Here are the impact on Economy:
1)Due to Covid19 Global Economy could be shrink by upto 1 percent in 2020.UN has said that it may contract even further if restrictions on economy activities are extended.
2)Analysis by UN Department of Economic and social Affairs sais the Covid19 is disrupting global supply chain and international trade with nearly 100 countries.
3)Already Million of workers in these countries are losing their jobs.Goverment is trying to avert a sharp downturn of their economies which could potenstially plunge the global economy into deep recession.the world economy could contract by 0.9 percent in 2020.
4)Ecconomy impact will largely depend on two factors
a)Lockdown duration(As transportation and Businesses remain close)
b)Economic activities
5)Indian economy is depend on Agriculture sector,Manufacuring sector,Services sector,Pharmaceuticals,Tourism and others.We are importing nearly 55% of electronic parts from china.These import already slid down by 40% due to Covid 19 lockDown.
6)Tourism is also one of the sector which affected the most due to the Covid19 As the visas being suspend.India will suffer interms of economy due to the Covid19.But as it is worldwide obviously world economy will also slid down.
7)According to the Economic india world's biggest lockdown may have cost 7-8 lakh crore to indian Economy.
8)ICRA(Investment Information and credit Rating Agency) Rating cut the country's GDP forecast and expects the economy to grow at just 2 percent in the current fiscal.
9)Situation may will be worst for economy if the corona cases will increase.
