Never miss a story

Get subscribed to our newsletter


×
According to economists, Australia could lose as much as $1 billion due to coronavirus outbreak. Pixabay

The outbreak that originated in Wuhan, China has quickly caused a crisis across the world. The virus has already been announced to pose a worldwide threat, but the biggest risk groups are the countries located close to China.

The toll has not been limited to those infected by the virus. The entire economy of the world is currently going through a major change, since China and its neighboring countries, including Australia, are such important players in the world trade. All the flights going in and out of China have been canceled and traveling, in general, has become much more dangerous, hence much less popular. The scope of the damages caused by the coronavirus has already stunted the economy of the region.


Economic losses for Australia

According to economists, Australia could lose as much as $1 billion due to this outbreak. The tourism sector has taken the biggest hit with these changes. The outbreak happened during the Chinese New Year, which is usually a huge time for international travel, but because of this outbreak, the traveling is limited, causing the countries that usually see a lot of action in ticket sales, a major loss. Even though 99% of coronavirus cases are registered in China, there are some singular cases outside of the country, in Australia as well, so the traveling is actually quite difficult, with some airlines completely shutting down their flights to prevent the virus from spreading.


The outbreak has affected the businesses and services that operate in public areas, but most of all it is the entertainment industry in Australia that has suffered. Pixabay

What is also affecting China is that they have suspended all the trading, and for a lot of countries, especially for Australia, for which China is an extremely important trading partner, the access to a lot of imported goods has been limited.

The world has experienced outbreaks of a similar scale two times, during the swine flu (H1N1 Flu) in 2009, and SARS 2003, also originating from China. But this time around, having had experience with SARS, China reacted much more quickly than in the previous case, hopefully ensuring the better prevention of international contamination, but coronavirus is difficult to diagnose because it does not immediately show up, with varying symptoms, so a person could be carrying a virus without even knowing it for two weeks.

The effects on the entertainment industry

The outbreak has affected the businesses and services that operate in public areas, but most of all it is the entertainment industry that has suffered, because amidst the outbreak, not only do people have no time for these kinds of activities, but also most of them require being around a lot of people in smaller spaces.


What is also affecting China is that they have suspended all the trading, and for a lot of countries, especially for Australia, for which China is an extremely important trading partner, the access to a lot of imported goods has been limited. Pixabay

Australia has one of the most famous gambling scenes, with two outstanding leaders in this industry located there, The Crown and Star, who rely on rich gamblers coming in from China. So as on mainland China it is illegal to gamble the VIP gamblers come in Australia to get access to online gambling for real money and play here online pokies games. These establishments are already experiencing huge losses. The USB forecast even went on to say that these casinos will likely see a 50% drop in their income because of the outbreak. These casinos are a tourist destination as well, and considering the dangers that come with flying in the regions around China, these casinos are bound to have a pretty rough quarter.

The airline companies will also experience huge losses these following weeks and since we don’t know whether there will be a solution anytime soon, and how bad the coronavirus can get, these estimations could really grow, causing even bigger disruptions. The exact numbers could change in a matter of weeks, depending on how the virus behaves, but one thing is clear, the outbreak has greatly affected the economies around the world, and especially in the region. Australia is already recovering from the terrible bushfires that have destroyed a lot of Australia’s wildlife and facilities.

Also Read- Simple Blood Test May Help Improve Diagnosis of Ovarian Cancer: Study

Now in addition to that, the country is experiencing the consequences of the virus outbreak and is feeling the results of the outbreak on its economy and financial sector, with tourism and entertainment, two for the huge parts of the Australian economy, taking the biggest hit.


Popular

IANS

"Our focus and USP at Forest Essentials has always been at delivering high quality Ayurvedic products in a sustainable way, with a global appeal.

One of Indi's leading luxurious Ayurveda skincare brands, Forest Essentials, announces its international foray with the London based Lookfantastic.com, Euroe's premium online beauty retailer. The partnership enables the brand to take significant strides towards its expansion globally starting with the launch in the United Kingdom. "Our focus and USP at Forest Essentials has always been at delivering high quality Ayurvedic products in a sustainable way, with a global appeal.

We firmly believe that the time is right for Forest Essentials to expand to the UK, as our first international footprint with Lookfantastic,' Europe's premium online beauty retailer. "The UK audience is well aware of Ayurveda and we are certain that the demand for our Made in India luxurious Ayurveda products, is going to continue to grow multifold, as consumers are today looking for moments of self-care, to feel better in this stressful period and we are well positioned to support this type of feel-good indulgence that consumers are seeking today," says Samrath Bedi, Executive Director, Forest Essentials. The brand's iconic product ranges, across skincare, body care and haircare will be available for purchase in the UK, including the Soundarya collection, crafted with 24k gold.

Keep Reading Show less
IANS

Khadi is no longer a dull, drab fabric meant only for politicians' wardrobes.

Khadi is no longer a dull, drab fabric meant only for politicians' wardrobes. A fashion show organised by the Khadi Gramodyog Board as part of the Azadi Ka Amrit Mahotsav to mark the 75th year of India's Independence showcased the use of Khadi in traditional, as well as, contemporary and festive wear. From lehengas in resplendent Khadi silk to western clothes and casual wear, the models on Thursday night displayed new facts of the fabric.

Several well-known Indian designers including Ritu Beri, Farah Ansari, Rina Dhaka, Asma Husain, Aditi Rastogi and Himmat Singh showcased their designs. Gaurav Gaur directed the fashion show with clothes like lehengas, kurtis, kurta pajamas and partywear.

Lucknow's chikankari and silk artisans also participated in the event. A wedding collection in Khadi was the highlight of the show. "The show was based on the concept 'Khadi for nation, Khadi for fashion' and the fabric for all costumes was provided by Khadi Gramodyog Board," said a spokesman. (IANS/ MBI)


Keep Reading Show less
Wikimedia Commons

Pat Gelsinger, CEO - Intel

Intel saw its stock tumbling by more than 8 percent after the chipmaker said the industry-wide component shortage affected its PC chip business during the third quarter (Q3). Intel CEO Pat Gelsinger told CNBC late on Thursday that he didn't expect the semiconductor shortage to end until 2023. "We're in the worst of it now, every quarter, next year we'll get incrementally better, but they're not going to have supply-demand balance until 2023," Gelsinger was quoted as saying.


The company delivered its Q3 results with revenue up 5 percent (year-over-year) driven by strong demand in its DCG and IoTG businesses, despite the highly constrained industry-wide supply environment. "Q3 revenue was $18.1 billion slightly below our guide due to shipping and supply constraints that impacted our businesses," George S. Davis, Chief Financial Officer, said in a statement. He also announced plans to retire from Intel in May 2022. In the third quarter, the company generated $9.9 billion in cash from operations and paid dividends of $1.4 billion.

Keep reading... Show less