Project Report

on

COVID 19: The Impact of a Global Crisis

Submitted in partial fulfillment of the requirements

for the award of the degree of

Bachelor of Business Administration (BBA)

To

Guru Gobind Singh Indraprastha

University, Delhi

Guide: Submitted by:

Ms. Priyanka Attri Hrithik Lalwani
Roll No.
41314201718

Jagannath International Management School, Vasant Kunj,

New Delhi
Batch: 2018-2021

pg. 1
 CERTIFICATE

This is to Certify that the Project Report (BBA-311) titled “COVID 19: The
impact of a Global crisis” done by Hrithik Lalwani, Roll No. 41314201718, is
completed under my guidance.

Signature of the Guide:

Date:

Name of the Guide: Ms. Priyanka Attri

pg. 2
 Acknowledgement

I offer my sincere thanks and humble regards to Jagannath International

Management School, GGSIP University, New Delhi for imparting us very

valuable professional training in BBA.

My sincere gratitude goes to my project guide Ms. Priyanka Attri without whose

valued guidance, encouragement and inspiration the presentation of this project

would ever have been possible. I also indebted to my faculty guide Ms. Priyanka

Attri, for giving me valuable initial guidance for the project.

Every page of this report reminds me about the moral support and guidance that

was bestowed on me by the respect guide, professors, friends and family members.

I am unable to mention many others who have helped me greatly but it gives

immense pleasure to appreciate and thanks all those without whose encouragement

and help this project would never have been completed.

pg. 3
 TABLE OF CONTENTS

S No Topic Page No

1 Certificate 2

2 Acknowledgements 3

3 Table of Contents 4

4 Chapter I: Introduction
 Introduction to topic 5
 Objectives of the study 18
 Review of Literature 19
26
 Research Methodology
 Limitations of the study 33

5 Chapter-2: Analysis and Interpretation of Data 34

6 Chapter-3: Conclusions and Recommendations 42

7 References/Bibliography 53

8 Annexures 56

pg. 4
 CHAPTER I: INTRODUCTION TO THE PROJECT

1.1.1 COVID 19

Coronaviruses are a group of related RNA viruses that cause diseases in mammals and

birds. In humans and birds, they cause respiratory tract infections that can range from

mild to lethal. Mild illnesses in humans include some cases of the common cold

(which is also caused by other viruses, predominantly rhinoviruses), while more lethal

varieties can cause SARS, MERS, and COVID-19. In cows and pigs, they cause

diarrhea, while in mice they cause hepatitis and encephalomyelitis.

Coronaviruses constitute the subfamily Orthocoronavirinae, in the family

Coronaviridae, order Nidovirales, and realm Riboviria. They are enveloped viruses

with a positive-sense single-stranded RNA genome and a nucleocapsid of helical

symmetry.The genome size of coronaviruses ranges from approximately 26 to 32

kilobases, one of the largest among RNA viruses. They have characteristic club-

shaped spikes that project from their surface, which in electron micrographs create an

image reminiscent of the solar corona, from which their name derives.

Coronavirus disease 2019 (COVID-19), also known as the coronavirus, or COVID, is

a contagious disease caused by severe acute respiratory syndrome coronavirus 2

(SARS-CoV-2). The first known case was identified in Wuhan, China, in December

2019. The disease has since spread worldwide, leading to an ongoing pandemic.

Symptoms of COVID-19 are variable, but often include fever, cough, headache,

pg. 5
fatigue, breathing difficulties, and loss of smell and taste. Symptoms may begin one to

fourteen days after exposure to the virus. At least a third of people who are infected do

not develop noticeable symptoms. Of those people who develop noticeable symptoms

enough to be classed as patients, most (81%) develop mild to moderate symptoms (up

to mild pneumonia), while 14% develop severe symptoms (dyspnea, hypoxia, or more

than 50% lung involvement on imaging), and 5% suffer critical symptoms (respiratory

failure, shock, or multiorgan dysfunction).Older people are at a higher risk of

developing severe symptoms. Some people continue to experience a range of effects

(long COVID) for months after recovery, and damage to organs has been observed.

Multi-year studies are underway to further investigate the long-term effects of the

disease.

Transmission of COVID-19 occurs when people are exposed to virus-containing

pg. 6
respiratory droplets and airborne particles exhaled by an infected person. Those

particles may be inhaled or may reach the mouth, nose, or eyes of a person through

touching or direct deposition (i.e. being coughed on). The risk of infection is highest

when people are in close proximity for a long time, but particles can be inhaled over

longer distances, particularly indoors in poorly ventilated and crowded spaces. In

those conditions small particles can remain suspended in the air for minutes to hours.

Touching a contaminated surface or object may lead to infection although this does

not contribute substantially to transmission. People who are infected can transmit the

virus to another person up to two days before they themselves show symptoms, as can

people who do not experience symptoms. People remain infectious for up to ten days

after the onset of symptoms in moderate cases and up to twenty days in severe cases.

Several testing methods have been developed to diagnose the disease. The standard

diagnostic method is by detection of the virus' nucleic acid by real-time reverse

transcription polymerase chain reaction (rRT-PCR), transcription-mediated

amplification (TMA), or by reverse transcription loop-mediated isothermal

amplification (RT-LAMP) from a nasopharyngeal swab.

Preventive measures include physical or social distancing, quarantining, ventilation of

indoor spaces, covering coughs and sneezes, hand washing, and keeping unwashed

hands away from the face. The use of face masks or coverings has been recommended

in public settings to minimize the risk of transmissions. Several vaccines have been

developed and many countries have initiated mass vaccination campaigns

pg. 7
1.1.2 Economic impact of the COVID-19 pandemic:

The COVID-19 pandemic has had far-reaching economic consequences beyond the

spread of the disease itself and efforts to quarantine it. As the SARS-CoV-2 virus has

spread around the globe, concerns have shifted from supply-side manufacturing issues

to decreased business in the services sector.[1] The pandemic caused the largest global

recession in history, with more than a third of the global population at the time being

placed on lockdown.[2]

Supply shortages are expected to affect a number of sectors due to panic buying,

increased usage of goods to fight the pandemic, and disruption to factories and

logistics in mainland China. There have been instances of price gouging. There have

been widespread reports of shortages of pharmaceuticals, with many areas seeing

panic buying and consequent shortages of food and other essential grocery items. The

technology industry, in particular, has been warning about delays to shipments of

electronic goods.

Global stock markets fell on 24 February 2020 due to a significant rise in the number

of COVID-19 cases outside mainland China. By 28 February 2020, stock markets

worldwide saw their largest single-week declines since the 2008 financial crisis.[11]

[12][13] Global stock markets crashed in March 2020, with falls of several percent in

the world's major indices.

pg. 8
Possible instability generated by an outbreak and associated behavioural changes

could result in temporary food shortages, price spikes, and disruption to markets. Such

price rises would be felt most by vulnerable populations who depend on markets for

their food as well as those already depending on humanitarian assistance to maintain

their livelihoods and food access. As observed in the 2007–2008 food prices crisis, the

additional inflationary effect of protectionist policies through import tariffs and export

bans could cause a significant increase in the number of people facing severe food

insecurity worldwide.[14]

The pandemic has forced to switch the plans globally. All fashion, sport, and

technology events have been cancelled or have changed to be online. While the

monetary impact on the travel and trade industry is yet to be estimated, it is likely to

be in the billions and increasing.

