Coronavirus, also known as Covid-19, has wreaked havoc on the planet and claimed many lives. The planet was placed on lockdown, and there were emotional and physical issues as a result. While the world was able to flatten the curve with the help of this lockdown, it is now experiencing the second wave, which includes the same economic downturn, lockdown, death toll, and so on.
This pandemic isn’t going anywhere anytime soon. Research teams are working around the clock to figure out how the planet can deal with the virus in the future while maintaining humanity’s simple way of life.
Covid-19 has unquestionably altered the course of history. The disparities are astounding, and policymakers are still attempting to revive the economy and prevent a period of stagnation that might lead to even more severe problems. It is quite unpredictable the determine the recovery of the economy after the end of the pandemic, but it can be assured that economy is going to experience a bullish market because during the phase of the pandemic- the world has faced recession.
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COVID-19 Impact on Global Economy
As a result, the following are the consequences of the coronavirus on the global economy and how it will recover after Covid-19 ends:
Effect on the GDP:
The world is facing the phase of recession right now and India has faced one of the biggest economic hits which has contracted a lot of opportunities and has brought poverty to a significant amount of people. As during the pandemic, many people lost their jobs, many businesses have shut, many people have died, the economy is shaken, and this has lowered down the GDP considerably.
It is strictly believed that after the end of pandemic, the economy will face a phase of revolution. People are upgrading themselves during this time of lockdown so that they can explore better opportunities in the future. It is quite defined to the job aspirants that they need to be quite qualified if they want to have a stable like after this recession.
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Companies are focusing on hiring qualified people so that they can stable the company once again like it was before the pandemic. This suggests that there will be opportunities and also planning involved by the industries and the government which will help it to grow promoting in the increment of the GDP.
GDP is one of the major factors which is also affected due to the closure of tourism and hospitality industry. It is one of the most affected industries in such times as traveling, staying in hotels for vacations, etc., is not preferred as people are scared about their lives. Once this pandemic end, this industry will get boomed as people are as well tired of staying at home as it has even caused mental tiredness and blockage of minds to them.
The tourism industry is expected to boom as it will allow people to travel again without strict restrictions and be safe at the same time. As tourism is also a major part of the GDP, it will contribute to intensify the GDP.
Globalization and Automation:
This is also one of the major changes which the world will experience. In this pandemic, the world has experienced the importance of digitization and its impact in the lives of the people. Automation has started to play a major role already. The world is evolving, and the industries have been changing since decades, but the phase of coronavirus has brought in some rapid and major changes which has changed the lives of everyone.
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As in lockdown, people could not go out, so the industries have to convert all their services online for the users to access in. These major changes have been made in financial and educational industry where people manage their money online and the students study from online platforms.
After the pandemic ends, it is understood that a significant amount of the tasks will be carried out digitally as people prefer it more for easy and hassle-free experience. The phase of automation will kick in where a demand of risk and security analysts will increase which can help the companies, online digital banks, other institutions, and their users to be secured.
The Real Impact – A Final Take
With the things moving digitally, the companies will go global like never before. Even small business can target a global audience which will help them to grow faster and earn loyal customers.
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The world is already facing a lot presently so let is try and help it by staying home and upgrading ourselves and working hard which will also help the economy and us in the future. Therefore, the above mentioned are the two most impactful changes which the world will experience.