COVID-19: Insights on the Pandemic’s Traumatic Effects and Global Implications

From economic slowdowns to country lockdowns, the pandemic has widespread impact globally in all aspects including financially and socially. Economies witnessed drastic downfall in the growth of almost all sectors including transport and power, among others. As per recent statistics, the pandemic has resulted into tens of millions of people being unemployed. The COVID-19 pandemic has led to a striking loss of human life globally and presents an unparalleled challenge to community wellbeing as well as self-sufficiency of resources.

How has GDP of Country Affected due to sudden emergence of Covid-19?

Globally, the economic growth of all countries whether advanced or developing has been impacted. Due to the outbreak, negative GDP rates were witnessed, which is expected to recover to some extend in the second half of 2021 and beginning of 2022.

Country

GDP growth for 2020

Projected GDP growth for 2021

Advanced economies

-4 .3

3.1

United states

United Kingdom

-9.8

5.9

Japan

-5.3

2.3

Developing economies

-10.3

8.8

India

Brazil

-5.8

2.8

Mexico

-9.0

3.5

 

WHICH SECTORS WERE AFFECTED AND TO WHAT EXTENT?

The various sectors including agriculture, mining as well service sectors witnessed low to medium decline throughout the pandemic.

Country

 

Development

Status

Key economic

Factors

Potential

Economic

Impact on sector

Potential economic impact on unemployment

India

 

Low-middle income

 

Agriculture

Manufacturing

Construction

Services

Low

High

Low

Medium

Low

Argentina

 

Upper middle income

 

Manufacturing

Services

Agriculture

High

Medium

Low medium

Medium

United states

 

Upper higher income

 

Real estate

Services

Industrial

High

High

Medium

High

United

Kingdom

 

Upper higher income

Industrial

Services

Agriculture

Medium

High

Medium

Medium

Indonesia

 

Lower middle income

Mining

Manufacturing

Tourism

Financial services

Low

High

High

Medium

High

 

GROWTH OF E-COMMERCE SECTOR

The e-commerce sector was among one of the sectors along with product-based subscription service industry to experience impressive growth. The table below shows about 27% increases in the website visits from 2019 to 2020. As per the report published by UnivDatos Market Insights Global Subscription E-commerce market was valued at US$ 13.2 billion in 2018 and is anticipated to reach US$ 478.2 billion by 2025 displaying explosive CAGR of 68.0% over the forecast period (2019-2025).

Range

Total website visits-2019

Total website visits- 2020

Percentage change

1K-10K

54.3M

40.9M

-25%

10K-100K

605.7M

783.3M

22%

100K-1M

4.9M

6.4B

29%

1M-10M

20.7M

26.4B

28%

10M+

93.6M

118.6B

27%

GRAND TOTAL

119.9B

152.2B

27%

 

 

 

 

 

 

 

 

 

 

Outlook for 2021-2022

The pandemic has spread at an enormous pace throughout the globe hampering millions of livelihoods. Low-income groups comprising of daily wage workers have been among the population which are worst affected. The developing economies witnessed sharp decline in the Gross Domestic Product which in turn resulted in slower growth of the economy. On the other hand, for the advanced or developed countries, the impact was slightly low. Various sectors and enterprises struggled to stay afloat whereas the e-commerce along with subscription-based service industry witnessed massive growth as majority of population shifted from offline to online culture of purchasing goods.

 

Author: Pawnendra

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