Covid 19 impact on the Global Economy
The Pandemic Covid-19 has taken the world in its grips resulting in global shutdown, considering its rapid infectious nature. Now, apart from the health effects of the virus there are lot of side-effects of this pandemic. In just a couple of months when the lockdown was declared all major industries went out of business for quite some time. Though, some of the industries have regain their processes at a snail’s pace, some other industries were hammered very brutally. For some industries the impact has been sosevere that their business losses would take a long while to compensate, if they still get a chance to recover. For example, the hospitality and tourism industry has taken the major toll because, with the inter-state boundaries sealed and secured and transportation called off tourism has been effected to a great extent. Even if the situation returns back to normal, will they be able to provide the required infrastructure to support the new sanitization norms? And as the whole economic structure being paralyzed, many individuals/families had to sustain these days under lockdown by cashing on their savings, so do they have the funds to go for holidays? With the cash crunch and pay cuts is there any further employment opportunities in these industries? So, there are many questions which are of major concern.
The chain effects of the Pandemic on world economy
Worst sufferers – Small scale businesses:
As the small to medium scale industries play a major role in the economic structure, they were also the ones which took a major toll due to the shutdown. As the market shutdown, resulting in the loss of consumers, the losses incurred were so high that the businesses had to be shut down completely.
Loss of livelihood:
With many medium and small scale industries shutting down, the unemployment count also started rising. And this further hampered the buying capacity of the individuals, which in turn affected the major players in the industry as well.
The rise in loss of earning potential for the most vulnerable groups of the society, food safety became a major concern, when it was very difficult to maintain the quality and nutritional value.
Educational opportunities and infrastructure:
All the students belonging to different educational levels were severely affected by the pandemic. School students are bearing the loss of learning, while the college and vocational course students are at loss of practical classes and hiring crisis with no campus selection sessions. And the worst hit are the students who are in a foreign country pursuing their students as it becomes very difficult for them to survive in this situation without any earning opportunity.
Possible Way out
Adjusting to the current situation:
Following proper sanitization norms and routine is a must. Slowly taking the challenges with acceptance and moving ahead with the flow will be only possible way one can cope with the situation. Face covers and masks, social distancing and sanitization will surely take you a long way in this situation of crisis.
With many industries losing its physical existence, online space gives you a chance to make your mark in this crisis situation. As, we could see, many industries have sailed through this situation just because of the online existence. So, the next step in surviving this economic jolt will be to make your business go online. As, it is still some time before the vaccine is available to us, which is the only possible way to beat this crisis and bring the whole economic system back to normal, we do have to keep our patience and our morals high.