Economic Impact of Lock down

in OCD4 years ago (edited)

Alright, We Stay Home: Now What?

No, this post is not going to be statistics of Covid-19 new cases, or deaths, or have we plateaued? type of post. No, I think we have seen plenty of them and personally speaking I am a bit saturated about it. I have learned everything there is to know about symptoms and preventive measures. I have also learned how I am doing the society a favor by staying inside. Yep, I learned in all, and I appreciate the information. I will abide by it.

At the same time, I see no danger in walking alone on the street without mask at 10 pm at night, there is not a single soul on my street. I feel no need to wear mask while driving my car. Today, I took my kids out to a boardwalk by the water, it was empty, none of us were wearing a mask. I felt good about it, and my kids enjoyed it. What I am trying to say, that I am not paranoid. I am ready for a road trip in summer.

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This morning I was doing some random twitter feed browsing for the recent Hive-Steem fiasco (no, not going to talk about it), and I came across the chart above. I normally do not read news much these days, but that article is a splendid piece of data analysis and representation. Recently I was talking to a friend regarding the economic impact of Lock down especially in countries that are dependent of tourism. That chart shows some of the most heavily impacted countries are Caribbean Island nations in terms of percentages, and Thailand & Philippines in terms of total number of tourism related job loss. Mind you, this is incomplete data, as it only goes to early May,

How's the United States Tourism

Bad. Personal experience: I am trying to rent a house for a short term rental over the summer. Most of the states, I am trying at the moment, homeowners are unable to provide a short-term rentals as the respective state governments do not allow it.

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Personally we started staying home from March 15, which is around 4K in the chart above. Our family actually did have a cruise ship tour planned during that week, which is Spring Break in most of the United States school districts. We had to cancel it at the last moment. Looks like many people did the same. Basically, it is showing that all recreational activities are essentially shutdown.

Now What?

Well people in cities/towns are staying inside. Below is some of the transit data from some of the big cities, and we can see the alarming trend.

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The article above has a much more detailed chart of many major cities across all continents. The trend is humbling. We are already seeing the economic impact in almost every sector of the markets. There are 26 million job loss in the United States already, and quite a few of my friends have lost jobs, with basically no prospect of getting it back. There are talks about "working from home" permanently for a large majority of the work force, even in old industries. This will likely lead to a crash of the commercial real estate market globally.

Summer Vacation

Enough doom and gloom. I do want to finish this short post on a high note. Personally I haven't taken any vacation this year, and I am looking forward to a road trip, because air travel continue to be problematic. Also I just filled up my car with $1.50/gallon gasoline, time seems ripe for a long driving trip.

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The lockdown is affecting business and people daily life. We pray this drama ends soon

I live in a small touristic town in Romania and have quite some friends that live of the tourism in here, them being involved in boat cruises over the Danube and this lock down has affected us a lot. Las year on this time around we would have close a thousand tourists per day, or even more during weekends, coming for cruises and quite many of them would stay in the area at some guest houses.

The number of tourists this years is probably less than a third than of the last year. According to the recent state of alert enforcement we are not allowed to travel between counties as we wish. Some do that on their own risk but they could get fined.

My parents who live in Austria, told me last week, that they visited some friends in Vienna and those told them that the areas that they visited during that weekend spent there were absolutely full of people the year before. You would literally have person near person on the alleys, and now you could dance over there...

For me it's clear that the financial crisis haven't even started yet. There are plenty of restaurants that haven't even opened fully yet, hotels as well, tourism businesses and so on. I can hardly remember the 2008 crisis but I guess this one will be harder. Shady waters ahead...

Interesting. We were supposed to visit Europe this summer. Greece and Cyprus... for about a month. All cancelled!

Never been to Greece, although quite close to me. Tourism is going to be severely affected by the lock down.

My wife visits Cyprus often, and we have visited Cyclades islands multiple times. Impact of Covid is basically non-existent there but unfortunately the panic and regulation hurting the tourism most.

Cycling trip for me this summer. I'll leave the car home

Good idea if you can pull it.

No travel for me this year.

People aren't even super into showing up for family gatherings due to the outbreak. Those who lost jobs are definitely not entertaining the idea of vacationing this year.

