Coronavirus- Impact on Global Economy

Hey guys, I am back with some new thoughts over global economy. As you all know right that in the past two years we have faced a lot all together. But if we have made a think over it somewhere it was our carelessness where we failed and we faced it. If the peoples haven’t took the safety measures may be it was a possibility that virus to be poked in for a long time and it is also a fear that global economy could have slip into the recession. Recession sets in when the economy shows two consecutive quarters of contraction. Lets see how it had impacted and which all are the major areas:

1. Tourism: India is a large market for travel and tourism. It offers a diverse portfolio of niche tourism products like adventure sports, spiritual places and various diversity of people with different foods and clothings and with their ways of celebrating a festival. Since In India also we have many beautiful places including Goa from south till Shimla in North where you it was a daily arrival of visitors from different part of world. Due to covid this got slowed down as most of the person coming from abroad so the incoming and outgoing from flight, buses, train got stopped, resulting in the poor growth of the economy which is directly proportional to the tourism.
2. Trade and Transportation: Since the products need to be transported from one place to other within the country. We have both kind of trade i.e your international and domestic trade. As of August 27, 2021, foreign exchange reserves in India stood at US$ 633.5 billion. In WTTC’s Economic Impact 2019 report, India’s Travel & Tourism GDP contribution grew by 4.9%, which was the third highest after China and Philippines. In terms of foreign and Domestic trade India Transport petroleum products , jewellery ,automobiles ,machinery ,Pharmaceuticals, Cereals, Textile and many more. The transportation of these essential also got blocked due to corona which made impact on the global Economy.
3. Education: For education, I don’t know what you all do think but in my opinion it had ruined the education system, as the student who were passed out in 2019 and 2020 year were having the incomplete education which will make a gap for them while pursuing their higher education. Since the education till intermediate is must for each and every children which helps in improving the knowledge and personality of a person. The covid made the online classes available for students but this had impacted the students life, as due to this student’s became careless and you all are aware that teachers are also careless from their end which had resulted in the poor knowledge of students.
4. Sports: The sports were always a major source of GDP for India as many events used to happen in India likewise the during the COVID the Olympics in Tokyo was up in the air after the international committee decided to postpone the 2020 summer games. The very popular Indian Premier league has been postponed, Tournament organised by the Union of European Football Association and many more have been suspended Indefinitely.
5. Bollywood life: Since the cinematic life also generate a great amount for global economy but due to this the movies sector also got down and releasing pictures too which impacted the economy. Cinema halls were also down.Overall, in 2021 consumer spend for movies across all platforms including SVOD, traditional home entertainment and theatrical will account for $60.4bn, down $5bn from pre-pandemic levels. At the height of the pandemic, total movie spends were recorded to be just $46bn with the largest share from a growing SVOD base. By 2022, with cinemas in a stronger position, Omdia forecasts that total movie spend will rise to a record $80bn globally. Mid recovery, cinema will generate just one third of consumer movie spend this year compared with over 55 per cent pre-pandemic.

6. Employment: Since many of the person has loose many jobs during the covid many firms got shut which had made a greater Impact on the Economy. As the IT world was in boost there are many manual jobs in the automotive sector which got down. Overall impacted on the

7. Health: The Gyms got down and peoples around the world who used to go gym, yoga classes for the mental peace, strength or as a extra curricular activities got stopped which again impacted the Economy and also it impacted the peoples health too they started procrastinating the things which directly impacted their health.

8. Poverty: The poor people who used to work on daily labour wages became more poor day by day and even leading to deaths too due to no food and money.

At last will be concluding today that it had made our economy down in numerous ways but we all together can build up and make our Economy rise higher with the govt. scheme like Atmanirbhar Abhiyan and many other project by govt which can help us in creating jobs for poor people and making our economy stable in coming years, and be in line of being a developed country.

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