As the Coronavirus continues to spread, the global economy is seeing some of the worst declines since the 2008 financial crises. This all occurred on Monday when the British stock market saw a drop to below 6,000 points.
Which is a reduction of about 7.7% from the day prior. The last time the British economy saw this decline was after the initial Brexit vote in 2016.
Besides Great Britain, Italy is also seeing a huge decline as the nation made the virus a national emergency. In the streets of Italy, people are being told to stay home and only go out for the essentials.
In their state, the Prime Minister stated that all public gatherings were to be discontinued until the virus is contained. With these restrictions, businesses are expected to be on the brink of financial disasters before the virus is contained.
Of the all the markets effected by the virus, the reason the global economy is doing so poorly is due to the decline in the oil stocks.
With less and less people traveling to further destinations, oil companies are expected to lose a great deal.
Besides the travel industry, the virus is also causing a lot of hospitals in Italy to become overcrowded. This problem leads to another because it is unknown how many people need serious attention. Especially while others can be quarantined at home.
However, the only deaths from coronavirus have come from people with prior illnesses or if they were of older ages.
So, while this virus continues, the only thing people can do is practice good hygiene and steer clear of large gatherings.
