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Essay On Impacts Of Covid-19 On Global Economy
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Introduction (Essay On Impacts Of Covid-19 On Global Economy)
In the era of globalization, no country can remain isolated. The danger of coronavirus shows how the world can be affected by the events that happened in a single country.
The biggest reason for the impact on the economy due to coronavirus is China’s participation in the export sector. China is a major country in global trade and contributes about 13% of the total global exports of goods.
In such a situation, due to the trade war between the two big economies of America and China, there is already sluggishness in business. And the conditions caused by coronavirus have made it difficult for world trade, which is sure to affect the whole world.
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The biggest concern in this is that due to coronavirus, the global supply chain is getting affected because the production and supply have stopped. This has also affected the employment of all those involved in the global supply chain.
Due to the Coronavirus virus, oil prices and stock markets have seen a decline. Flight cancellation has had a profound impact on the aviation sector.
People are not traveling for tourism, so hotels, hospitality, transport, etc. have been affected. That is, the effect of coronavirus is visible in every sector from tourism to the economy.
China is the manufacturing hub for the world today. From here, raw materials and finished goods are exported and imported to many countries of the world. China is considered a king in terms of mobile, computer, automobiles, and electronic industries.
Companies or industries that depended on imports and export for production have all stopped. Many countries around the world including India have been under lockdown for a long time, which has caused a lot of damage to the economy.
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Effect of Covid-19 on Indian economy
Due to coronavirus, India has an adverse effect on both imports and exports with other countries. But more impact is likely on imports. Because India imports more than exports from other countries including China.
Many industries in India depend on China for raw materials and parts. In such a situation, the sectors most affected by Coronavirus in India are computers, mobiles, electronic equipment, textiles, toys, automobiles, and pharma, etc.
India can use this opportunity to increase its participation in the global supply chain by increasing its export and domestic production capacity so that domestic needs can also be met.
Challenges in Global Economy
The biggest challenge is to restore the global supply chain.
Restoring people’s faith after emerging from Coronavirus will also be a major challenge. Because trade and travel have been affected globally due to the fear of spreading the infection of coronavirus.
It will not be possible for India to make a replacement for China in such a short time. But India is keenly engaged to achieve this goal through the Self-Reliant India Mission.
Conclusion (Essay On Impacts Of Covid-19 On Global Economy)
Considering the long-standing difficulties caused by a coronavirus, serious efforts need to be made at the global level.
India will have to remain in action mode for both public health and business. The Government of India should take this as an opportunity and focus on strengthening the domestic industry.
There is a need to provide better finance facilities to the domestic industries so as to increase export participation and ensure uninterrupted domestic supply.
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