Corona Virus and Service Industries - A Critical Perspective

Abstract

Pandemics affecting the world economy is not a new scenario. Apart from affecting lakhs of people and creating a panic situation, Covid-19 has also created havoc in many industries by slowing down their operations or temporarily suspending the operations. This has made a major impact on the world economy, thereby influencing the Gross Domestic Product in various countries. We are trying to report the present scenario by reviewing various research articles, news articles written by various critics and economists. An attempt has been made to collect real-time data from several reliable websites and authentic sources regarding the effect of coronavirus on the functioning of the service industries. Through our systematic investigation, we have found out that there is a great fall in the performance of different services industries. Further, the fall in these industries has harmed the world economy. We had also recommended some areas where further research can be carried out in the near future.