The scale of SARS-CoV-2 coronavirus impact (causing Covid-19 disease) on the economy in a particular country depends on the pace of epidemic development and the systemic anti-pandemic and sanitary security instruments used.
Greetings,
Dariusz Prokopowicz
I think this is a global problem and it will negatively affect everything
Like other countries, the Indian job market and economy will be negatively affected by the pandemic. How bad the effect would be depends on many measures. What we have available now in this regard are forecasts and expectations with some statistics. We need to know much more about the virus itself so that we can evaluate the effect of the pandemic on the economy and job market, among other things.
Talking about the economy...please refers to the comment on the sectors being affected by the virus in developing world...based on the labour market, I can tell you that immediate consequences can’t be measure as simple as it's..this is because some countries aren’t even boundary about the virus e.g Cameron...everything there is actually like before, that is; peoples are living like in 2018 2017 etc...that said, I think the next data base on this phenomenon will agree with me that the net impact of this virus in the labour market will be on net wages and on part time jobs ( internships, voluntary jobs etc)
Job market and economy will be negatively affected globally not only in India due to the Corona pandemic.
The global pandemic therein the lock-downs will not only force to remove the daily wagers but also damages the SMEs. Also, the independent shopkeepers who hire up-to one or more employees, will not only loses their sales but also fires such workers at least for the period of lock-downs.
After the pandemic control, it will have ripple/butterfly effect on the economy leading towards relatively more unemployment, low wages due to excess supply of labor and lower aggregate demand due to low level of incomes generally.
The govt offering reliefs will also face budget deficit and due to less tax collections during pandemic, they may face problems in demand management options like offering wheat price floors etc. to the agriculture sector which is a back bone of the sub continent countries or supporting utility stores with low cost to consumer products,
Also, global value chains which now accounts for more than 50 % of world's exports will also be slow down and inter alia reduce the the multiplier effects of exports to GDP.
Notwithstanding, the adverse impacts on the economics side as well as on the health side, there is still hope of quick recovery provided that concerted efforts are asserted at the global level as well as at national levels to combat the consequences of the covid-19
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