The Coronavirus has proved to be a very dangerous virus which has now affected the entire world. Majority of the industries are now facing severe heat since the situation quickly escalated into a pandemic, which the whole world was unprepared for.
With industries being shut or on the verge of being collapsed, has surely created immense pressure on economies and thus have resulted into a global recession.
India’s economy was already in a slowdown mode, where the growth rates were below 5%, now adding this crisis has made the case more sensitive.
For now, the fight against the virus is still going on and thus no specific predictions can be made. But, the impact is going to be immense as the revival is going to be a huge challenge unless the world prepares for a US Marshall Plan like strategy (made to help the countries get back to the economic order soon after WWII).
Considering the jobs scenario, mass layoffs will surely happen, especially in the industries which are worst hit to cut down the costs. Even when the fight will be finally over, the job hiring situation will have been weakened because of the primary focus of companies being getting back on track and optimally utilizing the resources at hand. The IT industry, mainly the project based firms will remain pretty stable since majority of the workforce has now been deployed under the Work From Home policy. The service based companies will face a lack of new projects and thus will turn towards mass layoffs as is the trend being observed since past few years.
Small businesses, startups, self employed, aviation, manufacturing, hospitality, travel and tourism sectors have already began their decline.
But as of now we have a bigger battle to be won and for that we all need to stay alert by rigorously complying with the government laid procedures and taking precautions being mentioned by the World Health Organization.
Knowcusp 