A survey made by the UN’s trade and development suggests that the slowdown in the global economy caused by the coronavirus outbreak is likely to cost at least $1 trillion.
The world financial markets are having a hard time over concerns about supply-chain interruptions from China, and big uncertainty among major producers.
The economic cost of the outbreak of the pandemic is said to take a peak now.
One “Doomsday scenario” in which the world economy grew at only 0.5 percent, would involve a $2 trillion hit to gross domestic product. The collapsing oil prices have been a factor behind the growing sense of unease and panic.
It is required to note that there’s a degree of anxiety now that’s very much beyond the health scares which are very serious and concerning.
To emerge out of these fears, the Governments should spend at this point right now, to prevent the kind of meltdown that could be even more damaging than the one that is likely to take place during the year due to this situation.
Now, how are different countries likely to react to the crisis including China, where the virus first emerged, and also the United States?
According to UN economists, the Chinese Government is likely to introduce significant “expansionary measures” which will be for increasing spending.
If we turn to Europe and the Eurozone, it can be noted that the economy had already been performing poorly towards the end of 2019.
Europe facing recession?
It is significantly noticeable that experts are pointing out that Europe was almost certain to go into recession. The Germany economy is actually fragile, but the Italian economy and other parts of the European periphery are currently exposed to very serious economic stresses right now as a result of the trends over the last few days.
Many parts of the Latin American region are equally vulnerable, particularly Argentina.
The Commodity-rich countries face quite a hit from a stronger dollar…
The so-called least Developed Countries, whose economies are driven by the sale of raw materials, will not be spared either.
“Heavily-indebted developing countries, particularly commodity exporters, face a particular threat”, thanks to weaker export returns linked to a stronger US dollar, Mr. Kozul-Wright of the UN gives his opinion. “The likelihood of a stronger dollar as investors seek safe-havens for their money, and the almost certain rise in commodity prices as the global economy slows down, means that commodity exporters are particularly vulnerable.”
Well, to put it in short, a number of policy responses and institutional reforms are the need of the hour to prevent a localized health scare in a food market in Central China from turning into a global pandemic and meltdown.
What is to be looked into is how digital marketing would help the situation…
Global reach– Digital marketing will find a business, new markets, and trade globally for only a small investment.
Lower cost– Exactly what is required now, right? A properly planned digital marketing campaign can reach the right customers who are quarantining now, at a much lower cost.
Trackable and measurable results in this situation– In this crisis, measuring your online marketing with web analytics and other online metric tools is a light at the end of the tunnel, to put it shortly.
Openness– by getting involved with social media and managing it carefully, businesses can build customer loyalty and create a reputation for being easy to engage with, even in this isolation period.
Social currency– digital marketing allows firms to create interesting campaigns using content marketing The contents (images, videos, blogs, and articles) do gain social currency – being passed from user to user and becoming viral. Well, why won’t they? People are at home!
Improved conversion rates even at this time- if a business has a website, then the customers are only ever a few clicks away from making an online purchase.
How are the Digital Marketing Agencies in India trying to cover the gaps during this COVID-19 season? Well, let’s see.
From a business point of view, India is a huge market to grow business, opportunity, as well as to make money. This season of the pandemic outbreak is seen by some digital marketing agencies as a good time to attract potential customers who are all visual and are of course quarantining, and yet who do not strike a cut down on their demands. To be honest, all the businesses are aware of it and the agencies have started to compete, to make a better place for themselves in this COVID-19 climate.
With the help of the Content Management System Service in India, Digital Marketing is going headstrong in all the attempts to save the state of the Indian economy from a serious crash down. Top agencies are there in India which offer perfect content creation, editing, and maintenance of web pages which are a part of Digital Marketing.