Theme:-

  • COVID-19 (Coronavirus Disease 2019) was first identified in Wuhan city of China in December 2019. On 30th January, the World Health Organization (WHO) declared COVID19 as a Public Health Emergency of International concern (pandemic). As of 16th April 2021, more than 13 crores 90 lakh people were affected by Covid globally and nearly 30 lakh people died due to the virus.
  • Coronaviruses (CoV) are a group of viruses that affects animals and humans. The first coronavirus that can affect humans is discovered in the 1960s. Before COVID-19, this family of viruses caused the SARS outbreak in China in 2002, the MERS outbreak in Saudi Arabia in 2012.
  • COVID-19 is not just affecting the health of the people, but also the economies of many countries. So the topic – ‘Impact of COVID-19 on Global economy‘ is widely discussed.

Impact of COVID-19 on the Global economy:-

  • Many people lost jobs, and the informal sector is badly hit. Unemployment is increasing. This is a huge setback for economies.
  • Due to the consumption slowdown in the world, exports and imports are affected. So, this affects the economies of almost all countries.
  • The International Monetary Fund (IMF) estimated that the global economy shrunk by 4.4% in 2020. This is the worst decline after the 1930’s great depression. Many countries are facing a recession.
  • The health care sector hit hard and the expenditure is a big burden on many countries.
  • The movement of people is restricted due to the fears over the further spread of COVID-19, and hence tourism industry has faced huge losses in the initial months of the pandemic. Tourists spend money in the countries they visit, so the loss of this money is affecting the economies of many countries.
  • Due to the low demand for fuel when several countries imposed lockdowns, crude oil prices have dropped. Low crude oil prices are beneficial to oil-importing countries like India and detrimental to the economies of OPEC (Organization of petroleum exporting countries) countries like Saudi Arabia. Now, crude oil prices are improving.
  • According to the World Trade Organisation (WTO), China is the biggest exporter and second-biggest importer of merchandise as of 2019. Many industries in other countries are depending on China for many raw goods such as pharmaceutical ingredients, automobile components etc. So, coronavirus has hit global supply chains badly. As many factories in China were closed at the start of the pandemic, production has halted for the dependent companies in other countries. Some companies went for alternatives, which is the costlier option. At present, several countries are trying to be self-sufficient. This is resulting in the dominance of nationalism over globalism.
  • Pharmaceutical companies, hygiene products manufacturing companies are benefitting from this situation.
  • Just like past pandemics, Covid too is coming in waves. At the time when countries are recovering from the first wave, several countries are facing a second wave of Covid and thereby weakening their economic recovery.
Also Read :  Gati Shakti National Master Plan

Conclusion:-

COVID-19 caused severe damage to the global economy. Nations are trying hard to rebuild their economies and to prevent further downfall. Vaccination drive should be at a faster pace to prevent further loss of lives and also the collapse of economies.

Photo by Kaique Rocha from Pexels

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28 Comments

  • Rashi, May 31, 2022 @ 8:07 pm Reply

    In addition to this, many things happened either for good or bad means like because of covid -19 people had more time to spent with their families. But the negative impacts of covid are more than what we expected ,it heavily shaken the lives of people not only on micro level but also on macro level. Economy of many nations seen downfalls ,poverty rate and unemployment rate exceeds. So, the impact of corona has more negative aspects than positive.

  • jakka akhila, May 23, 2022 @ 8:39 pm Reply

    as my opinion i partially agree with you we can see a postive side also that we are spending a good time with our families and we try to ,earn new things in lockdown and helping mothers in kitchen but we also faced some difficulties we cant go out and we cant meet our friends there is issues for farmers and villagers that they cant go to fields all these things.

  • Laura Hartman, Apr 7, 2021 @ 10:05 am Reply

    I think I might of had the virus a while back, I had a lot of the symptoms high fever, hard time breathing , severe body aches not like the flu way worse. I was asked by social security disability why I didn’t go to the dr, I was afraid that if i didn’t have it someone there might pass it on to me and at the time I don’t think my body could have fought it off. And if I did have it might make it worse. I stayed home and took care of it myself it lasted almost a month. Now that I haven’t been going to the drs due to the COVID social security is now trying to take my check from me. I don’t understand because if I would have went to the dr and caught it there and heaven forbid died they sure wouldn’t have gave my family a check to cover all expenses of my funeral! How can they get a way with this?

  • Tushar, Feb 17, 2021 @ 11:04 am Reply

    Do you also organize online live group discussions on zoom or on similar platforms? It is a very essential skill for upcoming graduates and it will be very beneficial if you organize debates and group discussions online.

    • Neha Mehta, Mar 22, 2021 @ 8:30 pm Reply

      Yes I agree with him it will help us.

      • Niranjan Upadhyay, Jun 16, 2022 @ 10:24 pm Reply

        Yes it will beneficial for all of us

        • Halid shiraga Shemsu, Sep 12, 2022 @ 5:40 pm Reply

          Yes I feel the same as my friend it will help as to improve the skill

  • Tinku Chauhan, Dec 23, 2020 @ 10:10 am Reply

    Hello friends . At my book .every difficulty is a aportunity also and Corona virus has a positive side also that is pollution free environment .due to the covid 19 pandamic ozone layer success to recover itself fast and due to covid the whole world there is lockdown.so due to this people live in there home in whole day so all river became clean .and because of low demand of curid oil
    The price of oil is fall badly infact the price go to the negative . It is good for india . And covid is a aportunity for online education bussinus. So it is a fact that covid 19 is a great pandamic for the world but it has a positive side also .it is true that everything has it’s pros and cons it’s depends on us that how we saw them .ok friends that is my opinion if you are agree with me .please tell your opinion . Thank you

    • Arsh, Feb 8, 2021 @ 4:30 pm Reply

      I am totally agreeftom your points . But I want to say that every thing has two side one is good another one is bad.

