ISA Coronavirus Update (5th of May)
Daily Summary
The death toll from the coronavirus outbreak surpassed a quarter of a million, while the number of cases of the virus around the world surpassed 3.6 million.
The coronavirus pandemic is expected to continue to spread across the Southern Hemisphere in the weeks ahead as that half of the world approaches the upcoming winter there.
Over the longer-term, an increasing number of experts are expressing their expectations that this pandemic will now come in multiple waves, with the Northern Hemisphere experiencing a second wave of in the latter part of this year. Moreover, without a vaccine, these waves are forecast to continue year-after-year.
The number of Covid-19 cases in the Middle East and North Africa continued to rise significantly in recent days and is likely much higher than official figures indicate due to a lack of testing in many countries in that region.
The announcement by the United States government that it intends to borrow $3 trillion in the second quarter of 2020 is a signal that highlights how much debt levels are set to increase around the world as a result of the pandemic.
Key Developments
Bringing Home India’s Stranded Migrant Workers: Tens of millions of stranded migrant workers in India are finally being allowed to return to their homes, while the Indian government dispatched the country’s navy and airlines to repatriate Indian workers stranded in foreign countries.
Turkey to Ease Lockdown Measures: Turkish President Tayyip Recep Erdogan announced that lockdown measures would begin to be eased in that country in the coming days, despite the fact that high numbers of cases of the coronavirus continue to be found there.
Trend to Watch
The global tourism industry is expecting to suffer its greatest losses in recent decades as an increasing number of countries indicate that restrictions on international travel will remain in place for the foreseeable future.
The Coming Days
The Chinese government is growing increasingly concerned about the potential international backlash that China faces due to Beijing’s efforts to cover up the coronavirus outbreak during its earliest stages in Wuhan.