For the first time in eleven years, the World Health Organization has declared a pandemic. At the time of writing the coronavirus, also known as COVID-19, has spread to at least 114 countries and killed more than 4,000 people.
Around the world businesses have been shut down, events have been cancelled, and economic activity has ground to a halt. Some countries have placed entire populations under quarantine, while others have advised people to stay at home and 'self-isolate'.
The pandemic poses a number of challenges for the global economy. Without access to adequate healthcare or sick pay, many people have little choice but to put others at risk or face economic hardship. Declining revenues risk creating potentially fatal cashflow problems for small and medium sized businesses. As with all crises, it will be those who can afford it least who will suffer the most.
