The Corona Scare

The spread of coronavirus is not just a medical challenge; it poses an equally serious economic threat

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Just four days before the Ides of March, the gravity of the novel coronavirus outbreak (Covid-19) has hit home hard. Within a day, the World Health Organization (WHO) declared Covid-19 a global pandemic. Soon after, India re-voked all visas issued to nationals of any country till April 15. To top it all, US President Donald Trump barred arrivals from 26 European countries that are part of the Schengen passport-free zone for 30 days to the US. The world’s ninth-largest economy, Italy, is already in lockdown as the impact of coronavirus spreads globally. As countries lock down over the spread of Covid-19, economists now fear it may drive the global economy into a recession. Especially, if crude price and production war between Saudi Arabia and Russia causes a sustained spell of lower prices across other energy and metals baskets, triggering a global recession.