The impact of COVID-19 on the Global and Indian economy

impact of COVID-19 on economy

While the whole world is suffering from the extensive spread of the COVID-19 virus, the shutdown of several metro cities has deliberately affected the economies of the nations. Due to the decrease in the sales of the multi-national organizations, the impact of COVID-19 on the Global and Indian economy could be seen throughout the world. An analysis done by the experts has depicted that it will take approximately 3 years for a developed country such as the U.S to recover from the effect of the lockdown that has been implemented due to this pandemic.

It is believed by some experts that if the recovery, health conditions and the social distancing of the people would be stronger then it could aid in controlling the spread of the epidemic in the next two to three months period. Consequently, the overall outcome would be more fruitful with the recovery of the economy for the United States in the third quarter of 2020, in the fourth quarter for china and for Europe in the first quarter of 2021.

How much impact it did so far!

It is a common picture of the present time that the countries across the globe are struggling to minimize the number of cases among their citizens. Recent data shared by the WHO showed that the COVID-19 has affected 110 countries so far with approximately 110,000 confirmed cases with more than 5000 deaths, which are rapidly increasing. India is not an exception though, which as well has been greatly affected by this virus. Coronavirus in India has not only greatly impacted the lives of the people because of the called lockdown in the entire nation for 21 days, but also the COVID-19 in India is affecting the Indian economy due to the shutdown of almost all businesses including production, logistics, supply chains.

However, the government of India is continuously making its serene efforts to decimate the after-effects of this disease on the economy of the country along with protecting the lives of the infected individuals. The media, on the other hand, across the country is one of the prime contributing factors in enlightening the people by telecasting the updated Coronavirus news and by spreading the awareness across the nation so that people could keep themselves safe and could assist in breaking the chain of this spread.

Is it affecting the Indian economy?

The Indian economy is regarded as one of the fastest-growing economies in the world. Due to the temporary lockdown throughout the country, people are advised not to step out of their place. Also, the concrete reason for the temporary lockdown of the global business ties among several developing and developed nations is to restrict the spreading of this contagious disease from one person to another. While the restricted trades between the nations could have a massive impact on the economies of almost every country across the globe, India is not an exception though.

The whole world is suffering from the COVID-19 pandemic which is affecting the nations and the lives of the people in one way or the other. Many spheres of human life have been significantly affected by the detriment affects of this virus. However, researchers and medical professionals are continuously working on the manufacturing of the antidote to this virus, so that lots of lives of the human could be saved.

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