Amidst the recovery and containment, the world economic system is characterized as

experiencing significant, broad uncertainty. Economic forecasts and consensus among

Macroeconomics experts show significant disagreement on the overall extent, long-

term effects and projected recovery. Risk assessments and contingency plans therefore

must be taken with a grain of salt, given that there is a wide divergence of opinion.

The coronavirus pandemic has reached almost every country in the world.

Its spread has left national economies and businesses counting the costs, as

governments struggle with new lockdown measures to tackle the spread of the virus.

pg. 9
Despite the development of new vaccines, many are still wondering what recovery

could look like. Here is a selection of charts and maps to help you understand the

economic impact of the virus so far.

Most of countries now in recession

Most of countries now in recession

If the economy is growing, that generally means more wealth and more new jobs.

It's measured by looking at the percentage change in gross domestic product, or the

value of goods and services produced, typically over three months or a year.

The IMF estimates that the global economy shrunk by 4.4% in 2020. The organisation

described the decline as the worst since the Great Depression of the 1930s.

pg. 10
pg. 11
1.1.3 COVID-19 recession in India

The economic impact of the 2020 coronavirus pandemic in India has been largely

disruptive. India's growth in the fourth quarter of the fiscal year 2020 went down to

3.1% according to the Ministry of Statistics. The Chief Economic Adviser to the

Government of India said that this drop is mainly due to the coronavirus pandemic

effect on the Indian economy. Notably India had also been witnessing a pre-pandemic

slowdown, and according to the World Bank, the current pandemic has "magnified

pre-existing risks to India's economic outlook".

The World Bank and rating agencies had initially revised India's growth for FY2021

with the lowest figures India has seen in three decades since India's economic

liberalization in the 1990s. However, after the announcement of the economic package

in mid-May, India's GDP estimates were downgraded even more to negative figures,

signalling a deep recession. (The ratings of over 30 countries have been downgraded

pg. 12
during this period.) On 26 May, CRISIL announced that this will perhaps be India's

worst recession since independence. State Bank of India research estimates a

contraction of over 40% in the GDP in Q1 The contraction will not be uniform, rather

it will differ according to various parameters such as state and sector. On 1 September

2020, the Ministry of Statistics released the GDP figures for Q1 (April to June) FY21,

which showed a contraction of 24% as compared to the same period the year before.

According to Nomura India Business Resumption Index economic activity fell from

82.9 on 22 March to 44.7 on 26 April. By 13 September 2020 economic activity was

nearly back to pre-lockdown.[1] Unemployment rose from 6.7% on 15 March to 26%

on 19 April and then back down to pre-lockdown levels by mid-June.[2][3] During the

lockdown, an estimated 14 crore (140 million) people lost employment while salaries

were cut for many others.[2][4] More than 45% of households across the nation have

reported an income drop as compared to the previous year.[5] The Indian economy

was expected to lose over ₹32,000 crore (US$4.5 billion) every day during the first

21-days of complete lockdown, which was declared following the coronavirus

outbreak.[6][7] Under complete lockdown, less than a quarter of India's $2.8 trillion

economic movement was functional.[8] Up to 53% of businesses in the country were

projected to be significantly affected.[9] Supply chains have been put under stress

with the lockdown restrictions in place; initially, there was a lack of clarity in

streamlining what an "essential" is and what is not.[10] Those in the informal sectors

and daily wage groups have been at the most risk.[11] A large number of farmers

around the country who grow perishables also faced uncertainty.[10]

pg. 13
Vendor of greens, essential supply chains and logistics. Life under lockdown.

Bangalore spring 2020.

Major companies in India such as Larsen & Toubro, Bharat Forge, UltraTech Cement,

Grasim Industries, Aditya Birla Group, BHEL and Tata Motors have temporarily

suspended or significantly reduced operations. Young start-ups have been impacted as

funding has fallen.[12][13] Fast-moving consumer goods companies in the country

have significantly reduced operations and are focusing on essentials. Stock markets in

India posted their worst loses in history on 23 March 2020.[14] However, on 25

March, one day after a complete 21-day lockdown was announced by the Prime

Minister, SENSEX and NIFTY posted their biggest gains in 11 years.

Indices: S&P BSE 500 (January 2015 to November 2020). Blue highlight reflects

COVID-19 period (taken to start from March 2020 as per first lockdown).

The Government of India announced a variety of measures to tackle the situation,

from food security and extra funds for healthcare and for the states, to sector related

incentives and tax deadline extensions. On 26 March a number of economic relief

measures for the poor were announced totalling over ₹170,000 crore (US$24 billion).

The next day the Reserve Bank of India also announced a number of measures which

would make available ₹374,000 crore (US$52 billion) to the country's financial

system. The World Bank and Asian Development Bank approved support to India to

pg. 14
tackle the coronavirus pandemic.[16]

The different phases of India's lockdown up to the "first unlock" on 1 June had

varying degrees of the opening of the economy. On 17 April, the RBI Governor

announced more measures to counter the economic impact of the pandemic including

₹50,000 crore (US$7.0 billion) special finance to NABARD, SIDBI, and NHB.[17]

On 18 April, to protect Indian companies during the pandemic, the government

changed India's foreign direct investment policy. The Department of Military Affairs

put on hold all capital acquisitions for the beginning of the financial year. The Chief

of Defence Staff has announced that India should minimize costly defence imports

and give a chance to domestic production; also making sure not to "misrepresent

operational requirements".[18][19]

On 12 May the Prime Minister announced an overall economic stimulus package

worth ₹20 lakh crore (US$280 billion),10% of India's GDP, with emphasis on India

as a self-reliant nation. In December 2020, a Right to Information petition revealed

that less than 10% of this stimulus had been actually disbursed.[20] During the next

five days the Finance Minister announced the details of the economic package. Two

days later the Cabinet cleared a number of proposals in the economic package

including a free food grains package. By 2 July 2020, a number of economic

indicators showed signs of rebound and recovery. On 24 July the Finance Secretary of

India said the economy is showing signs of recovery at a faster rate than anticipated,

while the Economic Affairs Secretary said that he expects a V-shaped recovery for

pg. 15
India. In July the Union Council of Ministers passed the National Educational Policy

2020 aimed at strengthening the economy. On 12 October and 12 November, the

government announced two more economic stimulus package, bringing the total

economic stimulus to ₹29.87 lakh crore (US$420 billion) — 15% of national GDP

— until 31 October 2020.

