PWC survey states covid vaccine could revive the economy

Early discovery of Covid-19 vaccine will be a source of confidence, nevertheless it’s delivery over a billion people might delay, which would effect the economy and health sector reports an accountancy firm. It stated that exogenous demand and supply has been hit rock bottom this year only after the economical fall out in 1979.

A decisive lockdown enabled India to ramp up its health care infrastructure boosting the rate of testing per day 30-fold and expansion of the hospital beds to 50% since the pandemic occurred. However, it hinted that the necessity of vaccine has become a top most priority for the large population in India, which could revive the economy.

The PwC report also read that the health situation continues to be at stake with the continuing spread of the virus. “This has created a direct shock to the economy resulting in a recession.”

PWC stated 9 key sectors that make up 75% of GDP in pre-pandemic stage was ascertained. The consumer and retail, health and pharma, automotive and industrial products sectors would be impacted immensely, as consumer demand increases.

The report further included predicting a revival is tough but it cites a recent PwC CXO Survey done with 1,500 people from across the country hints a probable economic revival in the second quarter of 2021-22. As per the report, employment recovery will be an important measure to become victorious in the revival and growth phase of post covid pandemic. The unemployment has recovered form the high of 24% but still unsustainable at 11%.