Question

Identify how this pandemic crisis is impacting on the economy and employment, and assess businesses responses, governments’ policies and unions’ concerns as we try to cope as a nation.

Answer 1

Due to the ongoing pandemic of covid-19 the most of the countries are going through complete lockdown or partial lockdown.

The entire country level lockdown has a huge impact on the the economy. The world economy is going through recession and the crisis is not going to affect only one country but it us going to affect the global economy. The employment is on lock the most affected party in the entire lockdown are migrant labourers who earns daily breads but now they are not getting that also. The government across the world had announced various relief program .The entire production system is under scanner and only necessary services are continued.

The citizens of the countries weather sports person or actors or business men are donating heavily in the relief funds of government. The business house are coming to pay the salaries to their employment. As nation the government should be not be only focused on the elites but should support the the parties that are worst hit of the pandemic. The parties are daily wage migrant labourers, Poor's and the doctors who are working in this pandemic.

It can be powerful enough to shutter some businesses and lead to sharp spikes in unemployment.The biggest pandemic in modern history was the Spanish Flu of 1918-1919, during which many service-based businesses suffered double-digit losses.Government interventions, such as sending money directly to households, may have less impact when stores are closed and people are fearful of even receiving packages at their door.The advent of a pandemic is a good time for workers to shore up their emergency funds and make sure they're prepared for a possible job loss.The Interconnected Economy with millions of people in the United States and around the world in a virtual lockdown, a ripple effect throughout the economy is inevitable.Certainly, specific industries bear the brunt of the damage. Shops and restaurants start to empty out, if not close their doors altogether. Non-essential travel slows down, curtailing revenue for not just airlines and cruise-ship operators, but smaller businesses that rely on tourism revenue. The list goes on.However, those employed in seemingly unrelated industries can also feel the secondary effects of social distancing. For example, manufacturers—especially those outside the medical field—may see fewer orders as shopping slows down. Banks may have to absorb more loan defaults as a portion of its customer base loses work. And oil companies see prices plummet as investors sense weaker demand.

The fear of the unknown can only exacerbate these economic impacts.

While experts can estimate what the economic fallout from a pandemic such as the coronavirus will be, the precise impact will vary based on how many people are affected, how severely it hits, and which societal interventions are necessary to contain its spread.

Most important, perhaps, government leaders can help ensure that hospitals get the vital resources they need to treat patients and protect doctors and nurses.

While pandemics can cause significant economic damage,the citizens as a nation should support the efforts of the government and should follow the instructions of the government.