Showing posts with label affects of pandemic. Show all posts
Pandemics have serious impacts including those on business and economies.Everybody knows that the major economy hubs have been closed.Most of the companies both local and international have been shut down completely to follow the government's lock down.There is no doubt that this pandemic will affect the economy of the whole world.The global economy has started dropping more and more.There is no way it can grow unless the Lock down ends quickly.
AFFECTS ON AIRLINES AND CRUISE LINES;
Airlines and cruise lines are already feeling affected by the pandemic,which will definitely get worse.US airlines have sought more than $50 million in government assistance to lower the impact of covid 19.
The (IATA) International Air Transport Association estimated in March that the global airline industry could lose $113 billion in 2020 as a result of the current pandemic.
Stories of passengers quarantined on offshore cruise has led the cruise industry to a similar situation.Cruise operators have announced that they are leaving the ships idle.Stocks of cruise companies have fallen 60 to 70 percent since the pandemic has began.
UNEMPLOYMENT;
In some countries the pandemic has led millions of people jobless.The US has become the worst affected nation from Covid 19.The unemployment rate is expected to rise more and more.
NATURAL GASES AND OILS;
Due to Covid 19 the industrial and travel activities are decreased,causing problems to natural gas and oil industries.Many countries are seeing the decrease in demand of oil .The oil prices touch the lowest rate in the history.
ADVANCED ECONOMIES ARE IN DANGER;
This pandemic has hit the advanced countries more than the ones less advanced.Some countries were expecting to see a major growth of 6% but nothing like that happened.If u keep China out of the economy race it would get worse.
REDUCED FOOD AND LESS DEMAND;
As the reports of some experts,the demand of food and beverages around the world have dropped surprisingly.There are a lot of reasons ;border delays,food safety concerns,supply chain interruptions and several others.Due to reduced amount of food and beverages it is obvious to see a declination in the economy.
TOURISM;
Famous tourism places are facing huge impact as there is no tourism. Italy,Spain and China are affected the most.
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