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How the Pandemic Has Affected the Global Economy?

If there is a single word, which can encompass the true essence of the year 2020, then it is “unprecedented.” For it was the year which made the whole world aware of the peril known as Covid-19.

A virus that presumably had its origins in the city of Wuhan, China completely changed the way of human lifestyles and reestablished the rules of human interactions. A life-threatening disease that infects through droplets, the Covid-19 pandemic ushered in an era of ‘lockdowns’ which meant that people would be shut in their rooms with all major external activities prohibited. It goes without saying that the world was stunted for a while.

SOME GRIM CONSEQUENCES OF COVID-19

Perhaps there were no corners in the world where the Covid-19 pandemic did not wreak havoc. Economies crumbled, people lost their livelihoods, families could not be sustained, the world was at a war of hunger. As if the pandemic itself was not enough, the lockdown that followed stunted the economies for years to come. The third world countries like Brazil, India, Bangladesh were left devastated with the death tolls continually on the rise. Many countries saw their health infrastructure crumble under immense pressure. For example, in many third-world countries, a huge deficit rose in oxygen and ventilation facilities. There were not enough hospital beds to accommodate everyone and not enough health professionals to provide adequate medical assistance. As a result of the lockdown, many people across the world lost their sources of income. In countries like India, migrant workers suffered a nightmarish plight. With their jobs gone and no transportations available, they had to walk thousands of kilometers on foot to return to their homes. Many lost their lives along the way while many others gave up trying. The pandemic truly became a challenge that was never witnessed before. 

With almost everything changed, human beings had to find alternatives for certain activities. For example, with everything shut down the corporate sector employees were asked to work from their homes, in front of their laptop devices. This method of ‘work from home’ started gaining prominence as schools and colleges around the world substituted the classroom experience, with this online method of teaching and learning. However, not all activities have substitutes that reaped good results. The pandemic destroyed a part of the economy with a lot of services and sectors taking irreparable hits. The Global GDP as a result of the pandemic suffered a drop of 4.5 percent which roughly translates to a loss of 3.94 trillion US dollars worth of economic output. 

The travel and tourism sector was perhaps the worst hit, coming out of the Covid-19 pandemic. The sector which previously relied upon human interactions and traveling had to be shut down with immediate effect. The results were staggering. Everyone involved with traveling and tourism suffered a huge detriment to their livelihoods. As there was a temporary restriction on cross-country travel, flights were reduced and, in some cases, they were even canceled. As a result, the airplane companies lost a chunk of their revenue. Even the tourist guides, or the local shops, everyone associated had something to lose. This had a ripple effect in almost every sector of the economy. The Global Stock Market was negatively affected with fewer customers showing up. The consumption rate of goods and services went down and had an adverse effect on everyone. Globally, the loss amounted to around 810 billion US dollars. 

However, not all enterprises had to suffer a grim predicament. The entertainment industry had somewhat of a mixed experience during this pandemic. With physical outlets of entertainment and recreation like cinema halls, public parks closed it is easy to assume that there has been an overall negative impact on this industry. This is true to some extent as bars, restaurants, cinema halls, night clubs had to remain in an inoperative state for the lockdown period. As a result, the owners suffered huge losses and started cutbacks which increased the unemployment of staff. Even if they were not laid off from their jobs, a lot of them had to suffer a pay decrease. 

THERE ARE SOME BRIGHT SPOTS

However, not all sources of entertainment are outside of the four walls. Streaming platforms like YouTube, Netflix, Amazon Prime Video recorded an insane increase in the number of viewers. This pandemic era saw a lot of content creators go on independent streaming platforms like Twitch TV with their content. The popular US show, “The Office” shattered all viewership records held previously, as viewers from all over the world spent hours and hours binge-watching the show. The television networks had to incorporate a change in formats with most late-night talk shows doing interviews of celebrities over a zoom video call. Nevertheless, while one with physical outlets of casinos closed, the pandemic era perhaps brought about a resurgence in the online casinos. The business witnessed a boom, which translated into soaring profits. This in turn led to overall growth in the business. For example, the casinos in Finland or otherwise suomikasino business grew by a staggering 30 percent. The online casino bonus business has gained immense popularity all over the world. Players have gotten to experience the highly exhilarating world of online casino games from the comfort of their homes. With cutting-edge features like free spins, crazy bonuses, discounts, and bonus rounds, it is almost a certainty that the overall experience will not only be joyful but also highly rewarding. The pandemic era rejuvenated the popularity of online casinos and for good reason. Not only are the online casino businesses offering a varied pool of games, but they are also taking into consideration other important dynamics like licensing, safety, consumer service, etc. The online casino games see to it that the overall user experience is not hampered with or hindered by. That is precisely the reason why the games are the absolute best with highly rewarding bonus rounds and other alternatives. The online casino games’ bonus features leave the player craving for more.

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