What is the impact of the corona-virus pandemic on GDP?

What is the impact of the corona-virus pandemic on GDP?

Expert Solution

Answer-The impact of the corona-virus pandemic on GDP-

Due to coronavirus pandemic, in all over the world, there are situations of lockdown in every industry, due to lock down all the shopping malls, stores and industries were closed and all the production process were also closed and production takes place in very minimum quantity due to the shortage of labor. These circumstances result in low production of goods and services within the country boundaries as well n the international market. Coronavirus also results in the loose of millions of jobs in all over the world, the unemployment rate also rises over all over the world, the contribution of employees and labors towards country developments in form of paying taxes and all also reduced, this coronavirus pandemic affected developing and underdeveloped countries most and due to the drastic fall in production as well as trading process GDP grows in negative numbers.

Rahul Sunny answered 7 months ago

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