The economic implications of COVID-19 have yet not been examined. The virus has already impacted the tourism, travel, transport and hospitality sectors. There are ancillary units associated with each one of these sectors, especially transport and airlines, that are providing inputs for servicing and operations, and these will also suffer. Consequently, the virus could adversely impact production of aircrafts, jeeps, trucks, locomotives, and related ancillary units. These, and other related industries employ millions of people. High levels of unemployment will hit income levels and the demand for goods and services, kicking off a vicious circle. So, the socio-economic implications have to be computed in terms of financial cost as well as in terms of employment. This slowdown could get transmitted to many other sectors of the economy, multiplying the cost implications.

Read more