We know that coronavirus is affected economically in many sectors. Many developing countries are facing more challenges to control their losses.
I think sectors are more affected by the coronavirus economically such as capital outflows, decline in exports (foreign currency crisis), and decline in raw material demand in the developing country since the beginning of coronavirus. … Read more
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I guess Tourism, international transports were the first wave. I am not sure about oil, as it does have prior issues regarding excess production, it may have been just triggered, not caused by COVID lockdown.
As Ette said, the whole economy will suffer, even the economic fields that may seem to thrive at the beginning of the crisis (online shops, couriers).
Many enterprises in the tourism, hotel, catering, cosmetics services, etc. are currently losing a significant proportion of customers because people are worried about being infected with SARS-CoV-2 Coronavirus causing Covid-19 disease and this is also due to various restrictions on moving outside a warrant or recommendation to stay at home under preventive quarantine in many countries.
Regards,
Dariusz Prokopowicz
Most negatively impacted the tourism, services, and textile sectors in Turkey.
Firstly I would say that all sectors are invariably affected by this contagion in most developing economies. The first reason is due to the fact that many developing countries thrive on a mono-economy system where authorities place huge attention on a single sector that seems to solve their immediate needs especially those that are resource based such as oil producers. Once the resource revenues are affected, the multiplier effects trickles down to almost all sectors. National budgets are affected, trade is distorted and manufacturing sector could be hit hard too. We hope the contagion comes under control soon.
The sectors include automobiles, accessories, textiles, capital goods manufacturers, food processing, services of various kinds.
It depends on the structure of the sovereign economy. For instance, Nigeria's economy has predominantly relied on crude-oil export revenue; which she used in fiscal revenue projection at the export selling price of $50+ per barrel. This now fetches about $20 per barrel, a reduction of 60%. Nigeria's economy will face an uphill task in meeting its budgeted expenditure in 2020. National productivity is another core scenario; the Nigerian economy is forfeiting about 50 percent of its gross domestic production during the first six months of 2020 ending June 30 2020. The rate of COVID -19 infection is increasing at alarming rate with less than 16% survival recovery rate. Unless, miracle happens, the pandemic has the propensity to continue for greater part of the year; meaning that the nation's total loss of domestic production may reach about 45 - 50% of its base GDP. Nigeria is at the same time spending left, right and center and this will deplete her foreign reserves and annual recurrent expenditure. So, the real sector of the Nigerian economy is taking large share. Then, aviation, transportation, sports businesses, tourism, education sectors at national and international scenes will bear the burden of contraction. Surprisingly, Nigeria has reportedly received about $331 million from the ex-Leader's loot (difficult to understand) but the present government says it is spending it on what it termed "social investment programme'" - distribution of cash transfers to near-invisible persons). We would have expected that the government to rationally recycles the said "wind-fall" in productive assets rather than a-difficult-to-account, social transfer payments.
Crisis is right. As oil export was the main revenue earner for Nigeria, the demand and prices certainly are crucI'll for the economy.
I believe that developing countries are mostly affected in those areas which are supplying raw materials, energy and manufactured items to markets affected by confinement and drop in consumption.
I think most the service sector is the most affected. Like Airlines and catering companies. People have to be quarantined at home because of the virus, and businesses that need a lot of customers are the first to be hit.
on the country，depending on the internet，the entertainment industry seems to be getting more popular.
Rigid demand for food, clothing and shelter will support manufacturing.
In various sectors and branches of the economy, there is currently a large decline in production and consumption caused by the SARS-CoV-2 Coronavirus pandemic (Covid-19). The most severely negative economic downturn has already occurred in the tourism, hotel and related services sectors. In addition, in many countries, exports of food products and highly processed products in processes involving various enterprises as part of a complex, multi-stage production process characterized by a complex logistics chain of many related business entities are falling. In addition, some developed countries currently lack people to collect fruit and vegetables, which, together with drought, can generate a strong increase in agricultural prices in 2020.
Greetings,
Dariusz Prokopowicz
As dependent on economic factors, healthcare is also adversely affected - availability of testing reactives-, associated medication-, PPE-, daily medical consumatives-, and relevant medical machinery-wise.
They all have to be bought up at higher prices then usual, which must be crippling for an already struggling state or private healthcare budget.
Not to mention the increased patient-flow and its associated hospital expenses.
Other than that, perhaps, tourism, exports and loss of investment (some investors would withdraw from a market, if they consider that their own survival is on the line).
:)
It is complex to determine the sectors most affected by each one has its own history, cash flows and pre-virus investments. Obviously the hardest hit are food and beverages, hotels, tourism, retail, transportation, imports and exports.
I agree with Emannuel. Tavel , tourirsm, hospitality sectors are hardest hit. But even services, auto, gems and jewellery, cement and steel are all badly affected.
This pandemic has affected virtually every sector in the economy. The hardest hit sectors are the tourism and the education sectors. The latter has no robust e learning.
In my opinion, the industry and tourism sectors are more affected by COVID-19.
Aviation, travel and tourism are the most affected. Airlines can never recover their losses. Every empty seat in airlines is perishable and lost for ever.
Personally, i think that each country will be affected in function of their real national investment ..their main source of revenue. Talking about developing countries we can list the supply of raw material, the health sector due to insufficient finance , tourism will be affected but not to a greater extend because the contribution of tourism to GDP of some developing countries is small..more still, we can consider cashflow because we observe an increase in monarery circulation around many developing countries...the educational sector of activity can’t be left behind due to the lockdown of school..finale the most important point i can advance on this term is the change cause by this virus on humans daily behaviors ...(that is the social sector)
Aviation sector and hotel industry is most affected. Aviation sector was the first to be affected and last to recover again. Travel and Tourism is also affected. All travel agents are sitting idle with no work.
Travel, tourism and trading are sectors affected badly. In many developing countries, tourism is an important foreign exchange earner. Even the handicraft and services sectors like transportation, lodging and food are affected.
Tourisim and entertainment are the most affected sectors, in addition to international transportation specially planes and business related to such services like airports.
International trade services were affected as a result of the disruption the supply chain.
All countries have suffered great economic losses, life has stopped completely, everyone left everything and stayed in their homes for fear of spreading the infection, but I find that tourism has been greatly affected and caused material losses to a large number of countries, especially those that depend in their economy on tourism
Syed Magfur Ahmad not sure if mentioned before, but I am more worried about the indirect effects of CV19 than the direct effects: CV19 is causing a demand crunch in developed countries and commodity prices are falling - this will affect developing countries much more than the CV19 itself.
The oil sector is the most affected sector, since the oil sector was the most active sector, in light of the Corona crisis, it will be the most harmful sector.
Dear Syed Magfur Ahmad . Actually all sectors are affected economically and especially the health and education sectors .