information about pandemic and economic effects
Answers
Explanation:
The COVID-19 pandemic has had far-reaching consequences beyond the spread of the disease itself and efforts to quarantine it. As the SARS-CoV-2 virus has spread around the globe, concerns have shifted from supply-side manufacturing issues to decreased business in the services sector.[1] The pandemic caused the largest global recession in history, with more than a third of the global population at the time being placed on lockdown.[2]
Supply shortages are expected to affect a number of sectors due to panic buying, increased usage of goods to fight the pandemic, and disruption to factories and logistics in mainland China. There have been instances of price gouging.[3] There have been widespread reports of shortages of pharmaceuticals,[4] with many areas seeing panic buying and consequent shortages of food and other essential grocery items.[5][6][7] The technology industry, in particular, has been warning about delays to shipments of electronic goods.[8][needs update]
Global stock markets fell on 24 February 2020 due to a significant rise in the number of COVID-19 cases outside mainland China.[9][10] By 28 February 2020, stock markets worldwide saw their largest single-week declines since the 2008 financial crisis.[11][12][13] Global stock markets crashed in March 2020, with falls of several percent in the world's major indices.
Possible instability generated by an outbreak and associated behavioural changes could result in temporary food shortages, price spikes, and disruption to markets. Such price rises would be felt most by vulnerable populations who depend on markets for their food as well as those already depending on humanitarian assistance to maintain their livelihoods and food access. As observed in the 2007–2008 food prices crisis, the additional inflationary effect of protectionist policies through import tariffs and export bans could cause a significant increase in the number of people facing severe food insecurity worldwide.[14]
As the pandemic spreads, global conferences and events across technology, fashion, and sports are being cancelled or postponed.[15] While the monetary impact on the travel and trade industry is yet to be estimated, it is likely to be in the billions and increasing.
The coronavirus recession is an economic recession happening across the world economy in 2020 due to the COVID-19 pandemic.[26][27][28][29] Global stock markets experienced their worst crash since 1987,[30] and in the first three months of 2020 the G20 economies fell 3.4% year-on-year.[31] Between April and June 2020, the International Labour Organization estimated that an equivalent of 400 million full-time jobs were lost across the world,[32] and income earned by workers globally fell 10 percent in the first nine months of 2020, equivalent to a loss of over US$3.5 trillion.[33]
I hope it's helped you!!
Answer:
The economic impact of the 2020 coronavirus pandemic in India has been largely disruptive. India's growth in the fourth quarter of the fiscal year 2020 went down to 3.1% according to the Ministry of Statistics. The Chief Economic Adviser to the Government of India said that this drop is mainly due to the coronavirus pandemic effect on the Indian economy. Notably India had also been witnessing a pre-pandemic slowdown, and according to the World Bank, the current pandemic has "magnified pre-existing risks to India's economic outlook".The World Bank and rating agencies had initially revised India's growth for FY2021 with the lowest figures India has seen in three decades since India's economic liberalization in the 1990s. However, after the announcement of the economic package in mid-May, India's GDP estimates were downgraded even more to negative figures, signalling a deep recession. (The ratings of over 30 countries have been downgraded during this period.) On 26 May, CRISILannounced that this will perhaps be India's worst recession since independence. State Bank of India research estimates a contraction of over 40% in the GDP in Q1 The contraction will not be uniform, rather it will differ according to various parameters such as state and sector. On 1 September 2020, the Ministry of Statistics released the GDP figures for Q1 (April to June) FY21, which showed a contraction of 24% as compared to the same period the year before.
According to Nomura India Business Resumption Index economic activity fell from 82.9 on 22 March to 44.7 on 26 April. By 13 September 2020 economic activity was nearly back to pre-lockdown .[1] Unemployment rose from 6.7% on 15 March to 26% on 19 April and then back down to pre-lockdown levels by mid-June.[2][3] During the lockdown, an estimated 14 crore (140 million) people lost employment while salaries were cut for many others.[2][4] More than 45% of households across the nation have reported an income drop as compared to the previous year.[5] The Indian economy was expected to lose over ₹32,000 crore (US$4.5 billion) every day during the first 21-days of complete lockdown, which was declared following the coronavirus outbreak.[6][7] Under complete lockdown, less than a quarter of India's $2.8 trillion economic movement was functional.[8] Up to 53% of businesses in the country were projected to be significantly affected.[9] Supply chains have been put under stress with the lockdown restrictions in place; initially, there was a lack of clarity in streamlining what an "essential" is and what is not.[10] Those in the informal sectors and daily wage groups have been at the most risk.[11] A large number of farmers around the country who grow perishables also faced uncertainty.[10]