Affect of Corona Pandemic on Global Economy — Facts & Myths
COVID19 completed its 2nd anniversary and the result was unpredictable at the beginning. Of course outbreak of this deadly virus impacted the lifestyle of every people across the world. But, that’s not only effect; it also badly affected the global economy. The overall economical affect is not pleasing initially. It left a huge impact on the unskilled and unorganized sector and even damaged the growth chart of thousands of mid and top level organizations.
Of course, it is not literally possible to make any clear estimate of this economical loss; but, it caused a severe drop in the GDP of most of the countries; and it varied from 2.5% to 4% in most of the countries based on their strength of economical backbone.
While analysed a bit deeper, it is found that the small organizations and unorganized sectors were the worst victim of the pandemic. Millions of businesses either had to shutdown their business or become almost dead after this situation. Ranging from real estate sector, tourism and hospitality, education sector to manufacturing industry, all had to go through severe financial turmoil and it’s very tough for most of those brands to recover this loss.
However, this pandemic also opened new horizon of businesses and created some completely new earning sources, specially in the IT sector and medical industry. As per a recent research, the IT industry suddenly switched to work-from-home method which helped them to save a lot of overhead cost, while they got massive number of projects as the world understood the value of going online after this global scenario.
In the beginning, education sector faced a huge hit globally. However, it offered a never-before opportunity to the online coaching industry and they generated a huge revenue due to this social distancing.