1.1.4 Impact of COVID-19 on people's livelihoods, their health and our food

systems

The COVID-19 pandemic has led to a dramatic loss of human life worldwide and

presents an unprecedented challenge to public health, food systems and the world of

work. The economic and social disruption caused by the pandemic is devastating: tens

of millions of people are at risk of falling into extreme poverty, while the number of

undernourished people, currently estimated at nearly 690 million, could increase by up

to 132 million by the end of the year.

Millions of enterprises face an existential threat. Nearly half of the world’s 3.3 billion

global workforce are at risk of losing their livelihoods. Informal economy workers are

particularly vulnerable because the majority lack social protection and access to

quality health care and have lost access to productive assets. Without the means to

earn an income during lockdowns, many are unable to feed themselves and their

pg. 16
families. For most, no income means no food, or, at best, less food and less nutritious

food.

The pandemic has been affecting the entire food system and has laid bare its fragility.

Border closures, trade restrictions and confinement measures have been preventing

farmers from accessing markets, including for buying inputs and selling their produce,

and agricultural workers from harvesting crops, thus disrupting domestic and

international food supply chains and reducing access to healthy, safe and diverse diets.

The pandemic has decimated jobs and placed millions of livelihoods at risk. As

breadwinners lose jobs, fall ill and die, the food security and nutrition of millions of

women and men are under threat, with those in low-income countries, particularly the

most marginalized populations, which include small-scale farmers and indigenous

peoples, being hardest hit.

pg. 17
1.2 Objective of the Study

1) To have knowledge and understanding of COVID-19 and how to keep ourself

save

2) A study on how COVID-19 has impacted the whole world economy

3) To show how India and its people are affected from the pandemic

pg. 18
1.3 Review of Literature
A literature review is both the process and the product.

 A literature review is a descriptive, analytic summary of the existing

material relating to a particular topic or area of study.

 The literature review process involves a systematic examination of prior

scholarly works

A literature review identifies, evaluates and synthesises the relevant literature within a

particular field of research. It illuminates how knowledge has evolved within the field,

highlighting what has already been done, what is generally accepted, what is emerging

and what is the current state of thinking on the topic. In addition, within research-

based texts such as a Doctoral thesis, a literature review identifies a research gap (i.e.

unexplored or under researched areas) and articulates how a particular research project

addresses this gap.

To understand the potential negative economic impact of COVID-19, it is important to

understand the economic transmission channels through which the shocks will adversely

affect the economy. According to Carlsson-Szlezak et al. (2020a) and Carlsson-Szlezak et al.

(2020b), there are three main transmission channels. The first is the direct impact, which is

related to the reduced consumption of goods and services. Prolonged lengths of the pandemic

and the social distancing measures might reduce consumer confidence by keeping consumers

at home, wary of discretionary spending and pessimistic about the long-term economic

prospects. The second one is the indirect impact working through financial market shocks and

their effects on the real economy. Household wealth will likely fall, savings will increase, and

consumption spending will decrease further. The third consists of supply-side disruptions; as

pg. 19
COVID-19 keeps production halted, it will negatively impact supply chains, labor demand,

and employment, leading to prolonged periods of lay-offs and rising unemployment. In

particular, Baldwin (2020) discusses the expectation shock by which there 19 is a “wait-and-

see” attitude adopted by economic agents. The author argues that this is common during

economic climates characterized by uncertainties, as there is less confidence in markets and

economic transactions. Ultimately, the intensity of the shock is determined by the underlying

epidemiological properties of COVID-19, consumer and firm behavior in the face of

adversity, and public policy responses. Gourinchas(2020, p. 33)summarizesthe effect on the

economy by stating: “A modern economy is a complex web of interconnected parties:

employees, firms, suppliers, consumers, and financial intermediaries. Everyone is someone

else’s employee, customer, lender, etc.” Due to the very high degrees of inter-connectiveness

and specialization of productive activities, a breakdown in the supply chains and the circular

flows will have a cascading effect. Baldwin (2020) describes the impact of COVID-19 on the

flows of income in the economy. First, households do not get paid and hence reduce their

consumption and savings levels.

The decrease in savings reduce investment and hence ultimately diminish the capital

stock.26 Second, households reduce their demand for imports, which in turn reduces income

for the rest of the World, and hence the country’s exports decrease. Third, the demand/supply

shocks cause disruption in domestic and international supply chains. Fourth, all of the

previous shocks and disruptions lead to a fall in output – causing reductions in the usage of

the factors of production. In this case, labor is more affected than capital through reduced

working hours or layoffs and hence lower earnings It is also important to understand the

processes that generate recoveries from economic crises. Carlsson-Szlezak et al. (2020a)

explain different types of recovery after shocks through the concept of “shock geometry”.

There are three broad scenarios of economic recoveries, which we mention in ascending

pg. 20
order of their severity. First, there is the most optimistic one labelled ‘V-shaped’, whereby

aggregate output is displaced and quickly recovers to its pre-crisis path. Second, there is the

‘U-shaped’ path, whereby output drops swiftly but it does not return to its pre-crisis path. The

gap between the old and new output path remains large. Third, in the case of the very grim

‘L-shaped’ path, output drops, and growth rates continue to decline. The gap between the old

and new output path continues to widen. Notably, Carlsson-Szlezak et al. (2020b) state that

after previous pandemics,such as the 1918 Spanish Influenza, the 1958 Asian Influenza, the

1968 Hong Kong influenza, and the 2002 SARS outbreak, economies have experienced ‘V-

shaped’ recoveries.

However, the COVID-19 economic recovery is not expected to be straightforward. This is

because the effects on employment due to social distancing measures/lockdowns are expected

to be much larger. According to Gourinchas (2020), during a short period, as much as 50

percent of the working population might not be able to find work. Moreover, even if no

containment measures were implemented, a recession would occur anyway, fueled by the

precautionary and/or panic behavior of households and firms faced with the uncertainty of

dealing with a pandemic as well as with an inadequate public health response (Gourinchas,

2020).

Other researchers try to model the endogenous response of economic agents and timevarying

nature of infection risks. Quaas (2020) and Dasaratha (2020) provide theoretical propositions

of behavioral responses to various changes in policies or infection levels. Alfaro et al. (2020)

modify the existing SIR models to account for optimizing decisions on social interaction

based on the infection risks. Typically, infection rates are taken as exogenous in SIR models.

However, after accounting for heterogeneity in preferences, they find that preference traits,

such as patience, altruism, and reciprocity, play important roles in reducing the infection

externalities. An approach that balances strict social distancing restrictions with social

pg. 21
preferences is expected to help mitigate the economic and public health costs. To provide an

example, Argente et al. (2020) find that public disclosure of COVID-19 cases in Seoul, South

Korea led to a decrease in foot-traffic to neighborhoods/areas with more cases. These data

were calibrated into an SIR model with a heterogenous population to account for infection

transmission and economic outcomes. The authors find that, compared to a scenario with no

disclosure, public disclosure led to a decrease in infection by 400,000 cases and deaths by

13,000 cases over a period of 2 years.

