Corona virus is continuing casting its ill effects on people’s lives. Besides, the havoc it created onto global economies is not even under public consideration as of now, since governments all over the world are prioritizing human lives. However, this could not deny the fact- what levels of financial setbacks economies are experiencing in this pandemic phase. Keeping the online food & beverages, and the healthcare verticals apart, every other sector is suffering economic shocks due to sudden halt of business operations.
In this thread, Europe, being one of the major regions to be affected by the pandemic comprises key prominent economies, including Spain that has brutally fallen victim to the viral attack. Talking about the stats, following are certain key points that highlight the severity of the national damage done by the virus; Spain is:
- The 3rd most affected nation because of the COVID-19 outbreak all over the globe
- The 2nd most affected one in the Europe region right after Italy.
- The nation has recorded the 2nd highest global mortalities after Italy due to the pandemic.
The very first nationwide lockdown was announced to be effective from 14th of March 2020, whose perceived impact on the corona’s cases did not helped. It rather kept on surging leading to sudden rise in the fatalities. Keeping this in mind, the lockdown was extended to 12th of April 2020, providing liberty only for the seekers of food, and medicine. In March 2020, with the effort to combat the pandemic, the Spain Government has announced a relief package valuing around $221 billion so as to financially aid the local companies.
Spain has an assorted industrial base comprising agribusiness, aviation, manufacturing, and renewables. The cities of Madrid and Barcelona in Spain are the key attractions for the commercial events within the nation (apart being worldwide known for sports leagues). The pandemic has caused a major turbulence to the national economy as the outings and commerce have come to halt due to the strict practicing of social distancing.
In conjunction to aviation, tourism sector correspondingly is facing a major setback due to the aforementioned factors. Here, it is worth mentioning that Spain is the 3rd most visited country by tourists all over the world which clearly was a contributing element to the nation’s GDP. However, the plummeting number of tourists has definitely dropped the economic output in the country. A sudden drop in the domestic and international demand for goods & products, halts in production due to labor and raw material shortage and reduction in various trades are the major other impacts observed in the nation.
