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The Economic Impact COVID-19 Has Brought
ÀÌ»ó¿ø °­³²Æ÷½ºÆ® Çлý±âÀÚ | ½ÂÀÎ 2020.04.16 11:19

Corona virus disease 19(COVID-19, hereafter), which came suddenly in December 2019, is now suffering a great deal globally.

A large number of casualties have been reported and vaccines have yet to be developed and are still ongoing. The COVID-19 virus is hurting us not only in these damages but also in other areas. Economic damage is at its core.

First of all, in South Korea, the government's policy on the COVID-19 virus, "Social Distancing," is causing huge losses to many self-employed people and businesses. Heavy drop in customers and closure of factories operating overseas, especially in China, are the main reasons. There is also a series of economic damage worldwide. According to an economic analysis forecast model released by Oxford Economics, an economic research institute affiliated with Oxford University in the U.K., on the 19th (local time), the global economic growth rate is expected to decrease by about 1.3% due to the spread of Corona virus.

It is expected to leave economic losses amounting to $1.1 trillion in the world. Also, according to the Organization for Economic Cooperation and Development (OECD), the global economy has been growing at its slowest pace since 2009 when the U.S. economic crisis hit the country.
 

In November last year, the OECD expected an economic growth rate of 2.9 percent in 2020, but recently lowered that figure to 2.4 percent. They also predicted that the economic growth rate could fall to 1.5 percent this year if the COVID-19 crisis prolongs and gets worse as factories stop production and workers are staying at their homes to avoid virus infections.
 
Japan has suffered the most damage from the COVID-19. 2020 was the year the world festival, Summer Olympics are supposed to be held. The Olympics, originally scheduled to start on July 24 and end on August 9, have been postponed by one year to July 23, 2021. The Olympics are the event that is expected to be enjoyed all over the world under the name of a “global festival,” but on the other side, it is considered to be a “big dark shadow of money.” There are not one or two countries that suffer greatly from failing to pay off all their debts after the Olympics.

However, Japan is expected to suffer more financial damage as it was delayed by a year even before the Olympics began. For example, with the "2020 Tokyo Olympics" logo already supplied to the market, it is a problem to be solved because it became the 2021 Olympics. Furthermore, apartment and stadium management in the athletes' village are expected to be a major drag. It was the Abe administration, which dreamed of reviving the Japanese economy based on the Tokyo Olympics, but the dream ended in an instant.

 


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