Impact Of Coronavirus On Economy

Impact Of Coronavirus On Economy

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Already the world economy was in crisis. In the meantime, coronavirus breaks the backbone of almost entire world. Coronavirus affected especially the developing and underdeveloped countries. Now more than 130 countries are affected; almost 7500 people died and more than 2 lakhs cases reported around the world. Dow Jones, FTSE, Nikkei, BSE, and all the share market of the world is going down.

Here are the lists of the top 5 business falls due to coronavirus.

Travel Industry:

Coronavirus started from Wuhan City in China and it spread around the country and then around the world. On March 12, the World Health Organization (WHO) declared that the virus is now a pandemic. Sectors such as tourism, aviation, hospitality, and trade are the first industries that affected first. Most of the countries stopped arrival on visa facility and stopped on entering foreign visitors. Even people are so scared that they are not even visiting locally. Now the Travel Industry is on the ground. Many flights have been canceled, many hotel bookings have been canceled. The Pandemic has been epidemic in its hit to the Travel Industry. From airports to Hotels, from small travel agents to big ones, all stand affected.

Service Industry:

Due to coronavirus, cities are lockdown, countries are lockdown. Companies are promoting their employees for work from home and some of the companies are asking people to take leave without pay as they do not have enough work this time. Every industry is suffering right now because they know that there is no cure yet for the Coronavirus; prevention is the only way.

Retail Stores:

Government and medical teams are again and again announcing to maintaining social distance and advising to avoiding public places and even advising not to go to your relatives and friends. In adherence to avoiding public places, retail stores and shopping malls are facing a sharp fall in their footfalls. People prefer Online Shopping so retail sectors also suffered very badly due to coronavirus.

Hollywood-Bollywood and Cinema Halls:

All the shooting and releases of new films have been stopped to avoid people coming closer in volumes. Cinema halls are already closed due to this pandemic. The cycle of money stopped. So this industry also affected very badly.

Real Estate:

A report says that as compared to the 2002-2003 SARS epidemics, the new coronavirus outbreak will have a “more severe impact” on the property sector. Sales growth in third- and fourth-tier cities will likely not recover this year. It will take a long time to recover foot traffic in shopping malls as people do not have money right now and the rotation of money also stopped. So it will take time to come on track this sector.

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