Corona has become the biggest conqueror that has taken over countries after countries and caused severe fluctuations in the economic levels even in economically well-established countries; whenever the pandemic struck a country, people are influenced to panic buying various products and withdrawing from luxuries to save themselves some money.
Countries have faced an economic surge in history, but this economic surge is different in magnitude, and globally never such a big economic recession has been experienced. Very few industries and businesses were spared during the ruthless economic downfall, and so no end can be seen near so far even after initial vaccinations have been designed.
Some countries had bought excessive raw materials to meet the unexpectedly increasing demand. Products like toilet paper, masks, and hand sanitizers not only increased in price but also increased in demand which is a very unlikely relationship on a theory level.
On the contrary, some businesses are faced with an abrupt drop down in their sales due to pandemics. This is the case with most products that are luxury and not a necessity because people were not certain about their jobs or other earning resources to last the epidemic.
Slowly people are adapting to a lifestyle that is constructive for their financial and personal affairs yet also controls the spread of the pandemic. Some industries are struggling due to an increase in the prices of raw materials like oil to maintain the quality of the products at a customer-friendly price.
Luxury selling brands are driving their business by increasing their production as they are expecting the demands to rise abruptly when the pandemic is gone away or managed. Yet, they struggle to maintain high-quality products due to the increase in the prices of raw materials and fuel required for production. Considering the revival of online shopping when the flights are open, warehouses require more space to house products as the demand will go high on insane levels.
Some economists predict that economy will recover as soon as the epidemic is managed, and it will be a significant peak concerning product demands. Proactive industries are already working too to generate resources that can meet peak demands after the epidemic ends. Although economic conditions are not very clear right now as waves over waves of Corona pass, people will definitely see a predictable pattern in the economy.
