During the pandemic months, countries have faced a slowdown in economic activity due to Coronavirus. As various parts of the world struggle to reach pre-pandemic levels, Europe’s recovery is now at risk from the fourth wave of the coronavirus. As the government imposes stricter health restrictions that can reduce foot traffic in shopping malls, prevent travel. And it will reduce crowds in restaurants, and bars, it will affect daily life and economic activity. Despite all that WHO has warned that nearly 700K people could lose their lives due to coronavirus, before March 1, 2022, in Europe.
Austria imposed its strictest measures and lockdowns on Monday, imposing vaccinations and imposing a nationwide lockdown. According to Stefan Coates, Research Director at the Kiel Institute for the World Economy, the pandemic is now having a more negative impact on the economy than we thought.
The situation in European countries is already bleak. The severe lockdowns that hit Europe in the first few months of last year’s pandemic caused economic output to shrink by almost 15 percent. In September, economists gave us a positive signal when Europe reached a turning point. Widespread vaccinations are designed to offset the bite of the pandemic so people can continue to congregate freely to shop, eat, and travel, in short, to live a normal life again.
Analysis of Coronavirus Impacts in European countries
Automotive Industry-
When we look into the automotive industry, before the global spread of the Coronavirus pandemic, the automotive industry had to face several challenges related to climate change and fast-changing consumer demand. In the first wave, this industry hit hardest. Across the EU Member States, automotive factories were closed for an average of 30 days, with the shortest downtime in Sweden (15 days) and the longest in Italy (41 days). Until the end of September 2020, the EU automotive industry suffered production losses of over 4 million. You will understand it better by looking at the graph below.
More than 1.1 million jobs were affected due to the Coronavirus pandemic. Mainly due to shutdowns of factories between March and May. Again the new lockdowns and strict measures are taken from November onwards due to the second wave that triggered repercussions on the automotive industry, as dealerships had to close and general economic insecurity of consumers increased.
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Aerospace Industry –
The aerospace industry has seen the worst situation in the world. In the EU, the industry fell 86% last year in March 2020 compared to the previous year. In 2019, the European aerospace industry (including military aviation) generated about 260 euros
Billions in total sales and providing about 890,000 direct jobs. Between January and June 2020, the number of aircraft used in Europe increased by a total of 80% over the previous year. Making Europe the worst trending region in the world.
The other industries like travel and tourism, food and drinks, construction were also got affected by the pandemic.
Above all the information are from European-Parliament
Current Scenario of Coronavirus Impacts in European countries –
Prior to the shutdown, branches in Austria had to accept a 25% drop in sales over the same period last year, the country’s retail association announced on Monday. O.H.V. said hotels didn’t do much better in the week before the block started, as every second booking was canceled, the Austrian Hotel Association said. However, the overall outlook is not as bleak as last year. Although some analysts have cut their forecasts for October, November, and December. Yet they are expecting positive growth with an annual increase of around 5 percent.
Austria’s response to a three-week lockdown that closed all shops except basic supplies, allowed restaurants to serve only food. And staying at home except for basic activities did not necessarily lead to what other governments in Europe would do. Despite the sudden spike in the coronavirus, people say they don’t expect another blockade.
In Germany, several states have introduced partial lockdowns, starting Wednesday unvaccinated people must test negative for Covid-19 before starting work. Health Minister Jens Spahn said Monday that by the end of this winter nearly everyone in Germany will be vaccinated, cured, or dead. The Czech Republic and Slovakia have also imposed new restrictions. As we all know how gigantic the German economy is, this reluctance to return to recession.