The unexpected challenge caused by the COVID-19 pandemic has resulted in more than 8 million confirmed cases and more than 436,000 deaths worldwide to date. This outbreak has also sparked various issues on economic development and health fears. The world is facing some economic crisis and recession, and it will eventually bring some long-lasting problems. The prevention of pandemic needs self-isolation, travel restrictions, and social distancing that lead to reduced workers crossways all money-making sectors and causing a lot of jobs to have vanished.
Since the rise in the pandemic outbreak the schools, colleges and offices have closed down, and the requirement for goods and man-made products has decreased. On the contrary, the need for medicines and other medical tools and equipment has significantly increased. The food industry is also experiencing huge-demand due to the panic-buying and accumulation of food products. In reaction to this worldwide outburst, in this blog, we have summed up some handpicked points that are affecting the economy and social health.
As we know, the Covid-19 situation has changed the overall business process, and more than 213 countries and territories are suffering from COVID-19 cases. The entire world is looking for the day when this pandemic will last, and people start living happily once the situation is over.
The latest reports reveal that there are studies now that point out the virus could come back again in the social community that has before “flattened the curve. It is time to implement some more restrictions, and the government needs to impose numerous waves of lockdowns until medicine or vaccine is discovered. According to reports, various researchers and experts are continuously working on the vaccination process, and we are looking at the economic outbreak lasting for 12-18 months, which is the most basic timeframe accepted for a possible vaccine. It is evaluated, that major European economies will also face disturbance as the virus spreads, and countries take up restricted responses that reduce manufacturing action at local hubs, including in northern Italy. It will impact the global financial crisis.
India’s internal buffers ensure that the financial crisis in the year 2008 has not disturbed it, even if our GDP growth slipped from 8.5 %to 6.5 % but this the country is facing huge losses. With the Covid-19 situation, the economic slowdown the GDP growth of the country is falling below 4%—officially. Overall all the countries are facing economic issues —especially countries that depend on tour and tourism and exports.
Impact on Covid-19 on health industry
The current COVID-19 pandemic outbreak situation has caused an unparalleled challenge for the healthcare industry globally. In addition to this, the risk of infection for healthcare workers is at a peak, and the current situation is not coming to an end. Like all other professions, the healthcare workers cannot work remotely, various other steps are important for healthcare workers who are not capable to work distantly in the present tough situation. The strategies used are the early use of viral testing for asymptomatic and/or frontline healthcare staff is very important to keep an eye on their health. From the past few months, the healthcare sector is facing issues like shortages of protecting equipment including N95 face masks, the fewer number of ICU beds and ventilators has in the end exposed weaknesses in the sector to cure the maximum patients.
In short, we can say that the healthcare sector is the main sector facing the first-time worldwide pandemic challenge, and in this time the private sector has risen to the time by providing patients with the equipment and care that they need in this situation. The private sector is offering all the support government needs, whether it Covid-19 testing or isolation beds for the handling of Covid-19 patients.
At the same time when the medicinal industry is facing the loss of beds, the industry has also taken a hit by continuously providing support to the people in a difficult time.
Annual GDP ($ billion): 2,718.73
GDP growth in 2019 (%): 4.70%
Exp GDP Growth (JAN): 5.80
Exp GDP Growth (APR): 1.90
Benchmark index PE: 18.78
Annual GDP ($ billion): 20,544.34
GDP growth in 2019 (%): 2.30
Exp GDP Growth (JAN): 2.00
Exp GDP Growth (APR): -5.90
Benchmark index PE: 16.39
Annual GDP ($ billion): 13,608.15
GDP growth in 2019 (%): 6.00
Exp GDP Growth (JAN): 6.00
Exp GDP Growth (APR): 1.20
Benchmark index PE: 13.13
The rise in the number of new Covid-19 cases and the death toll remains are increasing high day by day. With this, the impact on the economy will be significant in the upcoming time.
Overall the world is facing a new recession phase, and the current times need strong management in healthcare, and the government sector to sustain the situation. The government needs to take some immediate assistance measures need to help the people. The whole world is in a need of medium and longer-term planning to rebalance the things that are facing the crisis. An economic development plan is necessary to check the needs of every sector to encourage entrepreneurship so that those with strong and sustainable business models can thrive. It is the time when the government along with the financial organization needs to reconsider and re-assess the condition of the economy.
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