Topic: Covid-19 effect on your country's economy!!! - page 7. (Read 5293 times)

Not only in the Philippines experiencing economic crisis but actually, it's global. This pandemic has brought to people becomes jobless, since most business is close. The government is looking for ways to have a debt to support the needs of every family. So hope there’s a vaccine comes out so we can go back to our normal situation.

Here in our country Philippines, almost all sectors are affected I also have many relatives who are affected in the industries where they are working  due to the limitation  imposed by the government some of it are transportation where only 50% can be boarded as well as restaurants where only half can accommodate, so what is happening workers can only work alternately and their income is not enough to sustain their family
Jobless also is on an all-time high, only relying on government subsidy.

After quantitive easing, there is always quantitative tightening. Likewise in the tax sector, as well as for taxpayers. For now, the government is loosening up and dispensing tax payments, but there is no free lunch. After the pandemic ends, to cover the deficit, the government will boost revenue from the tax sector, because the industrial and trade sectors are still not moving smoothly.

In my country, the government may be in power for 1-2 periods (5-10 years) but the debt policies they create will be inherited for several decades. It can be seen here that the government in my country only sees foreign debt as the only solution to the economic problems that hit the country. Even though Indonesia is rich in mineral natural resources. But the results are not enjoyed by the people but more exploited by other countries such as China and America. America takes gold from Indonesia, strangely enough, Indonesia doesn't ask for the gold but asks for the copper concentrate.

It is expected, taxpayers will suffer because of these loans taken by the government for the people of our country. The sad part is taxpayers didnt even had a cash relief from them which is unfair because all of us are affected of this pandemic. Though its understandable that they prioritized those who are really in need of help.

After this pandemic, whats left for us is debt just thinking how can the government repay it. Food businesses, tourism, entertainment, transportation are the most affected by this virus. It has really an impact to our economy.

Indonesia has suffered a lot of losses due to this pandemic, especially in the industrial and tourism sector, due to the pandemic many industries have closed, and the tourism area is very quiet, everyone knows that the island of Bali in Indonesia visited by millions of people from abroad, now is very quiet without visitors, I think the only sector that is not affected is the agriculture and fisheries sector, maybe they are also affected but in my opinion it is only a little

The Philippines economy during the past months declined due to the pandemic crisis. Many sectors and business industries collapsed due to restrictions made by the government for safety purposes.

One of the severly affected during the first months of lockdown/quarantine is the tourism industry. A lot of airlines, travel agencies, and tourist spots were forced to close and postpone operations because of closing of borders to contain the virus.

Another sector that took a great blew was transportation. Goods weren't able to transport from provinces to the metro because of quarantine rules. In addition, public transportation were also limited to prevent people from going outside. Because of this, many people became unemployed especially the drivers. Majority of the jeepney, taxi, bus, tricycle, and uv express drivers have limited to no source of income because they're still not allowed to work and operate.

There were cash aids given to those who are in need, but not everyone received help from the government. That's why it was all over the social media and news that some people resort to begging on the streets just to buy food to survive.

Personally, I am not satisfied on how our government is handling this pandemic. We already have almost a 2 TRILLION debt because of this crisis. And yet, minimal issues were addressed. I don't know where the money went. There were no liquidation reports nor detailed breakdown of the budget. They even tend to address the very unimportant matters instead of focusing on how to contain and combat the virus. There are lots of nonsense projects going on. Instead of funding the health sector, they are spending money on some stupid white sand along Manila Bay. Not to mention, there are corruption issues in our health sector, PhilHealth which is really disappointing.

Honestly, I think our country's economy will suffer greatly if this pandemic won't be over soon. We don't have a brilliant and strategic leader to lead us. Hence, will soon result to more borrowing of money with no beneficial outcome at all. It will then be shouldered by the taxpayers and would take a very longggg time to pay for.

When the pandemic comes, many economies have gone down, maybe 100% because all countries have close relationships with each other. Especially in the tourism industry, this year will be a year of tribulation for countries focusing solely on the tourism service industry. Everything is going down but one thing that I wonder is the stock market in some countries still going up. especially the US, the US is the country with the largest cases in the world and it is impossible for their stock index to rise. Does anyone know why?

