Economic effect of COVID-19 (Switzerland)
Introduction
Coronavirus pandemic had caused a big dip in the economy which has affected every sector.In the case of Switzerland they have lower economic growth forecast over coronavirus.
The stock market had crashed a lot due to covid- 19 and this has caused a disruption in the global supply chain and hunted economic growth.
As we all know that Switzerland is one of the most favoured place for the tourist and the news say that the government has taken measure and closed all the tourist spots and closed all the tour package when the news of coronavirus pandemic was announced.
Data and analysis
The tourism and event industries have faced a heavy loss due to corona virus. Switzerland forecast that the Switzerland tourism to fall drastically . Switzerland Tourism expects the number of tourists specifically from Asia to reduce by 25% in the second quarter in this year due to corona virus , and tourist from united states will be dropping by 20% and tourist from Europe will be falling by 10% All these will be due to coronavirus.
For March and April of this year 2020, Swiss hotel operators are expecting a fall by 45% in their turnover.
The council of Swiss is also working on the strategy to reboot the whole economy after restrictions on social distancing are eased after the pandemic .
Zurich Airport the airport in Switzerland believes that business will be falling by 20% due to the virus this year.
Many countries including Switzerland have said that they have lowered their economic growth forecast and they are fully dependent on the illness spread only (i.e how this coronavirus is going to spread in the world and the time it takes to reduce).
Already some sectors like tourism in as overall has got affected .As we all know that from the statistics Switzerland exports goods $313. billion and imports goods around $264.5 billion from this values we come to know that Switzerland is highly dependent on export and little dependent on import.Exports have fell by 0.5% .
Stats
This has high effect in whole economy of Switzerland where their incomes has got reduced from exports now they can’t export or import like before due to coronavirus .And they also said that main disruption is due to less supply and weaker demands .Their economy growth has got slowed by 0.3% in the fourth quarter of 2019.
Now the economist of Switzerland had said that countries economy has got more pessimistic (worst and relive that worst will happen).The manufacturing sector as whole was flat previously they had chemical and pharmaceutical at first to compensate but now they cannot compensate for the manufacturing sector.
An incedence
As the Switzerland have decentralised political system the Swiss federal government have given regional authorities to shutdown or restrict sectors of economy temporarily.The whole world which also includes Switzerland is now following social distancing where not more than 4 or 5 five people should gather.
As this Switzerland is highly developed and developing country it is highly under credit crunch. There are many countries who have high debt levels already comparatively .so the countries have to think of radical solution for their own good.
The Switzerland government has said that the wages for the month of march is confirmed and will be given to the employees .The government has told 32 billion is a package to help the support of the economy.
This was added after 10 billion which was announce earlier.
This money is mainly to help companies to survive this recession. This money is also applied for the self employed person because their turnover would have fallen drastically due to this coronavirus.
Unemployment have increased partially after this corona virus pandemic and still it is expected to increase around 15% of the workers which is combined of all sectors are in this current situation of corona pandemic. Switzerland is a rich country, but now 150,000 businesses have put the workers on reduced hours and wages due to this pandemic.
The Swiss said their wealth to their readiness to work as hard as possible and to be sensible. Now they are working hard to follow the rules that was given by the government recently, that they are being sensible and staying in for their own and country good.
A good thing about coronavirus:
The first main thing which i want to talk about this pollutions.So there are many pollution but specifically i would like to mention air pollution and sound pollution.Which has been a very hot topic in recent days which has been causing climate change, and making the thing worse.
Air pollution :
Air pollution has been reduced rapidly due to the fact that cars and factories are functions very less. The good is that if the air pollution is reduced that carbon emission is reduced where again the climate change is reduced and there is good environment which is created .This is good for us for the things around us.
Some statistics says that around 4.2million people die due to air pollution and 1million from china alone.In this current scenario because of less air pollution it has saved around 50000 people.
There are some good thing which coronavirus is doing.First thing which i have been noticing recently and seeing is that it doesn’t affect animal and as we all are quarantined at home the animals are enjoying out there .
There were some recent news which i came across in Kerala there were wild animals in the main road roaming freely.
So here we come to know that all these days we all have been destroying their place and now they are free. and i would say this corona virus has been good in giving these animals a relief for their home.
The social media:
We currently have many ways to practice social distancing that preserve at least some social and medical connections. People in isolation or quarantine can ask for help, visit friends, relatives, and doctors through video calls (zoom ,etc), and provide updates on their current condition and updates.
This experience will prepare us for the future pandemics: The COVID-19 pandemic has exposed shortcomings in healthcare systems throughout the world that provide an opportunity to improve them for future .
For example , take that we have a faster global response, better and quicker distribution of testing kits all around the world, and more coordinated and coherent public messaging should be expected the next time around in future.
Conclusion
(No guarantees, of course.).Many people people have stepped down to improve the situation of the current scenario .like celebrities and many others by providing with money and ventilator machines.Some countries have come together for the help for example the Russia sent its navy ships as a help for United stated to quarantine people. Another case is that the Switzerland government has agreed to take patient from their neighbouring country France for the coronavirus affected people.This show the good doings and helping attitude of the countries.Would like to end by saying that coronavirus -COVID-19 has more of bad character on human and bit good character on animals .