Question

discuss the economic impact of the COVID-19 VIRUS (which includes the protracted shelter-in-place/shutdown in which we find ourselves. Address the effects of the virus itself, the social distancing isolation which has been ordered, and the resulting, short and long-term ripple effects.

focus solely on the ECONOMICS of the situation: lost sales, soaring unemployment, stock market losses, the increase in the national debt, just to mention a few.

Answer 1

COVID-19 has not only crippled the global healthcare systems, but also the economy. Due to it's highly contagious nature, the governments of the affected countries have been forced to declare complete lockdown in their respective countries. This means, people must stay indoors, in their houses and private companies and less essential government offices are closed down. Only medical and grocery stores are allowed to be open and public transportation is closed. Though the purpose of this is to restrict the spread of the virus, the citizens and the nation is being affected severely by the lockdown.

Several daily-wage earners and contract labor have lost employment. They do not have food to eat. The government and other institutes are working together to ensure the people receive food and are not disadvantaged by the current situation. lost of sales as the people have begun to secure their savings. They do not want to spend on purchases of non-essential goods and services. As a result of this, sales are lost and cash flow in the organization has been harmed. This has resulted in stock market losses. Thus ,people who have invested in stocks have lost huge amount of money. Also, the healthcare infrastructure i.e. medicines, quarantine facility, ventilators and other equipments are economically draining the country. As as result of this, the nation is loosing it's wealth, in fact it's debt is increasing.