We are in the brink of collapsing if we cannot get loans, some of the budget allocated for infrastructure are already redirected to CoVid rehabilitation of so many sectors of our society, inflation is on all time high and GDP is also on record low, even the jobless, we are recording all time high and we are the highest infection in the region, we are all praying that the vaccine will be ready next year.

I was not talking about the treatment of patients or preventing the infection. I was talking about the condition of the economy. It is true that the European nations faced a lot of issues in the medical sector. There are many reasons, such as a high proportion of elderly people in the population and shortage of qualified medical professionals. But in most cases, their economies have rebounded. That is not the case with countries such as India and Brazil.

The UN’s Framework for the Immediate Socio-Economic Response to the COVID 19 Crisis warns that “The COVID-19 pandemic is far more than a health crisis: it is affecting societies and econ­omies at their core. While the impact of the pandemic will vary from country to country, it will most likely increase poverty and inequalities at a global scale, making achievement of SDGs even more urgent.

Assessing the impacts of the COVID-19 crisis on societies, economies and vulnerable groups is fundamental to inform and tailor the responses of governments and partners to recover from the crisis and ensure that no one is left behind in this effort.

All countries that experience a pandemic will definitely have an impact on the economy and will be problematic, and I pay more attention to the economy of people who have difficulty earning income in every way and especially the lower middle class.
Many workers were laid off and also temporarily laid off without pay during this pandemic and in addition, many traders large and small have limited trading hours and it is all because of government regulations.
I see them all complaining that they have no income or that their income is reduced because of the regulations imposed by the government which make their economy very disturbed.

Also the covid-19 give the insights to the governments on how well they can handle the pandemic. Even the developed countries in the EU like Italy faced a lot of trouble handling the increase number of patients. The hospitals in newyork were also not able to handle the pandemic properly and there was a lot of causalities.

Well.. I have to agree with your statement. Even the WHO had no clue about it, at least during the beginning. Most of us thought that one or two months of lockdown will be enough to stop the spread of the pandemic. But we were wrong. Although it is true that the lockdown slowed down the spread, once it was removed millions got infected and large numbers died. And now it is not practical to re-introduce the lockdown measures. Since there is community spread, it will be of hardly any use in slowing down the pandemic spread and at the same time it will completely destroy the already crippled economies.

It's not the only country many countries experienced all time high for the first time, because nobody expected this to happen, it's hard to anticipate this we can deal with typhoon, earthquake or famine but not a pandemic that is ravaging the economies of many countries, and right now we have to wait for several months for the vaccine we are all in a survival mode now.

The chances of vaccination of people until the end of December are very less as even after the development of the vaccine there would be testing of the vaccine on the human test subjects and even by the WHO too, which will take a lot of time as being impatient in case of a new vaccine can actually cost millions of lives if there is something wrong with the vaccine.
Even in my country the GDP for this quater have fallen drastically and a lot of people have become jobless and many businesses have also closed because of bankruptcy.

It affects a lot there are more business here are shutdown and worse part is some of them are totally closed. Many people lost their job because of the pandemic. Hopefully the vaccine will discover as soon as possible so there's a chance that everything backs to normal.

For the past six months, our Government is trying to help those jobless people which include jeepney drivers since public transpo are not allowed during the ECQ period. For those who are employed in private sectors, Government told to provide the 13th month pay earleir than expected so it can be used during ECQ because if they cannot WFH they will have no source of income.
For the month of March to April, the main business district was in under ECQ. Almost all the operation were stopped except for those who work from home, medical staff, and some food vendors. Of course it will cause the economy to go deep down.

Even if the developed nations are facing any issues, they know how to deal with it. Because they either have enough reserves of cash to get around, or can borrow money at low interest rates. That is not the case with the developing nations. For example, in Q2 the Indian GDP went down by a massive 24%, which is much more than what the developed nations experienced.

its right, every country facing lot of financial problem, country like developing countries facing too much, because they have many problems at a time like establishing poverty, fill the installment etc. and the main effect is covid-19 so country all budget serving in there, that why its effecting much

many countries' economy is affected by this pandemic.. It is unpredictable! people never thought that they're gonna loose their job and being affected by recession..many company and business loss profits and income that made them stopped to operate.. people can noy afford to loss their source of income especially in third wolrd countries as they can not depend on their government's support..it was really hard to recover in terms of economic aspects.