Corona, which was first detected in China, has a devastating impact on the lives of people. Nowadays, this coronavirus has infected people in more than 100 countries. This means not only India, but the entire world is going through this pandemic. Because of this epidemic situation, the government announced the lockdown. Along with India, several other countries around the globe have implemented quarantine and lockdown to slow down the spread of this infectious coronavirus. But this lockdown also slows down the economy of the whole world. Everything is stopped because of this epidemic situation. Whether it is companies, industry, or even schools, everything is temporarily shut down due to this corona. Many people are jobless due to this lockdown, while the daily wages workers are struggling to earn their meals amongst the lockdown.
Because of this coronavirus, all the essential works are halt and economic slowdown. Several major conferences and events such as the World Athletics Indoor Championships, Facebook’s annual conference, and Indian Premier League (IPL) are canceled because of the corona. All are facing a huge economic loss in all over the world. Due to this lockdown, people are not able to travel from one place to another. In every field, people are suffering from economic losses. This virus slows down all the economic activities, and the entire world is going through a serious crisis. But according to the expert’s reports every day, a huge number of people infected from this virus across the world. So the lockdown is only the solution to prevent its spread. If we do not follow this advice, then in the future, we have to face more than this situation.
In the global economy, the impact of coronavirus has serious and extremely effective. The significantly global spread of coronavirus slows down economic growth. The economic fallout from the pandemic coronavirus seems to be one of the biggest shocks in generations. Some of the major industries, especially airlines and other sectors related to travel, are facing the major economic crisis because all the countries closed their borders.
As the economic activities are stopped so, this also drives down the emission. While the whole world shut down, then the emission are expected to fall. This pandemic coronavirus lowers the oil demand. Because the impact of coronavirus spreads across the world, the international energy agency said that this year global oil demand is expected to decline. All over the world, this coronavirus pandemic broadly affects the energy markets. The people are going through a huge economic crisis due to this lockdown.
The government has admitted that the economy is may be at risk due to the corona, but the latest data do not show any disruptions. For the moment, the SBI research report has evaluated an effect of up to 90 basis points on the GDP because of the disturbance in the transport, tourism sectors, and trades. But, the Anurag Singh Thakur- Minister of State for Finance said that the latest available data on trade and indicators of domestic output does not propose any unfavorable impact on the economy. He also said that there is a positive impact on India’s economy that may arise from a decline in global oil prices set off by the outbreak of coronavirus.
