17, 151 people dead, 392,952 afflicted, billions terrified and locked into their houses, resources diminishing, cities in lockdown and the looming prospect of imminent death– seems like the perfect plot to quite a catastrophic movie.
Since Covid-19 surfaced onto our world, it has caused utter chaos and anarchy; infiltrating every aspect of our lives and destroying everything in sight. Confined into our homes, with no immediate prospect of escape, we helplessly observe as it greatly alters our relationships with our homeland, our government, our economy and even our relationships with one another. The comfort we inherently feel in the presence of our loved ones is being replaced by a deadly comfort that we now feel in their absence. In isolation.
Along with our lives, our health and our mental well-being, our economy is also collapsing. The global economic impact is undoubtedly severe, approaching the financial crisis of 2008-9. The economy is expected to grow at its slowest rate this year since the crisis, as stated by the Organization for Economic Cooperation and Development (OECD).
No industry is left undamaged. There have been major shifts in stock markets, affecting investments in pensions and ISAs. In the time span of a few weeks, Covid-19 shaved off nearly a third of the global market cap. The FTSE, Dow Jones Industrial Average and the Nikkei have all experienced great falls since the outbreak.
Conventionally, when the economy faces a crisis, investments in comparatively low risk markets, such as gold, begin to increase. However, due to the prospect of an economic recession owed to covid-19, even the price of gold has tumbled. The ongoing crash of the global stock market has also been greatly influenced by the oil price war between Saudia Arabia and Russia, which initiated a 34% fall in oil prices. This price war, coupled with a decrease in demand due to lower transportation, has slumped oil to its lowest price since 2001.
The virus has unquestionably impacted the world travel industry as airlines, cruise operators and hotels are suffering the most immediate and intense repercussions. Governments across the globe are posing restrictions on travel in attempts to contain the virus.The International Air Transport Association (IATA) estimated that the revenues from global air transport will decrease by 5% this year, which essentially means 29.3 billion dollars, throwing the tourism industry into unchartered territory. Consequently, the stock prices for airline companies are also diminishing significantly. United Airlines, for instance, has lost 54.24% of its value since the past month.
Local retail stores and dining options are facing a dramatic decline in demand as consumers confine themselves to their homes and cut spending. Corporate layoffs and bankruptcies are rising and will continue to rise throughout the year– feeding a self reinforcing downward spiral. Fiscal and monetary-policy responses have proven to be insufficient to untangle our spiraling economy.
The sense of unavoidable doom is traversing the entire population, uniting every country, every individual with one common goal: survival. In times like these, it is our moral duty to utilize our power and resources into alleviating this catastrophe. To lay aside our capitalistic intentions and minds. To be human.
Take the steps required to make the situation better for those around you. For instance, instead of taking advantage of your employees’ confinement at home and overworking them, make sure you are taking steps to understand and mitigate the mental stress they are surely victim to.
We, at Mountainise Inc., are taking all the essential steps to assuage the situation not only for our employees but for our clients as well.
For instance, if you choose to avail our services now, your cost will be reduced by a dynamic 50%. Not only that, but since we understand how difficult these times are, you also have the option of getting set up today and making the payment later on in the future. Send us a query right away we are here to help.
We sincerely hope you extend this charity by servicing the people around you with magnanimous gestures of your own capacity. Let’s vow to construct a reciprocal chain of goodwill– to be there for each other as fellow humans in this time of utter catastrophe.