Impact of Covid-19 on Economy Essay

Essay on ‘Impact of Covid-19’ on students, Indian economy, World economy, people

What is Covid-19?

COVID -19 or SARS Cov-2 is the name of a disease caused by Novel Coronavirus. Coronaviruses are a family of viruses that cause disease in animals. This virus first emerged in Wuhan city of China from where it spread to the rest of the world. WHO declared it a pandemic. A disease is termed as pandemic when it spreads throughout an entire country, continent, or the whole world. Coronavirus had shaken the globe during the first half of the year 2020.

Long and Short Essay on Impact of Coronavirus and Lockdown on Economy

How did the Coronavirus Start?

It is believed that it started spreading from the Wet market of Wuhan city in China. This market sells both dead and live animals and birds. When live animals are butchered on-site, the risk of viruses jumping from animals to humans increases greatly. People believe that it may have originated from bats. Although, bats are not traded in Wuhan; it may have transferred from bats to other animals sold there.

To contain the widespread of this disease all the countries declared social distancing as the only measure available. Hence to maintain distancing all the country heads announced strict lockdown to be followed by all.

Essay on Impact of COVID-19 on People

It is more than a health crisis. So, its impact would be more disastrous on humans, societies, countries, and the world. Let’s see first how COVID 19 has affected people. This disease has affected all segments of the population. It is particularly detrimental to people living in poor situations, persons with disabilities, older persons, migrants, and refugees. For example homeless people are more prone to contamination.

People living in slums do not have space to isolate a corona infected patient. As a result it spreads faster in highly populated and congested areas. People with chronic conditions are more susceptible to the disease. Old and dependent people with low immunity are high on the list of deaths due to coronavirus.

Essay on Impact of coronavirus on Indian Economy

The coronavirus induced lockdown brought down the GDP for the first quarter of financial year 2020 to -23.9% in India. The pandemic and consequent lockdown have hit various sectors. Be it hospitality, civil aviation, agriculture, or manufacturing and allied sectors. Poor and daily wagers and farmers will be badly affected. “The government has made every possible effort to help them through Pradhan Mantri Gareeb Kalyan Yojana.

Various agencies have forecasted a drastic reduction in the GDP growth of the Indian Economy. On the other hand, some economists believe that the Indian economy is relatively insulated from the effects of set back caused by COVID 19. Because India is neither a major exporter to the globe nor it is majorly integrated into the global supply chains.

As the crude oil prices slashed so badly, India’s businesses are expecting lower fuel and input prices which can help to boost production here.

Essay on Impact of coronavirus on World’s Economy

Due to the closing of national borders to contain COVID 19 global supply chains and international trade got disrupted. It is speculated that the global economy could shrink by 1% in 2020 against the earlier expected growth of 2.5% in 2020. Reports say the world economy will go into recession this year with a predicted loss of global income in trillions of dollars. The global economy hits the worst recession since the Great Depression in the 1930s.

Essay on Impact of coronavirus and lockdown on Environment

COVID 19 has led to some unexpected consequences also.  As industries, transport networks, and businesses have closed down. It has brought a sudden drop in carbon emissions. There is a flood of clear-skied pictures shared by people on social media from all over the world.

Also Read: Effects of Lockdown on Environment Essay

With more and more people staying indoors to tackle the coronavirus outbreak, environmentalists are surprised. They are happy to see that this situation is proving to be beneficial for the Earth’s Ozone layer. The hazardous air pollution level has significantly come down in cities. Stars are visible in the night sky. Venice has clear canals. Many other regions are also observing significant environmental benefits.

Conclusion: Impact of Coronavirus Essay

While the pandemic has brought some positive and some negative aspects with it. Nobody can predict anything with certainty. However, only time will tell what lies in the future for Earth and living beings.

All’s Well That Ends Well

Word-Meaning

WordMeaning
ButcheredCut up an animal for food
WidespreadDistributed over a large area
ContaminationMaking impure by polluting or poisoning
DetrimentalHarmful, dangerous, undesirable
SusceptibleLikely to be influenced by a particular thing
RecessionA period of temporary economic fall down
PredictSay something that will happen in future

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