Macroeconomics Impact:

As COVID-19 unfolds, many researchers have been trying to think about the economic

impact from a historical perspective. Ludvigson et al. (2020) find that, in a fairly conservative

scenario without non-linearities, pandemics such as COVID-19 are tantamount to large,

multipleperiod exogenous shocks. Using a ‘costly disaster’ index, the authors find that multi-

period shocks in US (assumed to be a magnitude of 60 standard deviations from the mean of

the costly disaster index for a period of 3 months) can lead to a 12.75 percent drop in

industrial production, a 17 percent loss in service employment, sustained reductions in air

travel, and macroeconomic uncertainties which linger for up to five months. Jordà et al.

(2020) analyze the rate of return on the real natural interest rate (the level of real returns on

safe assets resulting from the demand and supply of investment capital in a non-inflationary

environment) from the 14th century to 2018. Theoretically, a pandemic is supposed to induce

a downward negative shock on the real natural interest rate. This is because investment

demand decreases due to excess capital per labor unit (i.e. a scarcity of labor being utilized),

while savings flows increase due to either precautionary reasons or to replace lost wealth.

The authors find that real natural rate remains depressed for a period of 40 years, decreasing

to -1.5 percent within 20 years.

pg. 22
However, analysis using historical data might not be sufficient. According to Baker et al.

(2020b), COVID-19 has led to massive spike in uncertainty, and there are no close historical

parallels. Because of the speed of evolution and timely requirements of data, the authors

suggest that there is a need to utilize forward-looking uncertainty measures to ascertain its

impact on the economy. Using a real business cycle (RBC) model, the authors find that a

COVID-19 shock31 leads to year-on-year contraction of GDP by 11 percent in 4th quarter of

2020. According to the authors, more than half the contraction is caused by COVID-19-

induced uncertainty. Coibion et al. (2020b) use surveys to assess the macroeconomic

expectations of households in US. They find that it is primarily lockdowns, rather than

COVID19 infections, that lead to drops in consumption, employment, lower inflationary

expectations, increased uncertainty, and lower mortgage payments.32 Other researchers have

examined the role of global supply chains. Bonadio et al. (2020) use a quantitative framework

to simulate a global lockdown as a contraction in labor supply for 64 countries. The authors

find that the average decline in real GDP constitutes a major contraction in economic activity,

with a large share attributed to disruptions in global supply chains. Elenev et al. (2020) model

the impact of COVID-19 as a fall in worker productivity and a decline in labor supply which

ultimately adversely affect firm revenue. The fall in revenue and the subsequent non-

repayment of debt service obligations create a wave of corporate defaults, which might bring

down financial intermediaries. Céspedes et al. (2020) formulate a minimalist economic model

in which COVID-19 also leads to loss of productivity.

The authors predict a vicious cycle triggered by the loss of productivity causing lower

collateral values, in turn limiting the amount of borrowing activity, leading to decreased

employment, and then lower productivity. The COVID-19 shock is thus magnified through

pg. 23
an ‘unemployment and asset price deflation doom loop’.33 Mulligan (2020) assesses the

opportunity cost of “shutdowns” in order to document the macroeconomic impact of COVID-

19.

Impact on Health:

The impact of the pandemic on physical health and mortality has been documented in many

studies(e.g., Goldstein and Lee, 2020; Lin and Meissner, 2020).35 A growing number of

studies also document worsening mental health status and well-being e.g. Brodeur et al.

(2020c); Davillas and Jones (2020); de Pedraza et al. (2020); Tubadji et al. (2020). Chatterji

and Li (2020) document the effect of the pandemic on the US health care sector. The authors

find that COVID-19 is associated with a 67 percent decline in the total number of outpatient

visits per provider by the week of April 12th - 18 th 2020 relative to the same week in prior

years. This might have negative health consequences, especially amongst individuals with

chronic health conditions. Others such as Alé-Chilet et al. (2020) explore the drop in

emergency cases in hospitals around the world.

Enviromental Outcomes:

The global lockdown and the considerable slowdown of economic activities is expected to

have a positive effect on the environment (He et al., 2020; Almond et al., 2020; Cicala et al.,

2020). He et al. (2020) show that lockdown measures in China led to a remarkable

improvement in air quality. The Air Quality Index and the fine particulate matter (PM2.5)

concentrations were brought down by 25 percent within weeks of the lockdown, with larger

effects in colder, richer, and more industrialized cities. Similarly, Almond et al. (2020)

focused on air pollution and the release of greenhouse gases in China during the post

COVID-19. The authors determined that, while nitrogen dioxide (NO2) emissions fell

precipitously, sulphur dioxide emissions (SO2) did not fall. For China as whole, PM2.5

pg. 24
emissions fell by 22 percent; however, ozone concentrations increased by 40 percent. These

variations show that there is not an unambiguous decrease in air pollution due to slowdown

of economic activities. The reduction can be attributed to less personal vehicle travel causing

lower nitrous oxide (NO2) emissions. Brodeur et al. (2020b) examine the causal effect of

‘safer-at-home’ policies on air pollution across US counties. They find that ‘safer-at-home’

policies decreased air pollution (measured as PM2.5 emissions) by almost 25%, with a larger

effect for populous counties.38 Cicala et al. (2020) focus on the health and mortality benefits

of reduced vehicle travel and electricity consumption in the US due to the stay-at-home

policies. The authors suggest that reductions in emissions from less travel and from lower

electricity usage reduced deaths by over 360 per month.

pg. 25
1.4 Research Methodology
The research methodology defines what the activity of research is, how to proceed,

how to measure progress, and what constitutes success. It provides us an advancement

of wealth of human knowledge, tools of the trade to carry out research, tools to look at

things in life objectively; develops a critical and scientific attitude, disciplined

thinking to observe objectively (scientific deduction and inductive thinking); skills of

research particularly in the ‘age of information’.

 Every project work is based on certain methodology, which is a way to

systematically solve the problem or attain its objectives. It is a very important

guideline and lead to completion of any project work through observation,

data collection and data analysis.

The research methodology is a science that studying how research is done

scientifically. It is the way to systematically solve the research problem by logically

adopting various steps. Also it defines the way in which the data are collected in a

research project.

Qualitative, quantitative and mixed-methods are different types of methodologies,

distinguished by whether they focus on words, numbers or both.

 To achieve the objectives of this project, the research has been

structured through different lines of action applying a mixed methodology

pg. 26
 approach.

1. Quantitative Research:

Quantitative research emphasizes objective measurements and the statistical,

mathematical, or numerical analysis of data collected through polls, questionnaires,

and surveys, or by manipulating pre-existing statistical data using computational

techniques. Quantitative research focuses on gathering numerical data and

generalizing it across groups of people or to explain a particular phenomenon.

