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Topic - Economic impact of covid 19

Dear Student,
The answer is based on the economic impact of Covid-19.
Covid-19 has spread with an alarming rate, infected millions of populations all over the globe. This halted the countries as  they imposed tight restrictions.
The Global Economic Press on June 2020, forecasts envisions a 5.2 percent contraction in global GDP in 2020.
In India around 41 lacs people lost their jobs especially in construction, Industrial and agriculture sector.
Global growth shrink by almost 8% in 2020.
 Daily wage workers, maids, local stall owners lost their survival incomes.
The Covid-19 recession has seen the fastest, steepest downgrades in consensus growth projections among all global recessions since 1990.
This has made countries to spend an enormous amount of money in vaccine productions, heath care, production of PPE  kits etc, which results in the economy loss.
Regards


 

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Dear student,

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Dear Student,?

Such questions are made for enhancing the self-creative skills and should be tried
answering on your own. However, here are a few points that will help you in framing
your answer:

- Covid -19 has largely affected the economy negatively.?

- Due to the lockdown?imposed to contain the spread of the virus, factories and industries were closed.?

- This has affected the production of goods.?

- Daily wage workers, maids, local stall owners lost their livelihood.

- The stock market is witnessing a prolonged period of sluggishness.

- However, there are certain segments of the economy that have benefited during these times.

- Covid -19 has severely affected the international movement of goods and services.

- The vacuum so created has been filled by the local economy.?

- Therefore, Covid -19 has benefited the local economy at the expense of the global economy.?

- Also, it has lead to a?surge in the number of PPE kits and N-95 surgical masks produced.

- The bio-medical companies that manufacture these products have seen a rapid increase in their sales during the time of coronavirus.?

- Companies selling hand sanitizers have also benefited.

Regards
  • 1
Dear Student,

Such questions are made for enhancing the self-creative skills and should be tried
answering on your own. However, here are a few points that will help you in framing
your answer:

- Covid -19 has largely affected the economy negatively.

- Due to the lockdown imposed to contain the spread of the virus, factories and industries were closed.

- This has affected the production of goods.

- Daily wage workers, maids, local stall owners lost their livelihood.

- The stock market is witnessing a prolonged period of sluggishness.

- However, there are certain segments of the economy that have benefited during these times.

- Covid -19 has severely affected the international movement of goods and services.

- The vacuum so created has been filled by the local economy.

- Therefore, Covid -19 has benefited the local economy at the expense of the global economy.

- Also, it has lead to a surge in the number of PPE kits and N-95 surgical masks produced.

- The bio-medical companies that manufacture these products have seen a rapid increase in their sales during the time of coronavirus.

- Companies selling hand sanitizers have also benefited.

Regards
  • 1
Dear student,

Covid-19 has impacted Indian economy very badly,the economic activities have slowed down
thus impacting economic?and social life.

Major impact of Covid-19 on Indian?economy are:

- Fall in GDP growth-India's GDP is highly contracted due to covid-19, in lockdown? i.e in Q1(April to June)?it has contracted the most.

- Decline in investment: Their is huge decline of investment in all the sectors of economy due to low GDP growth.

- Loss in employment: In India 41 lakh youth lost its job due to the pandemic with major job losses in?construction and agriculture sector.

- Decrease in government income- the revenues of government has declined highly due to low tax collection and high borrowings.

- Collapse of tourism industry-it has impacted? the whole tourism sector like hospitality,travel agents, air, land and sea transportation industry.The number of passengers has declined?thus affecting the revenue of tourism industry resulting in huge losses.

- Shutdown: Covid? has resulted in shutdown of many factories, school, colleges, gym, restaurants, malls and many other places.

Regards
  • 1
Dear student,

Covid-19 has impacted Indian economy very badly,the economic activities have slowed down
thus impacting economic and social life.

Major impact of Covid-19 on Indian economy are:

- Fall in GDP growth-India's GDP is highly contracted due to covid-19, in lockdown i.e, in Q1(April to June) it has contracted the most.

- Decline in investment: Their is huge decline of investment in all the sectors of economy due to low GDP growth.

- Loss in employment: In India 41 lakh youth lost its job due to the pandemic with major job losses in construction and agriculture sector.

- Decrease in government income- the revenues of government has declined highly due to low tax collection and high borrowings.

- Collapse of tourism industry-it has impacted the whole tourism sector like hospitality,travel agents, air, land and sea transportation industry.The number of passengers has declined thus affecting the revenue of tourism industry resulting in huge losses.

- Shutdown: Covid has resulted in shutdown of many factories, school, colleges, gym, restaurants, malls and many other places.

Regards
  • 1
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