      • PATRAS, Feb 14, 2021 @ 7:05 pm Reply

        yes . i think ARSH you are right ,COVID-19 has two perspective on economy, one is good and second is bad

    • swap, Jun 6, 2021 @ 11:45 pm Reply

      I beg your pardon but i don’t fully endorse your statement..In my opininion we have to think both positive & negative sides..

  • Rohtash Singh, Dec 5, 2020 @ 9:27 pm Reply

    Hello guy’s
    I am just late reply to this topic
    In my opinion covid 19 is very affected on global economy by many shocks this shocks is different it is probably the first time since the great depression that we truly facing a global shock.
    As we all know that tourism is also apart economy of any country so by the lockdown of countries tourism is restricted. And covid 19 gives a huge effect as you know with the infection rising it reduces the labour supply and also fall down in the manufacturing. The global shock is that it is extremely uncertain and we don’t know the magnitude of the shock, HOW LONG THE PANDEMIC WILL LAST.

  • Manish Panchal, Sep 25, 2020 @ 11:42 pm Reply

    Nationwide lockdown to control Covid 19: dent on economy

  • pradeep singh uttrakhand, Jul 16, 2020 @ 8:45 am Reply

    gd topic on: —– impact of covid 19 on indian economy ..
    thank you ||

  • Sumit chourey, May 4, 2020 @ 9:12 am Reply

    In my opinion the Corona virus(COVID-19) are highly affect our global economy of all country.In now a day America was highly affected by the cov-19 information about cov-19 is that the Corona virus are come from bat.The impact of Corona virus which is breakout in China in Wuhan city in December 2019.Till now approximately more than 248285 people were died due to this virus nearly 3566197 people were affected by it.Because of this cirus there are more chances of fighting between America and china . Because till now there are many people of America are affected by the cov-19 and they are also affect it economy rate.There are many products which was import from China .Indian industry depends on China for electronis item like mobile phones and also the pharmacistical ingredient are also come from china .but because of this virus products are not import to India also.transportation of product are stopped. so they affect our global economy only positive thing for India is decreased crude oil price because of Corona virus.There are many people of China are traveling the different different countries at that time Corona virus start to spread out because of this people the cov-19 virus are spread out in many countries.
    But in our cpuntry also government took effective control measures
    Like senetuzers for the people.
    Both way of imported infection have tightened requirements for international arrivals.

  • Ayush soni, May 4, 2020 @ 8:04 am Reply

    Even Australia is also badly affected by it…. The country which was not having an economic short down in last 28 years is affected badly with covid 19.
    As Australia was the country which was mostly depend on tourism.

  • SANJAYA TIWARI, Apr 26, 2020 @ 7:02 pm Reply

    Very helpful site

  • Nilanjan Mondal, Apr 25, 2020 @ 8:47 pm Reply

    Please add a GD topic on Corona Virus is a biological weapon agree or not

  • Arundhati, Apr 23, 2020 @ 5:52 am Reply

    Hi ! this is a wonderful platform for students who are preparing for job and admission interviews . They can express their opinions on the given topic and at the same time know about others views on the topic which will help them to broaden their knowledge on the trending topics.

  • N K MISHRA, Apr 9, 2020 @ 12:46 am Reply

    This is the best site for creative discussions.

  • Goukam gangte, Mar 11, 2020 @ 4:59 am Reply

    Thank you,,,,,Sir,,, it helps alot….

    • Abhishek verma, Nov 26, 2020 @ 10:31 am Reply

      I think Corona taught us a strict lesson about Life.

  • Tinku Paul, Mar 3, 2020 @ 7:32 am Reply

    According to me Corona virus affected on global economy. It is mostly infectious decease and not only China is effected , some of other country also affected. China is severely affected ,many people passed away , lots of people in hospital ,they have been struggling for their life. China is the largely populated country and in international business they strongly participate. As a result import and export was going on , for Corona virus movement has been restricted and communication has been cancelled like transportation. Those people are coming from out side India ,in airport they are quarantine for inspection. Tourism industry largely affected in abroad, people don’t have courage to go for visiting. From China – India import automobile components and pharmaceutical ingredients etc and many other products so if material will not come production will be stopped. We know sensex down badly. In India Economy is already slow down.If this will continue then situation will be worsem .Still there is no treatment.

  • GAURAV MEHTA, Mar 1, 2020 @ 12:25 pm Reply

    Your topics helps me a lot mam to more about the current events. Thanks a lot mam.

    • Team GD Ideas, Mar 3, 2020 @ 1:31 pm Reply

      Thank you for the positive words Gaurav.

      • Sumit chourey, Mar 13, 2020 @ 9:58 pm Reply

        In my opinion the Corona virus are highly affect our global economy.The impact of Corona virus which is breakout in China in Wuhan city in December 2019.Till now approximately more than 2750 people were died due to this virus nearly 80000 people were affected by it.There are many products which was import from China .Indian industry depends on China for electronis item like mobile phones and also the pharmacistical ingredient are also come from china .but because of this virus products are not import to India also.transportation of product are stopped. so they affect our global economy only positive thing for India is decreased crude oil price because of Corona virus.

  • GAURAV MEHTA, Feb 28, 2020 @ 3:31 pm Reply

    Thanks a lot mam please more topics in current events more.

    • Team GD Ideas, Feb 29, 2020 @ 12:48 pm Reply

      Sure Gaurav

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