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1. Almost half of the companies were suffering before the lockdown

Of the almost 4,000 companies the ONS spoke to, 45% said their takings were substantially below normal between 9 and 22 March; almost all attributed that to the fallout from Covid-19.

And they were responding largely before Prime Minister Boris Johnson announced the enhanced restrictions on movement and closure of non-essential businesses, including gyms, hairdressers, cinemas and pubs, on 23 March.

So the next set of figures are likely to show a big rise in the level of suffering. Economists are warning that activity could have dipped by as much as 15% across the quarter.

2. Over a quarter of firms were intending to lay off staff temporarily

Again, this was largely ahead of the closure of non-essential businesses and the announcement of the government’s Job Retention Scheme.

The scheme allows organizations to furlough staff who were on the payroll up to 28 February (even if they were laid off or left subsequently), with the government covering up to 80% of salaries.

So again, the numbers will have risen since — probably sharply. And this of course doesn’t cover all affected workers.

Other figures have shown that the number applying for universal credit, many of whom will have been self-employed, have risen by 950,000 in just two weeks.

Even with the furlough scheme, some economists say the UK unemployment rate could double to 8% this year.

3. The cost of cold and flu remedies has shot up

As the demand for hand sanitizer, soap, and loo rolls, soared, so too did concerns of excessive price mark-ups.

The Competition and Markets Authority even set up a coronavirus task force to deter price gouging.

But how real are these fears?

The ONS said that almost 70% of businesses reported that the prices of their products were unchanged.

Only 12% admitted to raising prices but in many cases, this was due to problems with getting hold of supplies.

The ONS has also zoned in on some of the current must-haves, monitoring the price of items from toilet rolls to vitamin C online.

It found that cold and flu remedies were 10.7% more expensive in the last week of March than in the previous week.

This is on top of reports of price rises earlier in the month which pharmaceutical companies have blamed on rising demand and a scarcity of raw materials.

Other items have seen prices vary by far less with some, such as antibacterial wipes and baby food seeing falls recently.

As yet, there’s little evidence here of a significant impact on the overall cost of living.

4. Many firms that export or import have

Roughly six out of ten of the firms the ONS heard from neither import nor export.

But of those that do, more than half reported disruption. This is presumably down to interrupted production around the globe — perhaps inevitably in the face of movement restrictions, shuttered factories and offices, and depleted workforces.

The ONS survey doesn’t reveal the extent of the disruption — it may just be a slight delay.

However, given today’s highly integrated global supply chains, this could flag supply issues with some imported items down the line.

But the report also shows traffic though ports up to 28 March is holding up. And we know that airlines and the shipping industry are working with the government to maintain the transport of essential cargo.

The world is facing something which it hasn’t in the past few decades and this is what is leading precisely to the global economic crisis. The world has changed and everything is stuck or if considered moving then at a very slow pace. Yes, and all this has happened due to the reason behind the global pandemic going on and that is COVID 19.

The first case of this extremely despicable, pathetic, and deadly Corona Virus was found on 30th January 2020, in India. Since then the COVID cases accelerated at a rate that became indestructible slowly all around the globe, even after the whole world went under unanimous lockdown. Lockdown enabled stationary life, where everything halted and everyone was merely concerned about anything else but their lives. And this pandemic has led everyone to understand the importance of the precious life we are given by God, over everything else.

The Pandemic the world is going through for the past 6 months has affected the world in every possible way and has affected every economic sector adversely. Over the years the stability that every economic sector has gained went into vain in just the past 6 months due to global shut down. Calling a unanimous shutdown globally the world has faced conditions in every sector that are pathetically antagonistic. If we were ever asked to imagine a stationary world in which we are living right now, was almost impossible six months back. And now dwelling on the normal life we used to live a few months back is very hard to visualize.

The impacts of the global shutdown have led to the downfall of the stock market which is awful compared to the past few decades. With most of the economic activities that are suspended, many nations facing extended lockdowns. The current scenario of the world and US economy is alarming which will start comprehending rehabilitation in 2021 and nowhere before that.

It all initiated earlier this year in February when the stock market, had to face the tragic downfall since 1931, which struck the ground on 24th March and backfired lately. GDP dropped off to 4.8%, which was abruptest since the tremendous recession.

The United States, the country which is said to be the most stable nation economically is confronting a severe economic humiliation that is proving to be massively disastrous for the nation. With the uplifting recession arriving in, the unemployment rate is rising at a massive rate, with lots of businesses getting shut down and weakening of the manpower ultimately. The conditions will not be improvising rapidly and a lot of country people will be facing an enormous financial catastrophe for the next approximately a year. People are becoming jobless and it’s becoming very arduous to manage their living and are eventually facing an enormous financial crisis.

The depression in Crude oil tariffs which are at their lowest level ever and oil industries are already encountering enormous obligations, if they confront an ineptitude to reimburse their deficits in duration, the outcomes will prove to be horrendous for the banking sector. As banks will incur huge losses. Even the insurance sector has already begun facing dropping graphs.

The most affected sector which is not going to renovate in the next few months or maybe a year is the Travel And Tourism Industry. No matter how much the restrictions get uplifted still people will be barring themselves from traveling and touring because that is the main cause of the spread of this deadly disease. Therefore, let it be domestic tourism or international tourism both sectors will be facing the crisis more than any other sector. Although we may discern less downfall in domestic than compared to international tourism because domestic traveling may be prevailing in at a slower pace which may help in its uplifting somehow more than the other. Hotels, restaurants, resorts, casinos, bars, and the retail industry will keep facing a declining impact on them for the next few months.

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