Impact of CoronaVirus

 The quotations and news of COVID-19 have engulfed the whole universe and severely affected the world's economy and population of countries. From today's report, the cases of the world have reached to 3,483,347 with 244,761 deaths and around 1,108,886 recovered. The coronavirus has highly associated with bringing uncertainty to the economic system globally. The growth rate of GDP has down as it is impacting every business, the trade of goods, property analysis, and country's policy made to better fight the pandemic. All the governments of the world announced lockdown, shutdown borders of nations, and restrictions in traveling have resulted in an economic crisis.

Petrol and Oil.

After the severe condition and outbreak around the world, a meeting organized at the Organisation of the Petroleum Exporting Countries (OPEC), where Russia refused to cut the production of oil, which activate Saudi Arabia to react on amazing discounts to buyers and warning it to pump cruder. The COVID-19 has dampened the oil demand, which affected the global economy and oil prices.

Finance Firms.

The global markets of the economy have severely influenced by COVID-19, shaken financial stability. All the businesses and organizations are standing in an awkward position to fire employees due to low production and no income generation. The lockdown has exerted influence on the demand and supply chain. Quarantine has decreased the consumption and use of products. Developed countries will recover faster by strengthening its different departments, including trade and real estate sector, than developing countries, which will take a longer time first to control the pandemic than its economic stableness.

Manufacturing Companies.

The COVID-19 has impacted the manufacturing industry at a more significant level, facing a severe decline in the production of goods. The main issue is the deficiency of staff that handles all the business operations then all other problems aroused. No production but salary must be provided to all the staff as per government notice. Still, the unstable condition of companies would not manage to compensate with their employees, especially small firms.

Education Department

The education sector has affected at all levels from primary to university level. All students are at home. Schools, colleges, and universities are the sectors that closed first when the COVID-19 began. All the students are promoted to the next class based on their previous record as no exams can be taken. However, online courses have started to continue the flow of studies, but it is not very effective as lots of issues popping up in which slow internet is the main reason. Governments of many countries have announced a discount on the fees of students as the income of parents is highly at risk. Still, it is also affecting the wages of schools and university staff, although it is the responsibility of the institutions to pay every month to their workers. Sadly, everything is revolving in a circle, and the salary of every staff and employee is connected to others. All the institutions are off; therefore, the production of income is low but online classes are conducting, and students' fees are also being paid, then teachers and other staff should be paid.

Real Estate Sector.

The real estate market is at the uncertain condition of not having clients to invest in properties. As the pandemic grows, the real estate industry gets down because of job insecurity, and people are saving the amount for future survival. The property rates have reduced, but some agents like apartments for sale in ASF Housing Scheme and other real estate agents are managing to explain and show houses via online video calls to not break the customer's mind and tempo in-between the outbreak and to keep their interest in investing. However, the buyers are reconsidering their plan to invest in real estate because coronavirus has brought jobs insecurities and most of the people live on rent, so they are thinking to save the amount for future circumstance as no one where the economy stands by the end of this year or after the pandemic removal. While the seller is passing with the same condition also thinking to sell the property but it will be a loss as the property is entirely down these days. The risk is on both sides, and it is quite tricky to decide at this tough time.

Description:

The COVID-19 has created an adverse impact socially and economically all over the world. The lockdown situation caused a recession in the economic system. The oil prices dropped down as the outbreak increases due to no transport services as everyone is quarantined. All the other sectors and industries are suffering to the edge, including manufacturing companies, finance industries, education departments, and the real estate sector. The real estate market is also influenced as it is one of the right profit-generating industries, which helps in the growth of the economy. COVID-19 is spreading further and demolishing the economic stability to its core. Its impact will stay for a long time.

Author Bio:
Sufia Arsala, a well known and famous content writer in Karachi, Pakistan. She has been working with the SEO service Pakistan for the last two years, in this era, she has improved her writing skills smartly and has been managing the digital marketing activities with the professionals.