In December 2019, a new strain of coronavirus emerged in Wuhan, China. The World Health Organization (‘WHO’) has named this strain COVID-19. WHO declared the outbreak a Public Health Emergency of International Concern on 30 January 2020. The Organization for Economic Cooperation and Development said on 3 March 2020 that while the world economy is still expected to grow overall this year and rebound next year it was lowering its forecasts for global growth in 2020 by half a percentage point, to 2.4% and said the figure could go as low as 1.5% if the virus lasts long and spreads widely. The BBC reported on March 5, 2020 that as at the beginning of March, 2020, there have been over 90,000 confirmed cases of infection globally and cases continue to grow across more than 50 countries. In addition to the “considerable human suffering” the virus has wrought, with more than 3,000 deaths worldwide, the OECD has said that, “Global economic prospects remain subdued and very uncertain.”
We have set up a dedicated resource center for business on the legal, regulatory and commercial implication of Coronavirus COVID-19. You may access it here.