Question

What are the economic implication of COVID -19?

Answer 1

Answer:
The economic implication of COVID - 19 are as follows:

• Growth and GDP of the Nations are compromised : Before COVID-19 many countries were projecting very good and positive growth rate of their economy and increase in their GDP number. But after COVID-19 most of the nation growth have decreased and projected to even contract in negative directions because of this. As countries have to spend around 10% of their GDP as a relief for coming out of this pendamic at the same time whole economy was shutdown for many weeks.  
• Many businesses are at the verge of bankruptcy : Many counpanies are at the verge of bankruptcy who have taken huge leverage to run their business as it needs to be shutdown for many weeks at the same time even after reopening their are various rules and demands are very less. Many companies have already filed for bankruptcy.
• Most of the economy were in shutdown for many weeks : Many nations have implemented nationwide lockdown for many weeks where only essential services were allowed to get opened. Few countries among them were United States, UK, India etc. It also negatively affected many macroeconomic parameters.
• Unemployment data of the nations has increased : As companies are not doing well it leads to many fold unemployemnet in most of the countries. Unemployment data has reached decade high after this. In united state itself around 23 million people filed for unemployment benifits.
• Airline industry, Tourism Industry had a great hit : Airline and tourism industry were also greatly affected by nationwide lockdown. Even after removal of lockdown their business were not running even at 75% of previous comparing efficiency.
• Setback against globalization : Its also one of the great setback against globalization which can affect overall development of whole world. Due to pendamic nature of COVID-19 many countries stopped exporting things in the favor of seving their own citizens at the time of crisis, which raised the sentiment of beccoming self reliant to most of the countries and to depend on local providers for the basic needs.

(plz give me a thums up...if my answer helped you and if any suggestion plz comment, Yr thums up boost me)