Impact of COVID-19 (Coronavirus) on Global economy

impact of covid-19 on global economy

Theme:-

  • COVID-19 (Coronavirus Disease 2019) was first identified in Wuhan city of China in December 2019. Till now (10th July 2020) approximately 5,50,000 people were died due to this virus and nearly 1.2 crore people were affected by it.
  • This virus has spread to the entire world.
  • On 30th January, the World Health Organization (WHO) declared COVID19 as a Public Health Emergency of International concern.
  • 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, these 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 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. 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.
  • Movement of people is restricted due to the fears over the further spread of COVID-19, and hence tourism industry is facing huge losses. Tourists spend money in the countries they visit, so the loss of this money is affecting the economies of many countries.
  • Due to low demand for fuel, 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.
  • 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 are going for alternatives, which is the costlier option.
  • Pharmaceutical companies, hygiene products manufacturing companies are benefitting from this situation.

Conclusion:-

COVID-19 caused severe damage to the global economy. Nations are trying hard to rebuild their economies and to prevent further downfall. Hope the vaccine is developed soon to prevent further loss of lives and also the collapse of economies.

Photo by Kaique Rocha from Pexels

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14 comments

  1. 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.

  2. 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.

  3. 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.

  4. 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.

      1. 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.

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