Virus attack on Economy

Virus attack on Economy

As the Covid-19 brings the normal everyday life to a grinding halt, what would its implications be in the long run? The unprecedented lockdown has not only thrown the everyday routine into a topsy-turvy circus but is threatening to cause damages that may end up beyond repair.

For an employee of a company who is presently able to either log-in from home or is provided with day’s off till the lock down is called off, may not really feel the pinch immediately but ask a business man or a daily wage worker and the gravity of the situation is quickly understood. It’s not about how long the lockdown is going to last, the question to be asked is how long it is going to take for the lockdown to start affecting you, adversely.

At the end of the day, we all are sailing in the same boat and all is not fine with the boat. A potentially deadly Virus termed as Covid-19 has struck the boat and punctured one end. As the boat start to sink from one side, it is going to be a deadly game between trying to stay afloat long enough to reach the safety of land.

We are at a stage where we do not doubt if the Covid-19 will affect our economy, we are presently asking how much is going to affect our economy. With the 21 days lockdown, small and medium size businesses are bearing the brunt, for now. As the world plays the wait and see game, there are millions getting affected. China had already seen a Double-Digit deficit in GDP in the first quarter. Similar numbers are expected to follow across other affected countries. The whole world has its attention pinned on China at the moment, as China has started to relax its precautionary measures. They are mainly trying to gauge two major things. The first one of course is related to the Virus. Everyone needs to know if it is contained or will it resurface again. The second is to see how quickly can the economy bounce back. However, if there is even a marginal increase in cases after the relaxation, we can be almost certain that the lockdown period in other affected countries are going to be increased.

How badly is the economy going to be affected, no one can be sure. Even the top economists are unclear with the dent Covid-19 is going to leave on the economy as everything depends on how long the lockdown is going to be enforced. At these nascent stages itself, we see a lot of corporates trying to play it safe. Temporary and Contract staff have been released in the thousands, bonuses have been waved off and hoards of employees have been placed on mandatory leave without pay till the situation normalizes. This in-turn is going to curb the spending power of the common man which in-turn is going to play havoc with the Supply Demand Ratio’s once the Lockdown is relaxed. This wait and watch game is going to get nerve racking with each passing day.

Instead of fearing the aftereffects, lets focus on the present. We need to concentrate on containing the Virus before repairing the economy. The best thing we can do to contain the virus is give it lesser opportunities to spread & restart its life cycle. Let’s practice extreme precautions and emphasis on social distancing which has till date proven to be the most effective way to contain the spread. If you do show any symptoms, request you to please quarantine yourself and also the people whom you feel may be compromised and seek medical help as soon as possible. Also go through the link provided below to figure out the risk factor of you contracting the Virus. Remember, we need a strong you to repair the economy later!!

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