Impact of COVID-19 on Economic Sectors

This assignment focuses on the impact of COVID-19 on different economic sectors, including tourism, aviation, and retail. It discusses the consequences on customers, financial markets, and GDP.

Introducing People
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
History and research....................................................................................................................3
Impact on tourism, aviation and retail sector of the economy....................................................4
Impact on customers...................................................................................................................4
Impact on financial markets........................................................................................................4
Impact on GDP............................................................................................................................5
REFELCTIVE ESSAY....................................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
The occurrence of the covid-19, will make an impact on the social and economic life in
the worldwide. In this assignment the main focus is on impact of covid-19 in economic sectors.
There are various sectors which are affected by the covid-19 such as, aviation, tourism, retail,
MSMEs and retail industry (Deb and et.al., 2020). This sectors affect the growth of the countries
when the nationwide lock down which indirectly brought the life to deadlock. A world which is
busy with their buzzed activities has fallen silent and all the resources are meeting the
unexpected crisis. The impact of covid-19 make the multi-sectoral activities impact of the virus
as the result the economic activities are slow down.
MAIN BODY
History and research
The research of covid-19 assess that the impact of the this pandemic have been based and
manage by the simulation models. In a case study the researcher state that the impact of 1981,
Spanish flu, make a strong impact on the Swedish economy. That flu and its research is based on
the neoclassical model. This model show that how the pandemic affect the demand and supply
and adjust the equilibrium situation. Same as that the covid-19 virus which is origin by novel
coronavirus infection. The scientific studies is researching on the impact of this virus on the
human life and try to find a possible cure for this novel coronavirus infection (Fairlie, 2020).
COVID-19 infection rate are based on the two variable which are asymptomatic and
symptomatic cases. There are various sectors which are affected by the novel coronavirus and
this make an impact on the economic crises and downfall in the economic-financial situations
across the world.
The impact of the covid-19 is on the human life is major as as per the research it is
revealed that 90,335,008 cases are conformed cases of covid-19 which is including 1,954,336
deaths and in this report, the most affected country is United State of America. In this pandemic
crises many countries are come together and help each other in order to manage the outbreak.
With the globalization, environmental changes, urbanization and various infectious disease have
been become the global threat and the need is arises to make a collective response.

Impact on tourism, aviation and retail sector of the economy
The most infected industry due to covid-19 is tourism industry, at the international level.
The world tourism organisation make an estimate report and concluded that due to the crises the
major pitfall is depict about 20 to 30 percent in the international and domestic tourist arrival.
This figure is based on the present circumstances and this figure is most probably high or decline
the rate in the future. In the aviation sector is again suffer with a downfall in the first quarter of
2020. After the implication of lock down the declination in the aviation sector comes at 25
percent (Fernandes, 2020). Decline the revenue of the aviation sector make the high growth
impact as per the countries railway transport. Retail sector make growth in the industry from
several years, this sector contribute about 10 percent of country's GDP and 8 percent of the
employment. But this sector has not such make an impact as it comes in the essential services.
And after the lock down these sector use the suppressed demand make a tendency to remove it
very fast and this make enable this sector to recover the loses.
Impact on customers
Furthermore, the substantial burden oh the health care industry as this pandemic affect
the major economic consequences which affect the countries at the global level. This pandemic
make a direct impact on the income of the people as the premature deaths, absenteeism in the
workplace, decline rate in the productivity (Jackson and et.al., 2020). This will indirectly make
an impact on the negative supply stock, with the declining productivity and slow down in the
global supply chain and closure of the various business and industries. As per this changing
environment customer change their preferences mainly because of the declining income and
household activities which increase the burden of the consumer.
Impact on financial markets
At the global level the financial markets has been mainly impacted by the effect of covid-
19 spreading area. The number of cases are increased day by day at the global level mainly going
through in Italy, Spain, US, Germany, France, Iran and South Korea (Topcu and Gulal, 2020).
The world market of financial and oil industry will significantly decline since the year 2020
started. The price rate of the oil rates are increased which are effected by the normal propel.
While the financial interest rates are decline. Furthermore, the relation of covid-19 and various
stock market are shown negative.

