Nobody ever imagined that a pandemic would threaten the extinction of mankind. If you see the conditions today no one knows what the future holds, when the pandemic will get removed and other such things. You can see the effects of coronavirus on humans as well as on the economy.
The Impact of Coronavirus: –
On humans: – The Virus has caused 3,00,441 deaths globally and the number of confirmed cases are 43,96,392. The virus is called SARS-CoV-2 and disease caused due to it is called COVID-19. The virus is classified as deadly and can spread easily from one person to another. Some common symptoms of the disease are fever, dry cough, sour throat and breathing difficulty. To avoid the spread of virus people have to maintain distance from others and avoid going out.
On Economy: – The lockdown has hit the economy to its worst. An estimation by IMF says that the global economy would grow at -3 percent in 2020, which is worse than the great depression and even the financial crisis. The GDP growth rate for all major economies has decreased and is expected to grow at a very low rate. Developing countries are facing huge problems and their economies are expected to contract by -1 %.
The lockdown cause due to coronavirus has affected several sectors such as transportation, oil and natural gas, industrial metals and food and beverages. All the sectors have seen decline in prices affecting the economy heavily.
With most things changing around us in order to help us continue to live our lives and also control the economic situation. It has been long since the digital information but it was still work in progress but due to the coronavirus we were able to see a complete shift towards the digital world as it is the only option available. This is slowly becoming the new normal.
We all are now wondering how our lives will be after coronavirus?
I have listed down a few points to answer that question of yours. Scroll below: –
- Long term effect: – It is obvious that the coronavirus will have a long term effect even after the disease is eradicated. Our economy will heal with time. The coronavirus disease has and still is affecting people emotionally, mentally, physically and financially. It will take time for the world to function normally and with few new changes. Even after the virus is over people will still take precautions and avoid certain things like travelling, tourism, dinning out, etc.
- Digital Transformation: – Work from home is becoming the new normal. Virtual meetings, working from the comfort of our houses all this seems to be becoming more common after coronavirus. Working virtually from remote locations will be become common. People have already started accepting the digital transformation and benefits gained from it.
- Concern towards environment: – Though having a negative impact on humans and economy, the coronavirus has actually benefitted our environment. As seen in the news, the pollution level has reduces drastically, the concentration of harmful gases has also decreased, clear river water and also the hole in the ozone layer is now covered. All this changes might influence people to work consciously so that the environment is not harmed.
- Domestic Manufacturing: – During times of need in this lockdown several countries realized how much they depended on other countries for even small items. Also various restrictions due to lockdown delayed or cancelled the delivery of certain items. Thus countries might start manufacturing more importing less.
- Improved Health Care: – As seen in news, countries were not able to immediately respond effectively due to shortage of equipments and medical facilities. Health care will become the major focus so that in future the countries are prepared in advance to face such difficult situations and also get out from it soon.