I hear you. I am stir crazy at home, so definitely travel for me.

travel to mental hospital ? hope there is one that fits your mad up ego :D

Due to this lockdown entire world’s economy is heavily affected. Employees have lost their jobs from an organization like British airways. This is happening for thousands of employees of other organisations as well. Many small entrepreneurs are on the street now. Yes, tourism sector is also affected like nothing. I live in Bangladesh and Cox Bazar is the longest sea beach in the world. It is now empty. Dolphins are playing their now instead of people which was not seen earlier. We have got one benefit due to this lockdown, that is less environmental pollution. As the mills and factories are stopped and vehicles are less in the roads, the Mother Nature is quite relief now. However, thanks @azircon for raising such an important issue.

A friend of mine showed me a picture of Mt. Everest from Kathmandu. Due to pollution I don’t think it was seen in the last 50 years.

I'm definitely starting to loosen up at this point. Seems as though the hysteria is still alive and well. I went into the office a couple days last week and they required masks and had temperature checks. That being said, it's something to capitalize on. Cheap gas and reduced office hours FTW!

I am liking the cheap gasoline. Right on time for summer driving season. National parks are opening up. I am thinking Mt. Rainier... and Olympic Peninsula.

No travel for me either this year. It seems like the health facility in India is not up to the mark like other developed nations and along with so much population, the corona virus might stay here for longer. Yes, India also has a share in tourism but not that much, lets see wha happens in the future, but economy is in bad shape now and will continue to be like it for another year or so.

I feel bad for countries that rely on international tourism. However, when it comes to protecting the environment, a lot of the small island nations are the first to complain about rising sea levels due to climate change. Ironically, they encourage people to fly across the world to go there. Tourism is rarely eco-friendly and not particularly necessary.

I'm also thinking there are a lot of countries that have large tourism industries that are more reliant on domestic tourism than international tourism. USA, Canada, Korea, Japan, China, etc. are all making much more money off domestic tourism. Also, in Korea and Japan's case, there is a huge net outflow of tourist dollars. This means if people cannot leave, the local industry will do even better. I think we will see this trend all over the developed world.

Sadly, poor island countries in particular and huge international destinations which no local economy (Paris will do fine) will suffer while international travel is limited. However, countries with established domestic tourism will benefit, especially those normally suffering a net outflow.

Also, the environment will benefit as jet travel goes down and people stay away from fragile island ecosystems which actually can't handle the tourists.

Yes, Paris will do fine. And not just the island nations. Places like Santorini, won't do fine. Also the data talks about nation as a whole. Cities, states, are often severely affected.

In the US, take the state of Hawaii. It's one of the poorer states and almost entirely dependent of tourism for the local economy. If you ask the people of Hawaii to fish and be happy; well that's not going to work.

Yes, and pineapples. Hawaii will be hit, but domestic tourism from the US and federal $$$ puts them in a much better position than an independent island state.

These days my vacations savings are looking very good because I can't really do much. I wanted to go to Japan, but they have other ways to make money, so I'll probably go to the Philippines or some other tourist spot in SEA where they lack domestic tourists and robust economies.

I am enjoying my backyard a lot these days. Happy I have a pool and lots of trees for shade. It was a very hot day today here in Canada. I don’t need to travel anywhere....

Over here in Nigeria, that has very low experience in working from home,even most jobs here are not flexible to the point of not being present at work. Thousands of jobs are been lost, salary are being slashed down, i guess we will start getting used to it.

Was looking to see if Croatia would make the chart... Of course it did. lol.
Im one of those that works in tourism and ill probably die of hunger if everyone decides to stay put. :D

That chart shows alarming trends. I am also not surprised to see Croatia there. Although that chart doesn't show US. But in that article there is another chart, which shows some of the bigger economies. The dollar amount losses are staggering.

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My brother in law works for a company, that mostly cater for corporate functions from overseas companies, and their company had to lay off a lot of people and might still go bankrupt if this continues to long!!

So is many of us as well

This is not new to all especially in our time? Pandemic is a pandemic lets wish and pray that this drama will end soon like what happened from the past years like the bubonic plague that kills a million people around the world who came from China also.

It gave me a headache thinking of what people want to do to the earth and to humanity just for the money and power? Then what! Soon you will die also! Better to do good things to the others while we're still alive... Am I right or am I right? (^_^)

You are right :)

They also say many of the jobs will not come back....time will tell.

we already know you have no job, no need to make posts about it!

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Hopefully we will all be fine, and pray to God that we are always fine, and always healthy,

Hopefully the disease that we are experiencing is quickly gone so that we can move as usual

Hello my brother, @azircon in my area is also being hit by the corona virus, hopefully we will all be fine, and remain vigilant, stay at home even though it makes us bored ...