Some of the characteristics of quantitative research/method are:

• It is numerical, non-descriptive, applies statistics or mathematics and uses

numbers.

• It is an iterative process whereby evidence is evaluated.

• The results are often presented in tables and graphs

• It is conclusive.

• It investigates the what, where and when of decision making

2. Qualitative Research:

Qualitative Research is primarily exploratory research. It is used to gain an

understanding of underlying reasons, opinions, and motivations. It provides insights

into the problem or helps to develop ideas or hypotheses for potential quantitative

research. Qualitative Research is also used to uncover trends in thought and opinions,

and dive deeper into the problem.

Qualitative data collection methods vary using unstructured or semi-structured

pg. 27
techniques. Some common methods include focus groups (group discussions),

individual interviews, and participation/observations. The sample size is typically

small, and respondents are selected to fulfil a given quota.

1.4.1 Research Design

E-learning for sustainable development is closely linked to sustainability in politics,

planning and management; financing of courses and curricula; offline research;

outreach and services; assessment and reporting. The emphasis is normally laid on the

promotion of interdisciplinary thinking and analysis, which is the basis of sustainable

development, by teaching more complex connections between economic, social and

environmental concepts.

1.4.2 Data Collection Methods and Instruments:

Data Collection in Marketing Research is a detailed process in which a planned search

for all relevant data is made by researcher.

"Rigorous sampling methodologies combined with high-quality data collection" is

what Advertising Age considers the backbone of market research. Also required is the

(at least passive) cooperation of those being surveyed; trust is also helpful.

pg. 28
 Data Source

Secondary DATA
Primary DATA Source
Source

Journals, Report,
Questionnaire Survey Books

Photography Internet, Newspaper,

Collection Article

Different type’s data collection methods are:

1. Primary Data

Primary data is the data which is collected first hand specially for the purpose of

study. It is collected for addressing the problem at hand. Thus, primary data is original

data collected by researcher first hand.

pg. 29
Advantages of Primary Data

a. Specific: Primary research meets the specific needs of the researchers. It

is up to date as well.

b. Targeted Issues are addressed: The organization asking for the

research has the complete control on the process and the research is streamlines

as far as its objectives and scope is concerned. Researching company can be

asked to concentrate their efforts to find data regarding specific market rather

than concentration on mass market.

c. Recency of Data: Usually secondary data is not so recent and it may not

be specific to the place or situation marketer is targeting. The researcher can

use the irrelevant seeming information for knowing trends or may be able to

find some relation with the current scenario.

d. Proprietary rights: Data collected in primary research belongs to the

researcher or the organisation sponsoring the research and therefore, others

may not have access to it.

e. Greater Control: Not only does primary research enable the marketer

to focus on specific issues, it also enables the marketer to have a higher level of

control over how the information is collected.

pg. 30
2. Secondary Data

When the data are collected by someone else for a purpose other than the researcher’s

current project and has already undergone the statistical analysis is called as

Secondary Data.

The secondary data are readily available from the other sources and as such, there are

no specific collection methods. The researcher can obtain data from the sources both

internal and external to the organization.

Data was collected in the following ways:

 Questionnaire

 Calls

 Business journals

 Internet, where wide knowledge about different areas is easily available.

 Old records of customer with the company o Documents and records

My research convinces me that the best means of sustaining growth in a service

business is to make customers more informed about the organization, and also to

provide a best service to the customers so do that they can trust on the organization.

From above stated methods of data collection, most of them were very effective and

also help the organization to use the data on providing best services to customers.

pg. 31
These data can also help in making new customers and also maintaining good

relationship with existing customers as well as it will also help in the growth of the

organization effectively and efficiently.

1.4.3 Reasons for wide use of Secondary data method in this project:

1) Obtaining secondary research can give you insight beyond your market area.

2) Time saved is a fantastic perk of secondary research.

3) Secondary data types are vast in their availability.

4) Secondary research can give you information you may never have the

resources to generate yourself.

The breadth of this research can be impressive, since much is done by media

companies and governments whose pockets are deeper, and whose professional

expertise means they can parse the data far more insightfully than a third-party

marketing firm.

pg. 32
1.5 Limitation of Study

• The response of the employees in giving information may be lukewarm.

• Organization’s resistance to share the internal information.

• The limitations relate to lack of non-verbal communication, poor set-up, and

privacy and access issues

• Lack of previous research studies on the topic.

• It was very time consuming.

• Only few samples were taken for study, so the generalization made for the entire

population may not be true.

• Scientists know how to evaluate the limitations of preprints. But it’s challenging for

the public to do so.

pg. 33
 CHAPTER-2: ANALYSIS AND INTERPRETATION OF DATA

Data analysis and interpretation is the process of assigning meaning to the

collected information and determining the conclusions, significance, and

implications of the findings. The steps involved in data analysis are a function

of the type of information collected, however, returning to the purpose of the

assessment and the assessment questions will provide a structure for the

organization of the data and a focus for the analysis .Given the uncertainty

about the virus and how it will continue to develop, quantifying its economic

impact is far from easy. Economists all over the world are struggling to make an

assessment. Nevertheless, everyone is forced to make a call on the quantitative

impact, as this needs to be taken into account in the forecasts.

pg. 34
The coronavirus pandemic has reached almost every country in the world.

Its spread has left national economies and businesses counting the costs, as

governments struggle with new lockdown measures to tackle the spread of the

virus.

Despite the development of new vaccines, many are still wondering what

recovery could look like. Here is a selection of charts and maps to help you

understand the economic impact of the virus so far.

pg. 35
pg. 36
Many people have lost their jobs or seen their incomes cut.
Unemployment rates have increased across major economies.

pg. 37
Hospitality sector has shut its doors worldwide
The hospitality sector has been hit hard, with millions of jobs and many
companies bankrupt.
Data from Transparent - an industry-leading intelligence company that covers
over 35 million hotel and rental listings worldwide - has registered a fall in
reservations in all the top travel destinations.

pg. 38
Shopping... at home
Retail footfall has seen unprecedented falls as shoppers stayed at home.
New variants and surges in cases have made problems worse.
Pedestrian numbers have fallen further from the first lockdown, according to
research firm ShopperTrak,

pg. 39
Pharmaceutical companies among the winners
Governments around the world have pledged billions of dollars for a Covid-19
vaccine and treatment options.
Shares in some pharmaceutical companies involved in vaccine development
have shot up.
Moderna, Novavax and AstraZeneca have seen significant rises. But Pfizer has
seen its share price fall. The partnership with BioNTech, the high cost of
production and management of the vaccine, and the growing number of same-
size competitors have reduced the investors' trust in the company to have bigger
revenue in 2021.

pg. 40
Travel still far from taking off
The travel industry has been badly damaged, with airlines cutting flights and
customers cancelling business trips and holidays.
New variants of the virus - discovered only in recent months - have forced many
countries to introduce tighter travel restrictions.
Data from the flight tracking service Flight Radar 24 shows that the number of flights
globally took a huge hit in 2020 and it is still a long way from recovery.

pg. 41
 CHAPTER-3: Conclusions and Recommendations

The coronavirus disease continues to spread across the world following a

trajectory that is difficult to predict. The health, humanitarian and socio-
economic policies adopted by countries will determine the speed and strength of
the recovery. The ILO’s four pillar policy framework presented in this brief
provides guidance not only for countries as they progress through the various
phases of the crisis, but also for the international community as a whole. There
must be a global human-centred response which is grounded in solidarity.

