The effects of the COVID-19 pandemic on the economy have been tremendous. Production and consumption of different goods and services have led to a slow down, causing congestions and delays in the manufacturing sector. As the crisis continues to unfold, it causes an increase in the emergence of economic catastrophes in various parts of the world. The pandemic causes an impact on the price rise of the following items:
Meat and poultry
Livestock health and immunity are among the key challenges that affect the future growth of the industry. The consumer’s perspective on the safety and quality and safety of animal products is an ongoing issue in the poultry industry. Closure of the meat processing industries reduces the products’ supply to the consumers making its price go up in the future due to its demand.
The COVID-19 rules restrict people to avoid crowded areas and to stay home. While in their home place, people spend more time on home goods and furniture. Most of them engage in the impulsive purchase of furniture that they did not previously have. It causes more demand in the industry, thus causing its prices to spike.
At the start of the pandemic, there was a war on the movement restrictions. The analysis states that the commuters’ opening back to the roads indicates a high rise in the petroleum usage for the vehicles competing for the gas. Its high demand and low supply lead to a high price for the gas.
Home exercise equipment’s
Restriction in movement causes people to seek something that would keep them busy and stay active. Exercising is the only option available, which leads people to an impulsive buying of the home exercise equipment’s increased demand and low supply of the equipment’s leads to a hike in their prices.
The relative importance in the supply and demand during the COVID 19 pandemic is based on the exports. Due to the restrictions, the closing of the leading countries results in supply and increases textbooks’ prices.
Computers and electronics
The impact of coronavirus on consumer electronics led to a high rise in the prices since most of the consumers are working from home, thus increasing the number of sales and demands. Besides, the electronic industry faces fears of supply disruptions and production cuts, making their prices high.
Coronavirus pandemic plays a critical role in halting global trade. It has caused a massive rivalry between the United States and China. Both countries engage in a grand exercise in blaming one another over the true extent of the pandemic’s emergence. The global economic map is reshuffling due to the ongoing trade wars and technology rivals.
An increase in the COVID-19 pandemic causes different impacts in different parts of the economy. Other sectors experience a different kind of menace. The pandemic’s economic consequences have a significant effect on the overall health, well-being, and poverty levels caused by the disease.