The coronavirus (COVID-19) outbreak is imposing serious risks to most of the living activities including political, economic, social, business and also education and training services.
Global Economic and Markets Trends
According to the OCED, the output contractions in China is already felt around the world, given the key role that Chinese firms play in the global value chains. Other additional slowdowns in other economies are foreseen but in a smaller scale. In fact, and according to McKinsey; the global economy would be exposed to higher critical impact as the virus is primarily propagating in countries that represent 32% of global GDP (Gross Domestic Product).
Also, across global markets, stocks value has so far lost about $5 trillion in terms of the value of listed companies, according to Capital Economics.
Government Measures in Response to the coronavirus (COVID-19)
Governments around the world are taking serious measures to control the disease transmission, for example:
- Announced the highest emergency level “red alert” and closed schools; mosques universities and cultural centers and other public locations (South Korea, Italy, Iran, Kuwait, Morocco).
- Closed borders or at least prevented foreign visitors coming from the infected countries (Armenia, Afghanistan, Iraq, Turkey, Pakistan).
- Mandatory quarantine, airport screenings, partial travel restrictions (USA, Singapore).
- Japan had also postponed the preparations for the Tokyo 2020 Summer Olympics.
Business Responses to the coronavirus (COVID-19)
Across different industries, the virus outbreak has caused several event cancellations, the most important cancelation was announced by Facebook, while Microsoft and Google had announced to transform their events to a “Virtual Version”.
- Facebook Developers Conference (F8) that was canceled due to the “the growing concerns around COVID-19” according to official blog post by Facebook. The company further explained that this decision was made in light of the need to prioritize the health and safety of the developer partners, employees and everyone who participates in F8.
- Google also announced, via its official blog, the transformation of their major event: (Google Cloud Next) into a virtual event through streamed keynotes, breakout sessions, interactive learning and digital “ask an expert” sessions with Google teams. The company justified this decision explaining that is due to the growing concerns around the coronavirus (COVID-19), and in alignment with the best practices laid out by the CDC, WHO and for the sake of protecting health and wellbeing of Google Cloud customers, partners, employees and the overall community.
- Microsoft also announced that its MVP Summit” “Most Valuable Professional” networking event, will also be transitioning to a virtual version.
Education and Training Industry Responses: Virtual Classes
Moving classes online is the key action announced by major schools and training houses worldwide. For example, the University of Washington announced, via its twitter account, that all classes will be delivered online till the end of the winter quarter March 20. Also, Northeastern University’s campus in Seattle have also moved to online courses. Having the courses you need online (live), would assure you get the learning benefits you need and help you avoiding the infection and related probabilities.