International Labour Standards contain guidance for ensuring decent work that
is applicable even in the unparalleled context of the COVID 19 crisis. In
particular, the Employment and Decent Work for Peace and Resilience
Recommendation, 2017 (No. 205) emphasizes that crisis responses need to
“ensure respect for all human rights and the rule of law, including respect for
fundamental principles and rights at work and for international labour
standards”. The standards dealing with safety and health at work, social
security, employment, non discrimination, working arrangements and the
protection of specific categories of workers provide guidance on the design of
rapid responses that can facilitate a stronger recovery from the crisis.

A coordinated global effort is required to support countries that currently do not

have sufficient fiscal space to finance social policy, in particular universal social
protection systems. Debt sustainability should be prioritized in this endeavour.

Without long-term structural changes, the deep-rooted inequalities exposed by

the crisis will merely intensify. As well as tackling the immediate effects of the
crisis, the international community now has a unique opportunity to adopt
policies aimed at achieving social justice and a human centred future of work..

In addition to the substantial burden on healthcare systems, COVID-19 has had

major economic consequences for the affected countries. The COVID-19
pandemic has caused direct impacts on income due to premature deaths,
workplace absenteeism, and reduction in productivity and has created a negative
supply shock, with manufacturing productive activity slowing down due to
global supply chain disruptions and closures of factories. For example, in China,
the production index in February declined by more than 54% from the
preceding month's value (7). In addition to the impact on productive economic
activities, consumers typically changed their spending behavior, mainly due to
decreased income and household finances, as well as the fear and panic that

pg. 42
accompany the epidemic. Service industries such as tourism, hospitality, and
transportation have suffered significant losses due to reduction in travel. The
International Air Transport Association projects a loss in airline revenue solely
from passenger carriage of up to $314 billion (8). Restaurants and bars, travel
and transportation, entertainment, and sensitive manufacturing are among the
sectors in the U.S. that are the worst affected by the COVID-19 quarantine
measures (9). The advance seasonally adjusted insured unemployment rate in
the U.S. has already reached a record level of 11% for the week ending April
11, 2020 (10).

In addition to marked health inequalities, especially in countries without

universal healthcare coverage, the economic impact of the COVID-19 pandemic
will be heterogeneous across the country's income distribution. For example,
office workers are more likely to transition to flexible working arrangements
during the restrictions, while many industrial, tourism, retail, and transport
workers will suffer a significant reduction in work due to community
restrictions and low demand for their goods and services.
Global financial markets have been heavily impacted by the effects of COVID-
19 spread. As the numbers of cases started to increase globally, mainly through
the US, Italy, Spain, Germany, France, Iran, and South Korea, the world
financial and oil markets significantly declined. Since the start of the year,
leading U.S. and European stock market indices (the S&P 500, FTSE 100, CAC
40, and DAX) have lost a quarter of their value, with oil prices declining by
more than 65% as of April 24, 2020 (Figure 1B). Daily data on stock market
volatility and price movements are good indicators of consumer and business
confidence in the economy. There were significant negative relationships
between the daily number of COVID-19 cases and various stock indices (Figure
2). The correlation ranges from −0.34 to −0.80.

Larger economic problems are associated with the current and potential future
demand for oil translating into fluctuations in oil prices due to reduced
economic activities driven by the COVID-19 pandemic. Expected excess supply
was also responsible for significant price reductions. If lower than expected oil
prices continue, many oil-dependent economies may contract following
reductions in trade and investment. Shocks to the labor markets will be severe,
especially for countries dependent on migration. Globally, migrant workers
make important contributions to the labor markets, addressing imbalances in
both high- and low-skilled occupations (11, 12). As international travel
restrictions and quarantine are likely to remain for the foreseeable future as
countries try to halt the spread of COVID-19, migration flows will be limited,
hindering global economic growth, and development (13).

pg. 43
As the spread of the virus is likely to continue disrupting economic activity and
negatively impact manufacturing and service industries, especially in developed
countries, we expect that financial markets will continue to be volatile. There is
still a question as to whether this unfolding crisis will have a lasting structural
impact on the global economy or largely short-term financial and economic
consequences. In either case, it is evident that communicable diseases such as
COVID-19 have the potential to inflict severe economic and financial costs on
regional and global economies. Because of high transportation connectivity,
globalization, and economic interconnectedness, it has been extremely difficult
and costly to contain the virus and mitigate the importation risks once the
disease started to spread in multiple locations. This warrants international
collective action and global investment in vaccine development and distribution,
as well as preventive measures including capacity building in real-time
surveillance and the development of contact tracing capabilities at the national
and international levels. As outbreaks of novel infections are not likely to
disappear in the near future, proactive international actions are required not only
to save lives but also to protect economic prosperity.

pg. 44
3.1 Recommendation

We face a truly unprecedented healthcare crisis. The COVID 19 pandemic is

testing the resources and capacity of health systems around the world.
Anaesthetists and theatre teams are being redeployed, Intensive Care Units are
struggling with a surge in demand and our normal working patterns are being
radically altered. In addition to this, a number of frontline staff are being
affected as colleagues are removed from the workforce either because of “at
risk” characteristics or are themselves become exposed to the virus and are
going into self-isolation after the development of symptoms. As a result, we are
all being forced to reconsider the appropriate course of action for patients
dealing with urological issues. This brings into question if the latest guidelines
based upon the best evidence and published less than three weeks ago are
relevant in this crisis.

In response to the Covid-19 pandemic, the Guidelines Office has been working
in in cooperation with the Executive Committee, the Section offices and others
to set up a Rapid Reaction Group (GORRG). Composed of highly experienced
Board and Panel members, GORRG aims to provide rapid guidance,
underpinned by the best knowledge available, on adapting EAU Guidelines
recommendations to the current situation. All recommendations in the
Guidelines have therefore been re-examined in-line with national and local
COVID-19 guidelines and, where appropriate, adapted to the current situation.
Once reassessed each new recommendation has seen rapid peer-review.

