Hobby Economist

For the last 18 months, life has come to a stand still in many countries of the world. So, economic activities have suffered significantly. GDP loss is natural phenomenon. According to Statista : This forecast was already restated to a GDP loss of 4.5 percent. To put this number in perspective, global GDP was estimated at around 87.55 trillion U.S. dollars in 2019 – meaning that a 4.5 percent drop in economic growth results in almost 3.94 trillion U.S. dollars of lost economic output. Excerpts from this report says perhaps the same thing too: McKinsey: How can we start to understand the enduring costs of the COVID-19 pandemic? Eric Achtmann: It’s worth taking a step back just to contextualize the short-term costs. We’re talking about $16 trillion to $35 trillion by 20253 as a potential direct cost of the pandemic. This equates to approximately wiping two years of gross income off the average American taxpayer, assuming a median gross income, or about 5 to 10 percent of a g

I came across this interesting report in BBC: How global conferences are using tech to stay in business in which it talked about hosting conferences virtually instead of face to face events. During the days of corona , there is hardly any scope of arranging conferences physically. Even, we have to arrange almost all of the office meetings via Zoom or similar softwares. So, you have to depend on technology during such tough times. Once the epidemic is gone or at least 70% of the people being vaccinated and we can have most of the restrictions lifted, will we go back to face to face events? May be or may be not. We surely love to go back to normal life again. But then, it may literally take months if not years to get all the people of all the countries vaccinated. When talking about global conference, don’t forget that global means people from many countries. So, if you have to have a real global conference then you need to have people from at least 20-30 countries or even more

  This is my first here. I am an ordinary person. I love economics and business. I like to write a lot and I have been for quite a long time on different topics. So, I hope that some of you will enjoy reading here. Why do we like to write? We like to write because we enjoy it. It is like creating something with words and ideas. We express ideas with words and sentences. This blog will be about economics and business. So, in a way it is not for every one but on the other hand, you can see that my writing is very easy to understand. In other words, I can express my ideas very easily so that most people will understand. Anyway, it is upto you to regularly visit here. If you like then come back here regularly. I believe that to be a writer the only thing that you need to do is to read a lot. If you can read a lot then you will be able to write regularly. Let us come back to the original topic. What can you expect here? I will write about different issues to related global economy