Covid-19 And Its Aftermath on The Economy

Abstract

The COVID-19 pandemic is having a “severe” footprint on the economy of the world. In the study the heed is on gauging the impact on different areas such as hospitality, auto, real estate, aviation & tourism, Gross domestic product (GDP), unemployment, different shapes of recoveries in the economy and also explained some measures for stabilizing the economy. The economic effect of COVID-19 has been considerable and broad based. The GDP goes down dramatically in 2020 Q1 (-23.9% annually) due to the unprecedented lockdown to control the spread of COVID-19. Thus, in the informal sectors and daily wage people have been at the most risk .Approximately, 25 million jobs could be lost throughout the world due to corona virus pandemic, but an internationally coordinated policy reaction can help underneath the impact on global unemployment, as happened in the global financial crisis of 2008-2009, according to UN agency. This is an opportunity for our country to become a part of global supply chain for the enhancement of GDP. On the basis of some measures, we overcome these unpropitious situations.