how did covid 19 affect your financial goals?
Answers
Answer:
it not only affect our financial goals but it affected us
Answer:
The COVID-19 financial impact on the Indian market
The impact of COVID-19 has had far-reaching effects on the Indian market. The major brunt of the economic crisis is being shouldered by the country’s citizens. So far, the Covid-19 financial impact has been negative and led to –
1. A rise in unemployment rates: The continuous rise of unemployment rates is one of the main side effects of the Covid-19 economy loss. Citizens continue to lose their jobs. Those in the informal work sector are experiencing the hardest of economic hardship. Those working daily wage jobs in construction, real estate, trade, transport and manufacture seem to have suffered the Covid-19 financial impact the most.
2. Crash in GDP: India’s GDP was already facing a massive slowdown in the past years. But the arrival of the pandemic has led the country’s GDP towards a new low. In April-June, the National Statistical office recorded a contraction of -23.9% of India’s GDP rate. It is evident from these numbers that the intensity of the Covid-19 economy loss is set to get worse.
3. Crumbling health infrastructure: To add to the economic woes of the citizens, India’s public health infrastructure is in harm. The absence of ample infrastructure, coupled with the explosive population, has led to poor healthcare practices. Moreover, understaffing in hospitals is putting the burden of treatment on the handful of the country’s doctors. As a consequence, even healthcare professionals are facing a harsh Covid-19 financial impact.