▲ COVID-19 is spreading all over the world

So far, about 7,134 people are infected by the new coronavirus, and 50 people died because of it in South Korea on March 8th. The coronavirus is spreading all over the world now. Not only China, the birthplace of this coronavirus, but also Iran and Italy are suffering from this virus. This affects the whole society including the economy. The stock market already shows incredible changes, and people already feel the change in the society.

The growing anxiety of people toward COVID-19 makes them stay at home. They barely go outside. So, restaurant businesses are the first to be affected seriously. Visitors from other places and users of public transportation are hard to find. Also, businesses meet some problems. The sales volume decreased dramatically, and some workers cannot work because of the virus. Some economists forecast that South Korea's business profits will go down by about four percent.

▲ No one comes out to the outside because of COVID-19

Also, the car industry in South Korea is facing great difficulties. First, the components used in producing cars are insufficient. It is because the company which makes these components in China closed. Then, workers in a car company were infected by the virus. So, the company had to suspend the management for two weeks. Also, semi-conductor businesses are damaged. As the export reduced, the market of the smartphone also decreased. Also, the workers in that smartphone manufacturing plant got infected by the coronavirus. Economists predicted that the real effects of COVID-19 will be represented in March.

▲ The stock market affected seriously because of the viruse

The global stock market also meets some difficulties because of the spread of the COVID-19. Social anxiety shows the collapse of the stock market. It seems that until COVID-19 ends, today's economic situation will not be changed.

March 8th, 2020
by Eugene Jang