The airlines all over the world have grounded their flights and the banks have sent their staff home. In China and all over the world, the virus has been taking its toll
As the coronavirus outbreak spreads beyond the source country of China, the companies have been bracing themselves for a hot on their profits as the demand is going to slump and the production is going to be disrupted in China which is the second largest economy in the world and also the other parts of the world.
The executives have been facing many weeks of being uncertain over the number of people who are going to catch this virus all over the world and the impact which it is going to have. Alibaba boss Daniel Zhang has felt that the coronavirus is going to be a black swan event potentially which is going to derail the economy of the world. The virus has made as many as 21 airlines shut their flights off.
As per the data which is related to travel and the analytics which have been coming out, over 85,000 flights which touch China have faced cancellations in the three weeks since the outbreak has shut the airport in Wuhan down on the 23rd of January, a major part of which is domestic.
Cancellations have come from British Airways as they cancel their daily services to Shanghai and Beijing and Virgin too has suspended the flights which were going to Shanghai both till the end of the month of March. British Airways has lost as many as 24,000 passengers who had been expected to fly before the month ends. As there is a suspension of the flights which were extended to the month of March This number may grow.