Impact on GDP
While the covid-19 pandemic impact growing increasingly in the markets, its adverse
impact on economic growth of the countries will probably very serious and dangerous too. The
UN warned the other countries that the Novel coronavirus would be make an adverse impact on
the globalisation and global economy (Morrow-Howell, Galucia and Swinford, 2020). The GDP
rate is decline in all the countries and one of the UN report state that covid-19 would have an
extensive report on socio-economic in the domestic and international region activities in the area
of tourism, financial linkages and trade of the international level. Various survey and
organisation at the global level state and evaluated that impact of covid-19 will make a high rate
of decline in the countries and to overcome this issue the countries make strong strategies and
developed or developing countries try to help the undeveloped countries.
REFELCTIVE ESSAY
With the help of this assignment I gained the various knowledge and understanding skills
related to the covid-19 impact. For gaining the understanding skills I used to start participating in
classes through discussion and debates. I try to solve my problems which are come about during
completion of this assignment with my teacher in the class. I learned that how we manage people
with the help of various techniques and instruments in the organisation and in the country. More
knowledge about the covid-19 impact and increase my understanding skills further I increased
my comprehensive and coordination skills. I start learning about the risk management
approaches and try to increase my understanding in the stock markets. In addition to this I make
a deep understanding progress and gain the importance of the covid-19 and its impact on the
human life. But during my research for this assignment I struggle with the topic of financial and
stock market indicators. As these topic are not comes in my area of subject. To overcome this
issue I started to participated in the class and put more and more questions while having the
discussion related to covid-19 impact.
I changed my view regarding covid-19, as I though this pandemic is affected majorly on
health aspect. But during this assignment I come to know that this novel coronavirus make a
strong impact on the economic situations of the countries and put them backward. After
completing my assignment I think I become an independent learner, as I am ready to take the
responsibilities for my own learning. During completion of that assignment I motivate my self
motivation and try to achieve the future goals at my own terms. For example I try to go through

deeply on all the available sites for gaining the knowledge related to my topic. After that I make
proper notes to make them remember. I come to the evaluation that this micro virus has change
the wealth and unsound the investors confidence in the market. I think this pandemic has forced
the countries to rethink about their strategies. As it give the huge threat to the global production
and trade in the world wide nations. Further I understand the various theories which are used and
implement by various economist which are related to the socio-economic impact of the virus
outbreak and make a strong impact on the containment. In the global context it is become the
debate on this pandemic. To make a choice between health of the economy and health of the
people is become very difficult for the country's governments (National Academies of Sciences,
Engineering, and Medicine, 2020). Various economist show that the poor people will not die
because of novel coronavirus but they die because of hunger and unavailability of the necessary
resources. All these things I learned from the various resources and online books which provide
me right guidance and knowledge related to my topic.
CONCLUSION
From the above assignment It is concluded that covid-19 has make a distorted the world's
thriving economy in occasional and evasive term. But it show the current downturn and
recession in the economies of the various different countries. This is still a question that whether
this pandemic make an long lasting impact on the global economy or it bring some short term
impact on the financial and economic consequences. To disappear this outbreak proactive
international actions are needed not just to save the lives of human being but to protect the
economic environment.

REFERENCES
Books and Journals
Deb, P. and et.al., 2020. The economic effects of Covid-19 containment measures.
Fairlie, R.W., 2020. The impact of COVID-19 on small business owners: Continued losses and
the partial rebound in May 2020 (No. w27462). National Bureau of Economic
Research.
Fernandes, N., 2020. Economic effects of coronavirus outbreak (COVID-19) on the world
economy. Available at SSRN 3557504.
Jackson, J.K. and et.al., 2020. Global economic effects of COVID-19.
Morrow-Howell, N., Galucia, N. and Swinford, E., 2020. Recovering from the COVID-19
pandemic: A focus on older adults. Journal of aging & social policy, pp.1-9.
National Academies of Sciences, Engineering, and Medicine, 2020. Framework for equitable
allocation of COVID-19 vaccine. National Academies Press.
Topcu, M. and Gulal, O.S., 2020. The impact of COVID-19 on emerging stock markets. Finance
Research Letters. 36. p.101691.