work, and socialize.
- The Covid-19 pandemic showed that all human beings are equal regardless of language, tribe, ethnicity or race
- It also revealed the fragile over dependence of growing economies on established global economies.
- The Covid-19 struck the conventional oil market revealing the risk and volatility but spiked a growth in renewable energy markets across the globe.
- The Covid-19 halted the US bullish cycle in the stock market, and also disclosed the vulnerability of global stocks, and bonds when one major stock plunges.
- The pandemic showed that businesses must evolve with time to stay afloat.
All nations need to work together to forestall similar global pandemic in the future. Such peaceful co–operation and co–existence among nations must remain stable to bring about equality, stamp out social exclusion, share medical research advances, and fix political corruptions. Until that is done, preparedness for unknown eventualities in the future will temporarily hold back the outbreak of another pandemic.
This content reflects the personal opinions of the author. It is accurate and true to the best of the author’s knowledge and should not be substituted for impartial fact or advice in legal, political, or personal matters.
© 2020 Amarachi Nkwoada