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Coronavirus consumption and the economy

The COVID-19 pandemic has drastically affected the economy of Ireland. The first case known in China, the coronavirus has spread globally. The virus has impacted the education system, business, automotive sector, and the entire economy of Ireland. The Irish Government has announced the Income Support Scheme on March 24th. The introduction to the scheme provided temporary financial support of up to 70% of wages. Since April, there is a constant rise in the number of cases that have prompted several measures to be adopted. Not only the employment sector, but the entire economy of Ireland was affected due to the coronavirus.

In mid-March, after the confirmed case in Ireland, the government has announced the closure of schools and other non-essential business. It includes bars, pubs, and hotels. At the end of March, the situation became uncontrolled and all individuals were told to stay at their homes. There was a complete lockdown in the entire nation and containment measures taken helped in limiting the spread of coronavirus.

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How COVID-19 outbreak leads to unemployment spikes?

The spread of the coronavirus has stopped a large economic activity over the entire nation, which has lead to an increase in unemployment. According to the Central Statistics Office, the unemployment rate was 5.4% in Ireland and due to COVID-19, the rate was as high as 16.5%. Apart from it, several other sectors such as hospitality, retail store, and construction, have report around 500,000 jobs lost before the April month.  Restaurants, the tourism industry, and takeaways have also observed a decline in growth due to the virus.

However, several companies and workers in the financial service sector have been capable to work remotely from their homes. It’s because of digitization that employees working in this sector have observed a low risk of losing their jobs due to COVID-19. According to the CSO, nearly 42% of Irish GDP is accounted for financial, professional, and support services.

What is the impact of COVID-19 on Ireland’s economy?

  • Automotive sector:

The automotive sector in Ireland has been critically affected by the lockdown over the entire country. Due to the COVID-19 crisis, the sales were exhibiting a downward trend in the motor vehicle industry. The registration of the new vehicles falls by 63.1% in March. It is because private consumption, as well as consumer confidence, decreases and as a result, the economy of the nation declined.

  • Retail sales:

The food supply industry is less affected in Ireland because the country is self-sufficient for much produce. Most of the Irish supermarkets have accounted for a sharp uptick as the coronavirus cases were raising and it leads to the launch of recruitment drives. The online demand was drastically increased for the products that have impacted the national economy. The lockdown measures have led to advanced outflow in the e-commerce industry.

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Sample Essay on coronavirus, consumption and the economy

Title: How coronavirus has affected the pharmaceutical industry?

Ireland is well-placed in the global position for vaccine development against the diseases. Several pharmaceutical companies are presented in Ireland that have started fast-tracking its processes for vaccine testing. With the permission of the Irish Government and other regulatory authorities, the industry is progressing to work from home. The country is a major exporter of medical supply and pharmaceutical goods. Though the coronavirus outbreak has affected the economy but also has to lead to preventive measures for future progress. The virtual classes, remotely working system and many other supportive measures may contribute to further productivity economy.

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