“Tighten your seatbelts. Place your feet flat on the floor. Tuck your arms and elbows close to your sides. Bend forward, over your thighs, as tightly as possible. Prepare and Brace for impact. Brace! Brace Brace!”
These are the commands from any pilot from the cockpit during emergency landing. Well that is not to panic, but to alert and prepare for the impact.
This article is not intended to panic anyone but to give an alert caution to mentally prepare for the worse.
Covid-19 has relatively a minuscule effect on the overall health condition of the world citizens when compared to the predictable economic crisis. This is something like butterfly effect. An alleged bat-meat eater in a remote restaurant in China around six months ago, has unknowingly become the cause for the upcoming recession.
Just look around. Not one sector of business, but almost everything got affected. Of course, the butterfly effect doesn’t leave the unaffected. They too will have have the impact as entire global economy is interconnected.
The stock markets are facing knockout blows, tourism has bitten the mud, airlines are suffering, travel agencies are with fingers crossed, hospitality industry is struggling, entertainment industry is in hibernation, production of goods in several sectors has slowed down, common policy of work from homes is affecting the speed in software industry, the companies depending on the goods from China are waiting to see light at the end of the tunnel and finally the people are staying at homes resulting in the poor circulation of money into the existing market.
This scenario is going to take its toll on job market. Business analysts from USA to India; from UK to Australia are predicting an upcoming recession blow.
A prediction published in CNN Business News says that more than half of American jobs are at risk because of Coronavirus.
The same story writes- “Nearly 80 million jobs in the US economy are at high or moderate risk today, according to analysis in the last week from Moody’s Analytics. That’s more than half of the 153 million jobs in the economy overall”.
That’s alarming. While the jobs in transport, travel, hospitality industries are at high risk; the workers in the retail, manufacturing, construction and education are at moderate risk.
Unemployment and underemployment may be the outcomes of Covid 19. The situation in the USA inevitably shows its impact, be it big or small, on India and other parts of the world.
Governments of the world stood united and have ordered for social distancing, and forced quarantines to combat the health crisis brought in by Covid 19. But how will they act upon the economic crisis? Will they be united or take advantage on one another? That has to be seen.
Tags: US job market, COVID-19 effect,COVID-19 impact on job market,COVID-19,COVID-19 US jobs,COVID-19 news,COVID-19 update, recession,US recession