Question

CAN YOU EXPLAIN HOW COVID 19 HAS IMPACTED JOBS AND UNEMPLOYMENT,CONSUMER AND BUSINESS SPENDING ,GDP AND ECONOMICS GROWTH AS WELL AS HOW IT HAS IMPACTED SPECIFIC INDUSTRIES SUCH AS TRAVEL AND LEISURE OIL PRODUCTION ,RESTAURENTS AND SERVICES AND HEALTH CARE .THE ANSWER SHOULD INCLUDE GOVERNMENT POLICY RESPONSES .

Answer 1

The COVID-19 out break is a human tragedy and has a growing impact on the global economy.The COVID-19 crisis impacts on both the demand and supply sides of the labour market and also this outbreak affects all segments of the populations. While some industries are in a better position to weather the impact of this storm, others could struggle to survive.

The rapidly intensifying economic effects of COVID-19 on the world of work are proving to be far worse than the 2008-09 financial crisis, with cut backs equivalent to nearly 200 million full-time workers expected in the next 3 months alone, The UN labour agencies said. An additional concerns is the fact that in low and middle-income countries, the worst-hit industries and services have a high proportion of low wage workers in informal employment, with limited access to health services and state welfare safty nets."Tens of millions "of informal workers have already been affected by COVID-19.Due to the COVID-19 many people are facing unemployment and recession.

The global spread of COVID-19 has had a significcient impact on the global economy, Many industries have been hit with a steady decline in sales since the onset of the global pandemic, while others have experienced an uptick in customer traffic. Now a days most of the transaction and busines spending are through online. Personal incomes also fell sharply during this months and due to this many people had limted there expences.Globally, consumers continue to spend and in some cases, spend more compared to pre-pandemic levels- on some necessities such as groceries and household supplies.

Stocks of location-specific and leisure centric consumer busineses that depend on footfalls-filim exhibition,restaurants, theme parks, airports/airlines could remain subdued after isolated cases of COVID-19 infection were reported from various parts of the world, with analysts pencilling in truncated vacation and travel plans during these weeks. The Covid-19 outbreak could dent consumer demand, as people limit travel or stay home even without a govt.orders. Stocks in industries such as exhibition, travel, restaurant, airlines and entertainment will likely remain under pressure in the near term.Dine-in restaurants and multiplexes could suffer more than other retailers in the short-term if the panic were to spread.

The fallout of COVID-19 crisis will be severe on the indian economy while the extended nation-wide lockdown is likely to exacerbate the economic downturn with a sharp fall in the country's gross domestic product(GDP). Like many countries across the globe, India has been hit by the COVID-19 pandemic and it has come at a time when the country was already facing a broad-based economic slow down, with revenues of both central and state govt. under pressure. An agency estimates a higher revenue defict of 2.8% of GDP than its earlier forecast of 0.4%.

The government's emergency committee for COVID-19 prevention meets every 2 days to assess the situation and initiate relevant actions. The government initially allocated 8 billion(0.5% of GDP) for emergency pandemic response, of which 1.9 billion(0.1% of GDP) for urgent health needs such as establishing testing labs, including at border crossings, setting up special wards to boost hospitalization and care capacity and procuring the most critical medical supplies.The Indian govt. had introduced a COVID-19 relief package of INR 20 lakh crores. The national assembly approved a package of revenue and expenditure measures to fight the COVID-19 outbreak in the country and minimize it's negative economic impact. Additional health care spending, esimated at US$40 million, was announced. Tax exemptions on humanitarian aid and donations and some delays on filing taxes for selected imports were granted.