How does Coronavirus Affect the Global Economy?
The world, since it commenced, has faced situations of great depressions in terms of economic downfall due to various circumstances. Be it war or the plague, and the world plunged into darkness in terms of all factors. Since the outbreak of the novel virus in Wuhan, China, the world seldom expected that a great depression would follow the next or immense loss would be caused round the world. This has taken its course like any other influenzas or diseases that the world is faced with. However, the effects of it seemed to triple with passing time due to carelessness and the absence of knowledge of it. So much so that it rapidly spread, and before the world knew it, the coronavirus first became an epidemic and now threatens the world as a pandemic.
- All flight suspension, causing citizen's to be caught in situations that are hazardous to live in. Days before the current situation, CAA permitted flights to Karachi, Islamabad, Lahore, and Peshawar. (impact: stuck family and friends, mental health is affected, citizens feel helpless).
- Due to the lockdown, workers are tied at home, whether they be service providers or daily wage earners. (Impact: Due to the spread of the outbreak of the pandemic, they have ripped off an income that fed their family creating deprivation of necessities).
- Because workers are at home, Karachi is the most business-friendly city and generator of national GDP, and goods production is falling to a dangerously low rate. (Impact: a decline in real GDP causes decline in aggregate expenditure and an overall decline in the already struggling economy).
- People are getting increasingly fed up and restless at homes and are refusing to follow the lockdown. The city of lights had never dwelled in such utter darkness. (Impact: religious extremists broke into a praying area and prayed together irrespective of the risk and increasing the chances of even more lethal cases).
No tourism and traveling are allowed as the lockdown imposed by the government, so a significant portion is affected and faced with an immense loss. Major events of sports and other occasions on a personal level like marriage, birthday parties, and Ramadan gatherings all are severely contrived. About 2.9% to 2.4% GDP growth could be decreased in 2020, the OECD projected. The restaurants are closed to avoid contamination, and people are missing the outside mean, but the purpose is to control the outspread. Even though the hotels' and restaurants' income and share are also nosedived.
However, the delivery service is now reopened in Ramadan, making it sure to have proper protection. Hygiene is an essential factor to get over the pandemic, and precautions are necessary to take. The virus has threatened the stability of the global economy, and there seems no clue when it will end as the cases are continuously increasing with lots of deaths. The jobs now have no security, and people who were thinking of investing in real estate are now saving money for future survival. The real estate sector has also overblown by the circumstances, and now the property rates will go down for some time, challenging the industry to combat with new strategies.
Major factors such as flight suspensions, deprivation of necessities, the fall of Karachi's economy as a bustling market place and dwelling further into mental health issue are affecting in DHA city Karachi due to the lockdown of COVID-19 continues to spread. Not only are people still far away from their families, but their businesses are also hindered. Moreover, people are deprived off of their basic needs because of the shutdown of booming companies and lack of resources. Daily wage workers are on the verge of starvation. All these factors as a whole lead to the deterioration of the mental health of people who are not mentally ready to face a pandemic like so. In my opinion, the COVID-19 is a harbinger of disaster with which, if dealt irresponsibly, will lead to the mass extinction of homo sapiens like the pandemics that reckoned the daily lives before it. The only way to take it is social distancing, self-isolation with the cooperation of a stable government in terms of supplies.
The pandemic has seized the world, creating a fearful environment globally. Wuhan is the epicenter to spread this virus all over China then, gradually, it takes over the world, and the condition is getting worst day by day. The lockdown has imposed universally due to which all sectors are severely affected, making people depressed and psycho. All the businesses are temporarily closed until the situation calms down, but the panic and fear have stressed out the mind of the public as no one is allowed to go outside. The economy is suffering incompetently, giving negative signals from every corner.
Sufia Arsala is the well content writer in Pakistan and she is working for 3 years in the content writing department at SEO services in Pakistan.she has improved her writing skills smartly and have been managing the digital marketing activities with the professionals and like to write and take the new outstanding challenges to write in the general topic related the real estate, sports, lifestyle, tech, logo designing service, etc