Assignment on Effect of Coronavirus on Economy

Introduction of Designing of photovoltaic system

The world is facing the biggest enemy of the recent era in the shape of Coronavirus. It is a viral disease that started late Dec 2019 in China, hitting the country as one of the worst epidemics. Things started to get worst more, when Coronavirus crossed the Chinese border and now after three months of its origin from Chinese province Wuhan, the virus has spread in more than 200 territories all around the globe (Ali & Nilashi, 2020). The world was not expecting this to happen at such a rapid speed, and Coronavirus has now become a global pandemic killing more than 100,000 people in different parts of the world. China has recovered from it as no more new cases are reported in China, but countries such as Italy, Spain, Iran, and the United States are going through a tough time with an increasing number of Coronavirus cases. The disease is hitting the economic and social situation of the world, proving deadly in so many ways. Due to lock down in many countries, the business and any other commercial activities are on hold, causing great damage to the economy, as well as, people are losing jobs (Aljazeera News, 2020)

It is mentioned earlier that Coronavirus has spread across the world, putting so many countries in trouble, and Oman is no different from this situation. The official name of the Virus is COVID-19, and its first case in Oman was observed in late February. The first case of Corona in Oman was confirmed in two women, which recently visited Iran. The immediate action was taken by Oman by suspending all flights between Oman and Iran until further notice (Aksoy , 2020). According to recent real-time data shared by WorldoMeter, the number of COVID-19 cases in Oman is 727, and the total deaths toll has reached 4. After the mid of March, the number of Coronavirus cases is gradually increasing in Oman, despite the fact that they have taken so many measures to stop the spread of the virus (Worldometer, 2020). Keeping these facts in information in context, it is important to look at the impacts of Coronavirus in general and in particular impact the economy of Oman. In this literature review, the economic impact of COVID-19 will be reviewed like what impact has been made so far, and what to expect in the future.

Literature Review of Designing of photovoltaic system
Oman’s Relations with China

In this article it has been suggested by Naushad and Shah Faisal (2020) that the coronavirus directly affect the import and export in not only China and Oman but all around in the world. In Oman the vulnerability with china was almost 45% of their export. Although it has also been the growth rate of economy which has been observed 6% but now it has been recoded only 2% overall. (Khan & Faisal, 2020) As well as it has also been mentioned that China who is one of the largest countries in the world as per economic point of view. The Oman’s economy is highly affected by this because this is the country that has the strong trade ship with each other. As well as both of these countries also loan from each other which shows the level of trust among these two countries. Moreover, these two countries covered the way for some of the private sectors which were also developed.

The Economic Impact of Designing of photovoltaic system

According to Abodunrin and Gbolahan (2020) it has been said that the sudden burst of coronavirus highly affected the global economy. As well as china contributes among 4 and 45 percent of GCC in total goods in which Oman is on top. Moreover, the virus-related traveling limitations have been made in the regard of spreading virus and it has been mentioned that travelling restrictions mainly influenced on the prices of oil. (Oyinlola, Oloye, & Adesola, 2020) Moreover, it has also been stated that if the separation of virus has ben increased then this will bring the unexpected impact on the economy. The most significant part is both of the countries have the relation of import and export.it as also be said that Chinese done their investment of almost $6.06 billion in Oman.

As it has been suggested by Ayittey and Matthew (2020) that the consequence of corona virus on the import of china and it also mainly effect economy all over the universe. This also holds the sudden affect in the trade of oil, LNG, metals and some of the agriculture foods. Most of the demand has been seen in the filed of oil and (Kofi & Ayittey, 2020)it has been demanding from china, who was the largest importer of crude oil and takes away mainly ten percent from the universal demand. Moreover, it has been mentioned that coronavirus has been spreading much faster than any other viruses which was aroused in previous decades. The ratio of this infection has also been a problem to handle it.

In this article as it as been suggested by Fetzer and Lukas (2020) that the leader of Italy has been stated that the influence of coronavirus on the economy will be very strong. In this situation it has been mentioned that it is necessary to calculate the negative impact on economy. In this regard china decided to bar the trade and ingesting of wild animals. (Thiemo, Hensel, & Hermle, 2020) As well as it has been stated by the Chinese president that trading and hunting are now banned and if any of the individual should be punished restrict. The continent of Asia also faced a collapse as the virus has been aroused rapidly in Italy, South Korea and Iran mainly and them scampering to safe gold.

According to Ahani and Mehrbakhsh (2020) The corona virus also spread in Saudi Arab as well and in this regard the oil companies of Saudi Arab has been influenced on the demand of oil which has been shorter and the price of oil are also be decreased rapidly with the spread of virus which is arouse (Ali & Nilashi, 2020) from china who was the largest consumer of energy and smashed demand. Moreover, the price has been decreased with the number of cases in the country which has been come from outside of the country has been raised. In this it has also been stated by the general secretary of UN to reduce the crisis should be decreased for global health and universal economy.

References of Designing of photovoltaic system

Aksoy , H. A. (2020). Oman reports first cases of coronavirus. Retrieved April 13, 2020, from https://www.aa.com.tr/en/latest-on-coronavirus-outbreak/oman-reports-first-cases-of-coronavirus/1743842

Ali, A., & Nilashi, M. (2020). Coronavirus Outbreak and its Impacts on Global Economy:. Journal of Soft Computing and Decision Support Systems , 19-22.

Aljazeera News. (2020). Coronavirus: All you need to know in 500 words. Retrieved April 13, 2020, from https://www.aljazeera.com/news/2020/01/china-coronavirus-500-words-200127065154334.html

Jing, Z. (2019). Oil and gas trade between China and countries and regions along the ‘Belt and Road’. Energy policy, 1111-1120.

Khan, N., & Faisal, S. (2020). Epidemiology of Corona Virus in the World and Its Effects on the China Economy. Available at SSRN 3548292.

Kofi, A. F., & Ayittey, M. K. (2020). Economic impacts of Wuhan 2019‐nCoV on China and the world. Journal of Medical Virology.

Oyinlola, A., Oloye, G., & Adesola, B. (2020). CORONAVIRUS PANDEMIC AND ITS IMPLICATION ON GLOBAL ECONOMY. INTERNATIONAL JOURNAL OF ARTS, LANGUAGES AND BUSINESS STUDIES .

Thiemo, F., Hensel, L., & Hermle, J. (2020). Coronavirus perceptions and economic anxiety . arXiv preprint arXiv:.

Worldometer. (2020). Oman. Retrieved April 13, 2020, from https://www.worldometers.info/coronavirus/country/oman/