Corona Virus Effect On Economy Of Goa

 Corona Virus Effect On Economy Of Goa 

we know Goa is known for its beauty and Tourism, But now with the effect of Covid-19 what is its impact on our Economy in Goa? lets see in detail what is the effect of corona virus on our economy..

1. Tourism & Hotels

Tourism is a backbone of goa on which employment is their but if we see International Tourists has declined at 90% in the previous year as domestic tourist has increased by 50% as even shooting of different serials was going on in Goa. As many people are unemployed because there is no business for hotel as hotel industry is suffering.

2. Automobile Industry 

Demand for commercial vehicles has reduces all most by 80% in Goa. but also for private cars and bikes where sold and sales is good for private car & bikes, As people mostly travel by their private car or bike.

3. Banks 

for banks if we see they can't recover the amount fast but the interest on the loan is increasing. people don't have money to pay the loans, with effect of lockdown bank recovery rate is effected very badly. 

4. Pharma Industry 

If we see pharma industry then its increasing by 100% as demand for medicine is increasing rapidly. we the effect of corona virus the demand is very high for medicine has even investment in pharma products is very much suitable in Goa.

5. Telecom Industry

If we see telecom industry then its growing rapidly there is lot of demand for communication as now a days we can't think our life without mobile as we require mobile for our day today needs.