Impact Of Coronavirus On Business
As we know that the coronavirus impacts several businesses and lots of people fired from there jobs that increase the unemployment rates. So the Covid-19 crisis has affected the global economy into a deep recession and no country has been able to escape its wrath. International economists estimate economic recovery can take anywhere from one to five years. The rich and developed states can combat the negative impact of the virus through their strong industrial bases, solid infrastructure, financial reserves, and advanced technology.
The coronavirus outbreak ensured that the Year of the Rat didn’t get off to the most propitious start. Over 2,000 people dead so far, more than 80,000 infected and 40+ countries affected. Cities in lockdown, travel restrictions in place, plant closures mounting. Global trade, commerce, tourism, investment, and supply chains in disarray. Businesses must navigate the financial and operational challenges of coronavirus while rapidly addressing the needs of their people, customers, and suppliers.
Countries suffered from this Virus
The poor countries may see poverty and other economic woes deepen further. Business segments that directly influence a massive number of people, such as firms offering a wide range of products and services or providing massive direct and indirect employment or adding a major chunk to the national exchequer, were included.
Global Growth Rates To Take A Hit
Today, China’s economy is much more deeply intertwined with the world’s economy—a 17% share of global GDP with trade accounting for 34% of domestic GDP—than it was during the 2003 SARS outbreak.
A report by my team in Frost & Sullivan ‘The Coronavirus Outbreak and Its Impact on The Global Economy’ says that the best case, and also the most likely, the scenario is one of Gradual Abatement where cases remain concentrated in China in Q1 2020, before gradually being eliminated from March 2020. In this scenario, the global economy would grow by 3.1% in 2020 with China’s GDP growth slipping from pre-outbreak forecasts of 5.9% to 5.4%.
The report also finds that in the worst-case scenario or what it terms the Severe Pandemic scenario, where the outbreak intensifies and spreads worldwide before being brought under control by June-July, global GDP growth could dip to below 2%.
Apart from applying the brakes on GDP growth, I also foresee the outbreak affecting key macroeconomic indicators like oil prices and interest rates. I believe oil prices will fall as a result of reduced demand from China, the world’s largest importer of oil, and lowered demand for jet fuel due to widespread travel restrictions. I also expect more and deeper cuts to interest rates than in 2019 as countries scramble to shore up their tottering economies.
I’ll add Japan, the world’s third-largest economy, to this list. Japan’s fragile economy is unlikely to be helped by the reduced supply of critical manufacturing parts from China. If the coronavirus outbreak widens and persists, I reckon Japan could slide into a recession and be forced to call off the 2020 Tokyo Olympics.
Another particularly vulnerable country is Germany, the world’s fourth-largest economy. Should the coronavirus outbreak deteriorate further, I foresee a potentially near-zero growth situation in 20320, with falling vehicle sales causing more heartburn for the German automotive industry
UNEMPLOYMENT RATE INCREASES DUE TO CORONAVIRUS
So the unemployment rate just increases due to this virus and hundreds of millions of people could be left without work due to the impact of COVID-19, the UN’s work agency warns. Current G7 jobless totals vary widely, from 30 million in the United States to 1.76 million in Japan. Several European governments have a softened rise in unemployment with generous wages subsidies.
HOW TO WORK FROM HOME DURING THIS CORONA VIRUS
- Convert your business online with us
- Ask your boss to start work from home
- Create a proper schedule for working from home
- Set boundries
- Maintain a consistent routine
- Stay connected with colleagues
- Take breaks
Utilize this Situation and Learn Some New Skills
I just list some famous websites from where you can learn new skills
These are the some best websites to learn some new skills in this situation.