Coronavirus Update: 29 cases in India, global infection at 94,000

India has identified 29 cases of Corona virus so far, triggering the fears of global pandemic from the dreaded virus looks to grip the world’s second largest populous country.

The virus, to date has infected more than 94,900 people globally and killed at least 3,283 worldwide.

Twenty-nine cases had been confirmed inside the country, including three who have recovered.

Many of the cases are linked to a group of travelers from Italy, the hardest-hit country in Europe, Health Minister Harsh Vardhan said.

Authorities in the country have advised caution, but have not raised the alarm.

Authorities around the globe are taking several steps now that the virus has spread to more than 75 countries and territories across every continent except Antarctica.

Since it was first identified in the Chinese city of Wuhan in December last year, major self-sustaining clusters have formed in South Korea, Japan which recorded its biggest one-day increase of cases on Wednesday with 33 new patients identified parts of Europe, Iran and the United States.

The vast majority of cases, however, are still in mainland China. The country’s National Health Commission (NHC) reported that as of the end of the day Wednesday, 3,012 people had died and 80,409 cases had been confirmed.

More than 52,000 patients have recovered and been discharged from hospital.

The virus’ spread is also having significant knock on effects on the global economy and daily life. Markets worldwide have reacted negatively, forcing finance officials and central banks to take action.

Government agencies and private companies across the globe have canceled or pushed public functions.

Travel and tourism has been among the most affected industries.

The International Air Transport Association said global passenger growth for January 2020 was the slowest in nearly a decade, climbing only 2.4% from a year earlier, because of the novel corona virus outbreak.

The impact of the corona virus epidemic on India’s trade is estimated to be about $348 million and the country figures among the top 15 economies most affected as slowdown of manufacturing in China disrupts world trade, according to a UN report.

Estimates published by United Nations Conference on Trade and Development (UNCTAD) on Wednesday said that the slowdown of manufacturing in China due to the corona virus (COVID-19) outbreak is disrupting world trade and could result in a $ 50 billion decrease in exports across global value chains.

The most affected sectors include precision instruments, machinery, automotive and communication equipment.

Among the most affected economies are the European Union ($ 15.6 billion), the United States ($ 5.8 billion), Japan ($ 5.2 billion), South Korea ($ 3.8 billion), Taiwan Province of China ($ 2.6 billion) and Vietnam ($ 2.3 billion).

India is among the 15 most affected economies due to the corona virus epidemic and slow down in production in China, with a trade impact of $ 348 million.

The trade impact for India is less as compared to other economies such as EU, the US, Japan and South Korea.

Meanwhile, global central banks alongside World Bank and International Monetary Fund (IMF) have initiated coordinated efforts to combat the impact of Corona virus on the global economy.

The World Bank has committed $12bn (£9.4bn) in aid for developing countries grappling with the spread of the coronavirus.

Central Banks of various countries have also joined the efforts by trimming key interest rates.

Also the US Federal Reserve in a surprised move announced 50 basis (bps) cut last Tuesday. Similar steps are taken by Canada, Hong Kong, Qatar, UAE, Bahrain central banks while Malaysia and Australia bank regulators announced 25 bps cut.

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