The growth and spread of coronavirus all across the world are scary. We have been witnessing the spread of this deadly virus in more than 200 countries. So, there is no doubt that this virus is a global issue now with numbers that are very terrible for everyone. Apart from infected people and the transfer of this virus, there’s another thing that needs to be discussed. This is about the corona effect in the market. Right from stocks to finances and business to a different category of people, there can be seen an impact on everything.
The global economy and financial markets
To prevent the spread of COVID 19, the only thing that everyone could do is Lockdown and Quarantine. The entire country is under lockdown for preventing the spread in the hotspot areas. But, complete lockdown means weakening of the global economy that will impact every sector of the country. Because of this, major banking institutions have to cut their forecasts for the global economy. Right from manufacturing to textile, there are several industries that are shut because of lockdown. Along with tackling the corona health issues, the government will also have to pay attention to the economic crisis.
Impact on businesses
The impact of the coronavirus is not confined to big investors and the public market. It is evident in the everyday functioning of the businesses. Corona has completely shaken the business especially small and startup ones. Social distancing and lockdown have influenced the businesses that they used to conduct every day. The situation with small businesses like shop owners, retailers, restaurant owners, etc. is worse at they don’t have any cash reserves for this pandemic situation. They are literally on the edge in terms of finance. As there are social distancing and lockdowns, people have stopped gathered anywhere and are scared of going out and shop.
Impact on a different category of people
The aforementioned is the impact of corona and lockdown on businesses and finances. What about the different segments of people? Every segment of common people has got impacted by social distancing and lockdown. The most affected segment is the segment that consists of daily wage workers. There can be seen a migrant exodus of thousands of workers from the place they were working to their home village. They have completely lost their work and every day earning. The daily wage workers are not even able to gather food for them because of lockdown.
This lockdown has left all the employers left stressed and worried about their jobs. Many of them fear of job loss and no appraisal. As lockdown is not coming to end soon, there are emotional challenges that every employee is confronting with.
It can be concluded that every category of people has impacted in certain ways. As per the surveys and studies, it is expected that the impact of this pandemic situation will be felt long after in terms of economic, finance, and employment.
