Towards Reviewing an Immediate Impact of COVID-19 on the Integrative World Economy

Abstract

On 31 December 2019, WHO received inputs of pneumonia cases in Wuhan city of China, but the cause of infection could not be known initially. However, after some time, the medical researchers of China disclosed a novel coronavirus as the cause on 7 January 2020, named “2019-nCoV.” The coronavirus (CoV) belongs to Severe Acute Respiratory Syndrome (SARS) species that leads to infection, causing illness, which ranges from the common cold to serious sickness. Finally, on 11 March 2020, the WHO Director-General Dr. Tedros Adhanom Ghebreyesus announced the outbreak as a pandemic. As the fear and ambiguity rose among companies and firms, the profit rate seemed to be lower due to the COVID-19 global impact. Nearly US$6 trillion in wealth from 24th to 28 February 2020 of the stock market has been wiped out. There was a great decrease in value over the S&P index, which abolished over $5 trillion in the same week. However, the largest 10 companies of S&P faced a loss of $1.4 trillion. The investors make an analytical prediction that firms' profits may drop in response to the impact of coronavirus. The prime focus is on the importance of digital business practices and how different sectors have been affected in terms of economic loss during this pandemic outbreak in this paper.