Question

How did COVID-19 affect unemployment?

Answer 1

According to experts, in this entire phase of lockdown and corona virus, the most impact will be on the aviation, tourism, hotel sector directly and it influence its vendor industries.

The aviation sector directly depent on the travel but currently international and domestic flights has been banned. But, companies only have to pay their salaries. Plane had to maintain and it needs money,and the debts are also to be paid. "

At the same time, the more the tourism, the more the work of hospitality increases the faster. But now people will also be afraid to go abroad. It may take time to become habit of walking freely in their own country. In this way tourism and Hospitality sector will get a big push. People are having fear to tour anywhere that’s why tourism, aviation, hospitality hotel industries going to be slow. This leads to a recession in this sector , companies would not sustain their employes for long time.

banking sector: Banks deposit money and give loans. Due to COVID-19, there will be very few people who are taking loans from the bank. This may put the business of weak banks down. It can also be difficult for many people to repay their debts, which also increases the NPAs of banks.

The International Labor Organization said that the corona virus was not just a global health crisis, but also a huge labor market and economic crisis that would affect people in a big way.According to the ILO, 25 million jobs worldwide are at risk due to the corona virus.

Except of this other manufacturing , service sector also suffering because due to lockdown factories and offices are shut down , its mean no production, no income of employers as well as employees both.