HOW
CORONAVIRUS AFFECTS THE WORLD ECON0MY?
The graph plotted
between birth and death always follows linear regression in increasing altitude.
But from 4 months (December 2019-march 2020), a contagious disease, well known
pandemic is eating the world’s population day by day. The mortality rate is
rising each and every second. This virus is caused by Severe Acute Respiratory
Syndrome (SARS). Firstly, this virus is observed in southern China. So far,
less than 0.0008 percent of the humans on Earth have been diagnosed with this. Meanwhile,
the second most affected area due to this virus is world’s economy.
INDUSTRY:
China’s was called as “the factory of the world”.
But now, it fell 13.5%. On 23rd March, Apple is no longer a trillion
dollar company. The world’s 500 richest people have lost nearly $1.3T since
beginning of the year. Limitations and restrictions have affected the supply
chains of big companies such as industrial equipment manufacturer JCB and car
maker Nissan. In many countries to boost up their economy, central banks have
cut interest rates. But these actions of government may not have a positive
response in this sector. Around 40 lakh crore rupees wiped out from Indian
stock market.
Travel and Tourism:
In India, Tickets prices of railways increased by
30%. All the passengers and metro services are blocked. Moreover, all the
citizens cancelled their trips and holidays under the name of social distancing.
Not a single person is interested in traveling for a visit to another country.
Airlines cut all their flights to restrict passengers from other countries.
Fear of virus and people staying at home, have a devastating impact on hotels
and restaurants. The workers who work in these sectors lost their income and
were suffering from huge-loss. The paid-leave for some employees is somewhat
recovering the loss.
Employment:
The estimation speaks 4 million jobs have been lost
in 2019. The 24/7 working software companies have shut down and send their
employees work-from-home which is not yielding good results. As the
face-to-face communication had a breakdown, the projects output are not in
excepted way. But in a positive note, many MNC’s are hiring employees in a
large number. The recruitment is made online. For example, Amazon is hiring
1,00,000 workers. This is a very good chance for job aspirers. On a negative
face, the departmental stores, malls, wholesale shops lost their income, the retail
workers lost their jobs.
Entertainment:
All the movies shooting are delayed. Celebrities are
enjoying their quarantine life. Theatres are shut. Not even one movie is
released in recent times. IPL (Indian Premier League), the most enjoyed period
of all Indians is no more in 2020. Tokyo 2020 is the major sport event to be
held, which is in dilemma about corona threat. Sports events to be held in many
countries are cancelled. The OTT platforms are requested to migrate their
services from HD to SD. Recently; Netflix announced their cancellation of HD
subscription. The video streaming services are aligning their infrastructure
with phone network. The digital traffic is increasing in these entertainment
providers.
COMMON MAN:
A businessman income may reduce because of these
consequences. But, a common man where his entire family livelihood is based on
his income is the most suffered person. No job, no money. How can he lead his
family? The government should focus on a common man basic needs and act
according to it.
