Corona Virus: The Pandemic has Changed the World

Economic Impact of the Virus so far!

Covid-19 Patient Care

Corona Virus has only hit the one country or nation but in fact, the whole world is in trouble because of this threatening disease. Every government has only one solution to put a lockdown in their country. Though lockdown helps to reduce covid-19 but it gives jerk to the economy of any country. Despite the development of vaccine still medical specialists are wondering how to stop this virus. As the disease has spread in the whole world that is why the economy of whole world has collapsed very badly. First a big jerk of economic pressures the nations have faced was in "March, 2020", Second in "October, 2020" and now third in "February, 2021". All the industries are facing recession and now the final stage is going to be depression if the economy will not get better in few days. So, let’s have a look on different industries.

Global Shares in Flux

Stock markets have collapsed very badly. That has eventually effected the value of pensions or individual savings accounts (Isas). Not only this, The FTSE, Dow Jones Industrial Average and the Nikkei all have faced huge falls as the number of Covid-19 cases grew in the first months of the crisis. The major Asian and US stock markets have recovered following the announcement of the first vaccine in November, but the FTSE is still in negative territory.

Economists are worried that the possibility of further lockdowns and delays in vaccination programmes might generate more market explosiveness this year.

Difficult Time for Job Seekers

Due to corona virus, a lot of people in whole world have lost their jobs or seen their incomes cut. Many of the private companies have cut 20% to 50% salaries. Not only the underpeopled countries Pakistan, Bangladesh and India has faced the unemployment but also the developed courtiers like USA, Japan, Italy, Germany, United Kingdom has also faced the severe economic pressure and instead of decreasing this ratio is increasing gradually. Most of countries now in recession!

The IMF estimates that the global economy shrunk by 4.4% in 2020. The organization described the decline as the worst since the Great Depression of the 1930s. There is no doubt at all that if the economy of a country will grow then the wealth and new jobs comes.

The Downfall of Travel Industry

With all the other industries, travel industry has also suffered badly and still in great depression because a lot of nations has banned on travelling. Since march 2020 customers cancelled business trips and holidays. In recent months, the new wave of virus has forced countries to introduce stricter travel restrictions.

Hospitality Doors are Shut down in the Whole World

When there is no travelling, there is not going to be any hospitality at all. This is what actually happened. All the hotels have closed the doors for the tourists because of the sops of corona.

Online Shopping

Pedestrian numbers have fallen further from the first lockdown, according to research firm Shopper Trak. Because of the lockdown, the concept of online shopping is on its peak but it has badly hit the pedestrian sellers.

The Damages are Unmeasurable!

After the research, it has been come to know that the COVID-19 pandemic has resulted in over 4.3 million confirmed cases and over 290,000 deaths globally. That is biggest disaster and will always remain in the history. Corona virus has also generated fears of an impending economic crisis and recession. Social distancing, self-isolation and travel restrictions have led to a reduced workforce across all economic sectors and caused many jobs to be lost and the businesses to be shut down.

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