Question

How COVID-19 is damaging the economy? Which is the more successful economic sector in today's world (under COVID-19)?
Explain in 1000 words

Answer 1

Answer

With the existence of COVID-19 every sector and economic activities are being hampered. Unemployment has increased with low productions and high inflationary rates. Due to which market prices have increased and foreign trade and tourism sector have been affected worst. Basically all the economic activities are in slow pace growth all around the world. With the presence of the COVID-19 the pressure on economies have increased as low GDP growth of the countries can be seen with more and more of potential person is turning into a economic burden on the economy . Whereas with the unemployment scale rising the supply is also falling whereas shift in the population can be seen inter state and between the counties with displacement of population the potential workforce is under unemployment state. Whereas spreading of such virus is creating a havoc in the economy due to which the working force is demotivated to work.

Medical sector whereas online startups and apps are the core sectors which are under successful sector during such crises as with demand for the sanitizer and masks have created a new market which can be utilised by the market forces whereas due to steps to avoid the spread of COVID-19 various offices have started work from home resulting in the increase in the online app culture like use of apps like zoom etc and various other shopping ,trading apps can be seen which are successful during the period of COVID-19 crises