Post-COVID19 (Novel Corona) Economic Recovery: Critical Review on Economic Immunity of Sri Lanka

Abstract

The COVID 19 outbreak has been declared as a global pandemic by WHO and has arrested
all most every economy as at present in the globe. As combatting measures, many economies
are in lockdown condition where consumptions are decreased and productions are seized. The
global networks and supply chains are disrupted and functions of organizations from micro to
multinational scale are disturbed. Millions of employees are at the danger of losing their jobs
as companies will start to lay off staff as controlling measure to respond to the growing
conditions. The panic purchasing and storage of FMCGs and food items has created shortage
of consumables in many stores around the globe.

Global financial hubs are closed down and stock exchanges have fallen drastically. Since,
investments, employments, manufacturing and distribution are at a halt and global oil prices
have recorded first-ever negative value the global economy is estimated to shrink minimum
of 3 percent by 2020 as it seems at present. On one hand the supply shock lead to shortage of
essential items where demand shocks the economy since funds are directed towards FMCGs
massively. Travel and tourism is one of the severely hit industries since both generating as
well as destination countries are lockdown. Thus, particularly service oriented economies are
at a greater risk where manufacturing and production economies remain safe especially in
case of food supplies.