The revised recommendations cover the following areas:

 Diagnosis
 Surgical treatment
 Follow-up

Efforts to contain the spread of the virus have disrupted production flows,
caused demand for non-essential goods and services to plummet, and forced
enterprises around the world to suspend or scale down operations. Small and
medium-sized enterprises (SMEs) and own account workers have been those hit
hardest.1 The jobs and incomes of millions of workers are at risk. Moreover, the

pg. 45
pandemic is bringing to light existing high levels of inequality2  and working
poverty and the absence of labour and social protection for many workers,
especially those engaged in the informal economy.3 

Rapid and well-designed policy measures to support enterprises, jobs and

incomes are essential to contain the economic and social fallout of the
pandemic. SMEs play a vital role both in the immediate response to the crisis
and in the medium term by propelling a sustainable and resilient recovery. The
measures adopted by governments should therefore include immediate support
for enterprises in the sectors most affected and for workers and households
facing job and income losses. The exact combination of measures will vary
depending on national circumstances, including the structure of the economy,
existing trends in inequality, and the economic and social policies that are
already in place.4

Governments, together with employers’ and workers’ organizations, must act

swiftly to support enterprises, jobs and incomes. Most advanced economies,
along with many developing economies, have adopted extraordinary measures
aimed at helping enterprises to maintain jobs, cushioning households against
temporary drops in income, ensuring adequate levels of social protection and
stabilizing credit and financial markets.5 Further large scale measures are still
necessary, though.

Provide various types of relief, including financial and tax relief, for
enterprises
The response to the crisis calls for a strong focus on supporting business
continuity6  to save as many jobs as possible and to pave the way towards a
smoother and quicker recovery by preventing permanent business closures. In
developing countries, mitigating the contraction of the formal private sector is
essential to prevent a rise in poverty. Implementing public works policies across
labour-intensive sectors to avoid such a scenario should be a priority. Measures
in support of formal enterprises must be executed alongside measures to help
micro- and small enterprises in the informal sector, as in many countries these
employ the majority of the population. Enterprises operating in the informal
economy have limited capacities. Because of their poor chances of survival
otherwise, they need to receive tailored support.7

Measures to help enterprises cover their fixed costs during the crisis need to be
introduced swiftly. Getting cash to firms promptly so that they can pay their

pg. 46
bills and their workers’ wages and repay their loans is vital. Possible measures
include the waiver of payments due, grants, tax incentives, making credit
available, employment-intensive investment and government procurement with
preference given to SMEs, including women-owned enterprises.8 

Governments need to coordinate the restrictions they introduce so that

enterprises continue to have access to essential business inputs and other goods
and services. The quickest payment channels, including “mobile money” and
other digital payment services, must be operationalized and the payment of
outstanding balances to the private sector must be expedited.

Governments can support enterprises in the reconversion of their facilities to

produce specific goods and provide specific services that are required to protect
the public and essential workers. Some multinationals and large national
enterprises have already embarked on such reconversion.

Suitable mechanisms are required to channel financial and other support to

enterprises – for example, by setting up rapid and effective digital market
platforms for investment, inputs, final products and technologies; providing
special emergency funds; and promoting the transfer of technology and
expertise. Governments need to make it easier for new enterprises to be set up
and for existing enterprises to alter their business model in response to the
pandemic.9 

Implement employment retention measures

Employment retention measures provide incentives to employers to hold on to
workers even if a firm has to close or decrease its activity. The main objective is
to keep workers on the payroll so that enterprises are ready to resume activity as
soon as the restrictions have been eased or lifted. Such measures may include
work sharing and shorter working weeks, wage subsidies, temporary
suspensions of tax payments and social security contributions, and making
access to various forms of business support conditional on the retention of
workers. In some cases, employers may receive subsidies for guaranteeing that
laid off employees can return to work for them again once the situation
improves. Enterprises with a number of different production lines or
subsidiaries may relocate workers to higher-demand lines – for example, as part
of the repurposing of production to manufacture medical and other products
needed for the response to the pandemic. Such measures are suitable for
enterprises of all sizes, and they have already been widely implemented in
European countries, helping to preserve employment relationships and

pg. 47
facilitating the recovery phase.

Work sharing is a reduction of working time that involves spreading a reduced

volume of work over the same number of workers to avoid layoffs. In the
context of the COVID-19 pandemic, a number of key issues need to be
addressed in order to ensure inclusiveness and equity when introducing work-
sharing arrangements (e.g. Which specific workers should be covered? To what
extent should working hours be reduced and the corresponding wages be
decreased? How should the reduced hours of work be distributed over time ?
How long will the arrangements be in place? What levels of employment will
be maintained?) Where “time saving accounts” exist, some of the hours
accumulated can be struck off as a way of retaining workers. All of these
measures should be guided by dynamic social dialogue between employers’
organizations and trade unions to ensure that their design and implementation
are based on consensus and tailored to the workplaces involved. The social
partners have been negotiating and implementing short-hour work schemes in
various European countries. Through collective bargaining such schemes have
been introduced at industry level and in specific companies. The measures for
reduced working hours recently adopted in the European Union in response to
the pandemic were all negotiated between trade unions, employers’
organizations and governments.

It is important that decreased earnings be compensated for through wage

supplements. Substantial reductions in both hours of work and wages can cause
serious hardship, particularly among low-wage workers. In Austria, a recently
adopted measure provides for the lowest paid workers receiving 90 per cent of
their normal wages, middle earners receiving 85 per cent and higher earners
receiving 80 per cent.10 

Employment retention measures can be linked effectively to the provision of

new training opportunities for workers. For example, online courses can be
offered to help develop workers’ skills so that they are more adaptable and can
transition quickly to different jobs once normal activity resumes. During the
recovery, reduced working hours can be combined with periods of training
leave and the use of tailored work-based learning and online courses to
maximize the return on training investments. The provision of such training can
be delivered in many different ways, including online learning platforms, work-
based learning, multi channelled career guidance and digitally supported
recognition of prior learning, especially in developing countries.11 

Measures to retain workers depend on the country’s social protection system,

notably on the availability and scope of unemployment insurance.12  Most

pg. 48
countries operating work sharing schemes rely on short-time work benefits
administered and financed through the national unemployment insurance
programme, often supplemented by resources from the general government
budget. Other countries use direct tax financing of wage subsidies (provided as
either a lump sum or as a percentage of a worker’s pay up to a particular
ceiling) to preserve existing jobs. In Denmark, the Government will fund 75 per
cent of wages up to 23,000 Danish kroner (ca. €3,000) if a company refrains
from making workers redundant.13

Given the funding implications and the exclusion of the vast number of informal
enterprises from the ambit of employment retention measures, the
implementation of such measures may be challenging in many developing
countries, particularly in those already affected by fragility. An alternative to
employment retention measures for these countries is the provision of
temporary job opportunities, notably through public employment programmes.
For example, employment-intensive investment programmes can be leveraged
to provide temporary work for women and men facing job losses or reduced
incomes while promoting social cohesion in communities.14

Employment retention measures should also cover migrants and refugees.15

Providing equal opportunities can increase productivity and reduce societal
tensions.

