Affect of Corona Virus on different Businesses Globally
Updated: Feb 24, 2021
Well we all recognize about the epidemic situation prevailing all over the world with the spread of the Corona Virus day by day. This health crisis have a significant effect on economic fallout, reflecting shocks to supply and demand dramatically. Though different targeted policies are needed to support the economy downfall through this prevailing epidemic situation, keeping intact all the economic and financial relationships between different businesses and workers, borrowers and lenders, and different suppliers and end-users. Our goal is to prevent the downfall of different businesses which can harm different community of peoples and firms through job losses and bankruptcies.
What We Know
As we all know that this disease is spreading quickly. With over one-third of our community is affected directly, this is no longer a regional issue—it is a global problem calling for a global response. This will be little shocking for all of us that this virus has effected dramatically to both supply and demand -
. As there is restricted in supply chain due to which there is restrict mobility and higher costs of doing business. . Has an adverse effect on demand due to higher unreliability, increased discreet behaviour, limited constraints, and rising financial costs that reduce the ability to spend. . Has affected across border trade and businesses very dramatically.
The economic impact is already visible in different countries due to this virus outbreak. For example, in China, manufacturing and service sector has declined dramatically in February. As we all know that the drop in manufacturing will affect the services and vice versa. Due to this financial crisis the global supply and demand for dry bulk shipping stocks such as building materials and commodities has also dropped significantly. This drop has also seen in the recent epidemics of 9/11 attacks. Due to this virus different businesses disruptions have lowered production, creating shocks to supply due to shortage of labour supply. All the offices and businesses are completely shut down which has increased mortality.
There is lock downs all over the world due to which the firms that rely on supply chains are unable to get the parts they need, whether it is domestic or international firm.
The tourism and hospitality sectors has also been affected by this Covid-19 virus as all the domestic and international flights has been cancelled. Due to which the tourists which come to India from different countries have stopped which has increased the fear of contagion and loss of jobs as different tourism industries are unable to pay salaries to their employees due to complete shutdown.
Share Market Fallout
The share market has faced a dramatic drop down due to rapid downfall in all the businesses all over the world due to Covid-19 virus breakdown.
Due to the recent reports all the smartphone industries such as Lenovo- Oppo-Xiaomi- Motorola are shut down due to state orders lockdowns which may cause a fall of 40% in phone sale for the upcoming months. Closure of Malls, Markets and Factories
Due to closure of different malls and markets people are facing a lot of trouble in getting daily used products such as vegetables, grocery items, cosmetics, milk etc. all over the country. The daily wages worker who depend on daily work are facing cashless crisis due to this epidemic situation.
So in the nutshell all the different sectors whether it is Telecom, Private or Government all are facing a rapid downfall due to this Covid-19 Virus.