Effect of COVID-19 on Global Economies | COVID-19 Pandemic
There is a general consensus that the overall impact of COVID-19 on global economies has largely been negative. Consequently, the global economy is expected to shrink significantly. It is also good to note that it is impossible to predict with a reasonable degree of certainty as to when this economy might recover. This is because health experts have warned of possible multiple waves of this virus. This means that we are yet to see how the economy is likely to behave after the second or third wave of COVID-19 pandemic. Specifically, the different measures that the governments across the globe have put in place to curb the spread of this disease such as travel restrictions and lockdowns have slowed down economic activities. This in turn has resulted in to negative effect of COVID-19 on global economies.
Tourism sector has been adversely affected by COVID-19
One sector of the economy that has for sure been adversely affected by COVID-19 is tourism. As mentioned above, among the different measures that various governments have put across the globe is restricting movement of people from one place to another. Even with easing of lockdowns, most of the countries require visitors to quarantine for fourteen days so that it is possible to determine if such individuals are COVID-19 free or not. With such measures being put in place, tourism industry has been hit hard. This is because people are no longer able to travel from one destination to another. More so, the risk of contracting COVID-19 through non-essential activities such as tourism outweighs their possible benefits. This discourages people to travelling from one place to another for leisure activities. The effect of COVID-19 on tourism has therefore been largely negative.
COVID-19 has had a negative effect of the transport sector
The transport sector has particularly been hit hard by the COVID-19 pandemic. This is especially true for the aviation industry. At the outbreak of this pandemic majority of the countries across the globe suspended both domestic and international flights. This means that the aviation industry has been suffering great losses from them. Economists have warned that it may take years before this industry can fully recover. The same is true for land transportation. The stay at home order issued by many governments across the globe has led to decreased consumption of fuel. It is therefore not surprising that at the height of this pandemic the cost of crude fuel plummeted to a negative figure. This is despite the oil producing countries having put measures such as cutting oil production in order to stabilize the prices. The effect of COVID-19 on transportation industry has therefore been largely negative.
Effect of COVID-19 on global economies- Hospitality sector
Hospitality sector which is closely linked to travel and tourism sectors has also not been spared by this pandemic. Most of the hotels largely depend on tourists for them to stay afloat. With lockdowns and travel restrictions, most of these businesses have gone under. As a matter of fact, this is one of the sectors where most of the employees have been laid off. With the countries gradually reopening their economies and lifting travel restrictions, the expectation is that this sector will slowly recover. The negative effect of COVID-19 on hospitality industry will be felt even much longer after this pandemic has been contained.
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COVID-19 has led to an increase in unemployment rates
Notably, the sector of employment has been adversely affected by COVID-19 pandemic. As mentioned above, the stay at home order that has been issued across the world coupled with lockdowns and travel restrictions have to a great extent minimized the economic activities across the globe. This in turn has resulted to high levels of unemployment. For instance, in developed countries the number of those who have filed for unemployment benefits has increased exponentially. In developed countries, the number of people in need of government aid has also greatly increased. Economists have also noted with concern that those people who were characterized as middle class are now at the verge of being pushed to poverty. It is therefore needless to over-emphasize the fact that the effect of COVID-19 on employment across the world has greatly been negative.
When companies are unable to make any profit, it is only logical for them to lay off some people so as to cut on operational costs. Since the beginning of this pandemic early this year, companies have been struggling to make some profit. This is because of a number of reasons. To begin with, the reduction of potential customers’ purchasing power means that such companies are unable to meet their sales target. Secondly, due to the issuing of social distancing orders across the globe majority of companies are unable to exploit their maximum potential. While the economy is expected to turn around after the COVID-19 pandemic is contained, economists are worried that the jobs lost might take longer to come back. Increased unemployment is therefore one of the most notable effects of COVID-19.
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Manufacturing has slowed down as a result of COVID-19 Pandemic
Manufacturing is yet another key area that has been greatly affected by COVID-19 pandemic. Generally, manufacturing greatly depends on transport. When travelling is disrupted then transporting raw materials to manufacturing plants and moving finished products to the market becomes a huge challenge. As a result of this, most manufacturing plants have been forced to shut down due to the outbreak of COVID-19 pandemic. It has also been noted with concern that the social distancing measures that have been put in place have forced the manufacturing plants to work at a reduced capacity. Partial shutdowns have therefore been witnessed across the globe. Similar to other sectors of the economy, the effect of COVID-19 on the manufacturing sector has been negative.
One might however argue that some manufacturing industries have been positively affected by COVID-19. Specifically, industries that manufacture key medical supplies that are used in the fight against COVID-19 have witnessed an increase in their products. Medical supplies such as gloves, masks and ventilators are in great demand. This means that the plants that manufacture them might have seen a rise in their revenue. Such a rise cannot offset the great losses that have been generally experienced by industries in this industry. It is therefore not reasonable to claim that the overall effect that COVID-19 has had on manufacturing has been positive.
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You might be asked by your course instructor to discuss the manner in which COVID-19 has affected the manufacturing sector. It is good to note that this whole sector can be categorized into different industries depending on the kind of a product that each industry manufactures. Also such industries can be categorized according to the geographical location where they are based. This means that the various industries in this sector have been affected differently by this pandemic. As a result of this, you might find it to be very challenging to write a paper that comprehensively deals with this sector. The good news is that our writers who offer help with discussing the effect of COVID-19 on manufacturing can assist you in working on your paper. Remarkably, our online tutors perfectly understand this sector of the economy. Most importantly, we have access to voluminous materials that are relevant to this whole concept. We shall therefore not disappoint you should you decide to order for our help.
The effect that COVID-19 has had on entertainment industry has been negative
The sector of entertainment has also not been spared either by COVID-19 pandemic. The social distancing order means that the artists can no longer perform to large groups of people. This in turn has greatly reduced their revenue. Majority of social joints where people congregate has also been shut down. As a result of this, consumption of products from entertainments starts and artists have greatly reduced. The effect of COVID-19 on entertainment has also been largely negative.
It is however worth to note that majority of artists has embraces working from home. As a result of this, they have decided to exploit online opportunities such as live streaming. While doing so might not generate as much revenue as physical live performances, it has shielded them from the total loss of revenue. It is therefore reasonable to argue that the entertainment industry has not been as hard by COVID-19 as other sectors of the economy.
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Sports have been negatively affected by COVID-19
Lastly, COVID-19 has had a negative impact on the sports. Due to this pandemic, majority of leagues across the world were suspended. Also organizers had to postpone major international sports activities. The measures that have been put in place to ensure social distancing have to a great extent had a negative effect on the field of sports. As major leagues began to open, it is expected the negative effects that this disease has had on this sector will slowly disappear.
It is evident from the above discussion that there so many sectors of the economy that you can decide to focus on when discussing the effect of COVID-19 on global economies I your assignment. The good news is that whichever sector you decide to focus on, we can assist you in completing your assignment. We are a legitimate writing company and this is therefore an assurance that you can trust that we will keep the end of our bargain. Feel free to try our help today.