According to worldometers.info, the novel Corona virus has infected around 47,50,154 and killed 3,13,797 people. Since the outbreak and the continued lock down people have lost jobs, facing reduced working hours or started working from home.
People whose livelihood depended on daily wages are the most affected. These people lost their job and the safety of migrant workers who wished to go home is being neglected.
Those people who work remotely are struggling to maintain work-life balance and students have turned to social media OTT platforms forming habits that may be hard to overcome even after pandemic ends.
Directly COVID-19 made a huge hit on global shares and this affects the dividends and long term returns for stockholders. The decrease in demand for oil dipped the price of Brent crude to 20$ which is the lowest in 20 years.
The travel industry also took a big hit, while the industries in E-commerce, OTT platforms like Amazon, and Netflix scored new highs in their share prices.
According to the IMF(International Monetary Fund), the global economy will shrink by 3% this year which is the worst since the great depression of the 1930s.
IMF also expects a rise in global growth rate by 5.8% if the pandemic fades in the second half of 2020. Due to the reduction of manufacturing in China, India has a chance to become the next production hub for the world
Since the Lockdown major industrial areas were put under lockdown and production was brought to a halt. As a result, a fall in pollution levels has been recorded all over the world.
European space agency has released the images showing a reduction in nitrogen dioxide levels in the lower atmosphere.
Indian government has allocated 20 lakh crore for the COVID-19 relief package. Correct allocation of these funds to respective industries will help the balls rolling for the economy.
COVID-19 is not expected to be gone anytime soon. Vaccine development is a step in the right direction to a COVID free world until then people should follow preventive measures and adapt to living beside the virus.
Some thought people who cannot hold their New year resolutions are weak-minded, who were they kidding :p I bet no one had a calendar striking a 3-month vacation in the middle of the year. So it’s true that people will always be the victim of their situations.