The Scoop

Coronavirus- Why we think the World’s Markets Plummeting is an Overreaction

COVID-19.  Most people are wondering how it escalated from ‘someone in China eating a bat’ to a global pandemic, with more than 140,000 recorded cases and over 5,000 deaths worldwide.

Alarmist headlines and news alerts of various media platforms don’t help; neither does the hysteria created on social media. We can’t deny that the virus isn’t an issue of concern- it has challenging effects medically, politically, socially and economically.

Global markets are plummeting due to the widespread panic- but Coronavirus really isn’t as much of a risk as we are being led to believe.

Here are some of the more positive points:

  • We can test for it– After the gene sequence was published, scientists had developed a reliable test for the virus within 3 days
  • Young people are at low risk, and in most cases symptoms are mild- Of almost 64,000 active cases, only 9% are serious or critical, and these are usually older people, or people with underlying health conditions- don’t worry, the mortality rate is pretty low! There are many more deaths from common or garden flu every year, although of course we don’t know the final total for this strain.
  • Treatments are already being tested- Drugs that have been used for similar viruses (eg. SARS) are being trialled for effectiveness on Coronavirus patients
  • Most people recover from it- There are thousands of confirmed recoveries across the globe every day. We even heard of a 103 year old recovering from it.

Don’t get us wrong, it’s important to wash your hands, use tissues when you sneeze and so on… (surely we should’ve been doing that anyway?) but stocking up on 12 24-pack toilet rolls? That’s when you know the media has won their scaremongering battle.

It’s not the first time a global pandemic like this has happened- things WILL go back to normal, so it’s important not to do anything drastic- this applies not only socially, but financially too.