Coronavirus and the Economy

Coronavirus has hit almost everyone on this planet irrespective of caste and creed. We might have advanced in terms of technology, research, science and space. But, it is an apt realization that how miniscule we are in front of nature. 

Reports claim that if all the viruses are collected from the bodies of infected people across the globe, it weighs not more than 1 gm. Isn’t it mind-boggling that a virus lesser than a gram of weight has brought the so-called superpowers on its knees? This tiny virus has left the whole world in turmoil.

Let’s have a look at few newspaper headlines in the recent times:

“Coronavirus-triggered layoffs in the U.S. hit nearly 39 million“. – The Hindu (May 22nd)

122 million Indians — lost jobs due to pandemic“.  – Indian Express (July 8th)

70% of Indian start-ups reeling under pandemic aftermath reveals FICCI’s nationwide survey”. – India Today (July 8th)

The economy has seen the steepest fall since 2008, resulting in  vast layoffs in the corporate sector. Coronavirus’s impact has turned out to be so severe that even after injecting multitrillion-dollar stimulus packages, the economy has not revived. To minimize these adverse effects on their balance sheets and in the light of cost-cutting, companies have been laying off their workforce. They are leaving no stone unturned to avoid bankruptcy. 

But the spread of the virus has increased drastically, which is continuously damaging businesses and causing people to lose their jobs. The data shows that the main reason behind the continuous layoff trend is the financial uncertainty of companies. But it should be noted that the hopefulness of finding a cure of this dreadful disease is also a driving force for the economy. 

Where Coronavirus has left unforgettable scars on everyone’s life, it has also provided an opportunity for people to think out of the box. Those who were interested in having their own start-up, but were waiting for the right time, have come ahead and built their lifelong dream. Some had either got laid off or were on the verge of a layoff. Even such minds have started working independently and have become an entrepreneur. 

So to say, the people who are equipped with vast knowledge and keep themselves updated with industry demands will remain on the safer side. Anyone who can innovate and think out of the box will be in a great demand even at such times. In short, the first half of 2020 has taught us to adopt a new approach and stay prepared for unforeseen circumstances.

 

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