Covid-19: A Review of Economic Impacts on Different Sectors and Industries

Thomas, B.; Chakole, S.

COVID-19, a pandemic which flared in December-2019 has shaken the world thoroughly. The causative agent is Novel Coronavirus which was reported to be seen particularly in animals like bats, camel,cows and pigs. Despite the rare evidence of transmission of viruses from animals to the human population the new mutant version of virus was reported to be originated from bats. A correlation of first case of COVID-19 was tracked back to an animal market in Wuhan. Different theories on transmission of this infection and safe distancing were put forth. The virus was found to be most infectious when an individual had high viral load. The symptoms of this infection varied from No symptoms to severe respiratory distress resulting in death. Until the exact case and definitive treatment was outlined, prevention was the only option to stay safe. So steps like quarantine, lockdown and limitations of mobility were suggested and implemented globally for containing the pandemic. This affected all the domains of business, production, industry, transportation and the supply side and resulting in diminished business. The world economy witnessed drastic downfall. Production deficiencies were also witnessed. On the contrary, sudden demands for certain items resulted rapid flourishing of business of few items including masks, sanitizers, antimalarial and antiviral medicines. This article has tried to incorporate reviews of impacts of Covid-19 on various sectors, industries and business.