Just a few months ago, as we were entering the new decade, no one would expect the pandemic the world is facing at this very moment. However, it now is here and in many professionals’ beliefs, it is here to stay for a long time. The virus that originated far from Europe and the United States has now spread across the entire globe with most cases reported in these two. 

The potential economic impact

Boris Johnson’s tweet this morning, confirming that he had tested positive already sent messages of alarm to UK businesses. Tens of millions across the country are forced to stay home without any precise plans regarding the welfare benefit scheme for those left without income. 

Amid the uncertainty and chaos, the volume of trade on Forex reached new heights. Lots of Britons are now exchanging pounds primarily for US dollars, as well as other currencies, including Euros. Forex is the largest trading platform online with millions of users, yet the US market is rather underdeveloped. However, during this situation, the number of UK and European Forex Brokers accepting US traders 2020 offers is steeply increasing. This visibly indicates how Britons are concerned about the future after the news from number 10.

Moreover, this will likely have a major impact on the Brexit negotiations which were supposed to be happening throughout the year. Boris Johnson is the second conservative leader after Theresa May who is trying to negotiate the relationship between the European Union and the United Kingdom with desirable conditions. 

According to the British system, the head of the government is allowed to continue working if the illness is mild. So far, this is the case with Boris Johnson, who is feeling well and is reportedly isolated in a flat above the number 11. However, if the virus progresses, which could be the case considering its character, the PM shall be replaced by the specially assigned figure, in this case, the foreign secretary Dominic Raab. the potential changes in the cabinet further endanger the stability of key indexes and economic sectors present in the United Kingdom, particularly in its global capital of London. 

How did the virus spread?

The first confirmed case of the novel coronavirus was reported in China’s Hubei province. Its capital and largest city of Wuhan is home to over 11 million people - roughly the same size as Greater London or Paris. This very city is the source of the COVID-19 pandemic which has now infected over half a million people in all corners of the world. 

Despite the timely measures by many countries that suspended direct flights with China almost immediately after the outbreak became visible, the global spread still became inevitable. Cases abroad were first reported in Eastern Asian nations like Japan, South Korea, and Thailand. Amid the soaring number of cases in China, these nations took immediate measures to try and contain the virus. 

In the meantime, the virus reached Europe and the United States. France, Germany, Finland were later joined by Italy, the United Kingdom, and others. Unexpectedly, the southern European nation of Italy, global tourism and cultural hotspot became the first European epicenter of the pandemic. The country now counts more than 80,000 confirmed cases, as well as over 8,200 victims of the novel coronavirus. 

Spain and other European nations soon started going through the same path as Italy. As a result, a number of major nations are now under lockdown with people not allowed to leave homes unless absolutely necessary. Social distancing has become more important than ever before as well. Some countries do not allow more than a very few people inside of shops at a time while others on the streets keep the safe distance of roughly 2 meters. 

Across the Atlantic, the United States is quickly becoming the biggest epicenter of the coronavirus pandemic seen to date. The nation already overtook China in the number of cases as the U.S. now has almost 90,000 infected. Despite such a rapid development of events, the American President, Donald Trump refuses to take further measures against the crisis, noting, that he wants to “re-open” America for business as soon as early April.

Leaders could also be infected

Europe woke up to the breaking news on March 27th as the UK prime minister Boris Johnson tested positive for the new coronavirus. This came in just a few days after his ambitious plans to keep the whole of the United Kingdom open throughout the pandemic without enforced lockdowns or quarantine measures. 

Quite soon after the news, the UK health secretary Matt Hancock was also reported to have texted positive. Some reports say that the infection could be spread even further at number 10, as well as potentially inside of Westminster. 

 Donald Trump has also been under a spotlight for potentially having contracted the virus after meeting with the Brazilian leaders, as well as the US officials who later confirmed to be infected. The Canadian prime minister Justin Trudeau has been in self-isolation for quite some time after suspecting mild symptoms. Soon, her wife, Sophie Grégoire Trudeau tested positive for the novel coronavirus.