The Covid-19 pandemic came out of surprise and people were not even ready and when it started people just thot maybe it will end soon. But later on people realized the damage it caused and now we are anticipating what will happen sooner or later.
Lock down effects
Lock down was taken as a measure to slow down the spread of disease as it has claimed more lives right now. Lock down affected the economy so badly that companies had to halt their operations.
Effects of Lock down on companies
- Loss of production
- Loss of exports
- Loss of revenue
Effects of lock down on employees
- Loss on wages
- Loss of jobs
- Loss on job security
As a result of these effects the company will try by all means to cut down its losses by reducing employees number and cut wages bt on the other hand the employees will loose jobs and after loosing jobs they will now be spending the little they saved until it ends and they will be forced to go for loans.
The lending sector will take advantage of this crisis and offer more loans creating debts on their clients and when they fail to pay houses will be lost and poverty will strike.