Covid-19 finally declared a pandemic by WHO

The coronavirus was finally declared a pandemic by the WHO. The continued disruptive spread of the pathogen has been a serious concern globally and has impacted markets and economy worldwide. US banning travel. My question here is ‘Is the declaration coming in too late? The seriousness of Covid-19 should have been realised when its outbreak in China and other Asian countries caused panic and number of cases sprung up. Shouldn’t the global leaders have reacted and taken a step towards it much early?’