Extend social protection to everyone

The crisis has drawn attention once again to the importance of ensuring
universal access to social protection systems, including social protection floors,
that provide comprehensive and adequate benefits meeting people’s needs.16 
Countries that in the past decades have invested sufficient resources in building
universal social protection systems have been able to quickly scale up existing
mechanisms, including registry and delivery mechanisms, and to extend
protection to population groups that were previously not covered. Countries that
do not yet have robust social protection systems in place are in a more difficult
situation, but many have started to extend health protection and income support
to those affected by the crisis. Some of these countries will need international
support to complement their own efforts and help sustain them.17  In both
advanced and developing economies, those who lack social protection –
including part-time and temporary workers, micro-entrepreneurs and the self-
employed, many of whom are operating in the informal economy and/or may be
migrant workers – have been hit particularly hard by job and income losses.

pg. 49
As of 17 April 2020, 108 countries and territories had implemented social
protection measures as part of their response to the COVID 19 crisis, especially
in the areas of health protection, unemployment protection, sickness benefits
and social assistance.18  This has helped to ensure inclusive and effective access
to health care and income security, thereby supporting jobs, livelihoods and
incomes, notably among those in a vulnerable situation.19 

In responding to the crisis, some countries have introduced ad-hoc sickness

benefits financed by general taxation to cover workers who are not entitled to
sickness benefits otherwise, while others are rolling out cash transfers that reach
some groups of informal workers. As part of a recovery strategy, countries can
draw on the ILO’s experience and body of standards or guidance on how to turn
these stop-gap measures into more permanent components of a rights-based
social protection system.20  Anchoring social protection schemes/programmes in
national legislation will promote transparency and accountability, and ensure
sustainable and equitable financing mechanisms.

While the crisis has expedited much-needed reform by compelling numerous

governments to temporarily extend social protection to previously uncovered
groups, these temporary measures will need to be transformed into sustainable
social protection mechanisms in line with international social security standards
once the recovery is under way. This will help to promote social justice and
build more resilient economies and societies.

Fiscal and monetary policies must support employment and social protection
The timely and coordinated implementation of fiscal and monetary policies can
save lives, prevent people from losing jobs and incomes and companies from
suffering bankruptcy, and facilitate a sustainable recovery.

Accommodative monetary policies are already enabling governments to adjust

their fiscal policies in support of the economy, making large amounts of public
money available to enterprises, workers and households to help them overcome
the immediate negative impacts of the economic recession induced by the
response to the COVID-19 pandemic. Monetary policy tools must continue to
be used to ease financial conditions and alleviate liquidity constraints, thereby
giving governments the fiscal space that they need to support business
continuity and household income.

Available fiscal policy tools include higher spending and forgone revenues (e.g.

pg. 50
through tax exemptions), public sector loans and equity injections, and loan
guarantees. Fiscal support is also provided by “automatic stabilizers” —
features of the tax and benefit system that stabilize incomes and consumption,
such as progressive taxation and unemployment benefits. All these tools are
already being used in the response to the economic and social impact of the
pandemic. Advanced economies can draw on a wide range of instruments on the
spending, tax and liquidity front to support people and businesses. For example,
several European countries have introduced liquidity lifelines, such as
affordable loans or guarantees, to ensure business continuity for small
enterprises and self-employed entrepreneurs.

Emerging market and developing economies typically have less leeway in their
budget to respond to crises. Debt relief and temporary suspension of debt
service payments are necessary to help such countries channel more of their
scarce financial resources into emergency medical efforts and other forms of
assistance for their citizens. The poorest countries should not have to choose
between honouring their debt obligations and protecting their populations,
which altogether comprise two-thirds of those living in extreme poverty
worldwide.8 

Investing in public employment programmes can be an effective part of the

crisis response in developing countries, especially if such programmes are
adapted to mitigate the health risks associated with COVID 19 and deployed
only when the public health situation allows. In the absence of a strong social
protection system, these interventions can provide work and income for large
numbers of unemployed and informal workers affected by the crisis, enabling
them to remain economically active. Moreover, public employment
programmes can address various multi-sectoral needs, such as care work,
environmental restoration and community infrastructure.9 

The ongoing first wave of stimulus packages is not enough. Countries will need
macroeconomic policies geared towards a medium-term recovery. Direct
government intervention will be necessary after the most acute health
emergency and containment phases are over. The effect of the crisis on
commodity prices, capital flows and trade and supply chains will make it harder
for many countries to recover better. Therefore, international financial support
and coordinated fiscal and monetary policies will be absolutely essential to
drive a global recovery that benefits the weakest as well as the strongest
economies. Even after the immediate health crisis has subsided, it is imperative
that countries continue their support for enterprises (especially micro-, small
and medium-sized enterprises),10  expand their labour market interventions to
get people back into work, and sustain social protection measures and social
spending. Social expenditure has a larger positive multiplier effect on the

pg. 51
economy than other measures (e.g. tax reductions for higher income earners,
extension of tax credit for first-time homebuyers and some corporate tax
provisions), and can help to promote social and political stability.

Sectoral Policies
Short-term sectoral policies11 include immediate financial support for
investments in sectors that have been hit particularly hard by the crisis. Such
targeted support may take the form of financial relief, bailouts, bridging loans or
grants. To save lives, governments should finance additional health and
emergency services regardless of expenses. Investments in the health and social
care sectors are essential in order not only to expand treatment and limit the
number of deaths but also to improve the employment conditions and earnings
of health and social care workers.12 Additional fiscal resources are required to
strengthen health systems, as are improved coordination, service distribution
and delivery, with a central role being accorded to public provision. To
maximize their effect, such investments need to be sustained, expanded and
anchored in legal and financial frameworks. Global coordination can help to
channel support to countries with health systems of limited capacity, including
humanitarian aid, medical resources and concessional emergency financing.
Moreover, public emergency services, essential infrastructure, utilities,
education and many social services must be maintained or scaled up. Lastly,
support must be provided to selected sectors so that they can secure primary and
intermediary inputs for production through global supply chains.

The lack of fiscal space, along with borrowing constraints, in many emerging
market and developing economies means that a careful balancing act is required
to shift expenditure towards the health sector while safeguarding social
protection expenditure and vital public services (transport, energy,
communications, water, sanitation and security).
Funding should also be made available for strong active lab our market policies
to accompany the above-mentioned sectoral interventions. Such policies can
ensure that the necessary investments in workers’ skills are made to facilitate
relocation or re-employment. They can also be used to provide job-search
assistance and intermediation support to workers and employers, ensuring that
workers can be recruited rapidly in the sectors that are expanding as a result of
the pandemic (e.g. health, food and beverages), and also that workers are able to
relocate to expanding production units in companies.

References

pg. 52
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Guidance for the 2019 Novel Coronavirus Outbreak — United States,
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Annexures

pg. 55
The increase in stock prices of different pharmaceutical Companies

Impact on different countries

This graph shows rise of unemployment in various counties

pg. 56
How Tourism Industry is hit

People spending less on Shopping in various countries

pg. 57
Rise of Pharmaceutical Companies

Reduction In Airways travel all over the world

pg. 58
pg. 59