The global Construction and Manufacturing sector economic output growth in 2020 is anticipated to decline by 7%

The construction and manufacturing sectors are the key sectors that contribute to around two-fifths share of the global GDP. Subsequently, governments worldwide chiefly emphasize on augmentation of construction and manufacturing sectors. For instance, several initiatives by governments in developing nations to promote the manufacturing sector comprise Made in China (MIC) 2025 and Make in India. However, the current COVID-19 epidemic is producing an intense impact on every single aspect of life and work all over the globe. People are required to stay indoors, get-togethers and gatherings are prohibited, and healthcare facilities are inundated with equipment shortages. Moreover, owing to halt in several manufacturing and construction activities globally, the global construction and manufacturing industry, which was once a successful industry with huge investments, is affected badly by the pandemic.

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In addition, even the worldwide foreign direct investment (FDI) inflows saw a sharp decline. According to the estimates by the United Nations Conference on Trade and Development (UNCTAD), the novel coronavirus pandemic could cause the overall FDI to drop by 5 to 15% from 2020 to 2021, owing to the downfall in both construction and manufacturing sectors, in addition to shutdown of manufacturing facilities & construction sites, worldwide. Adverse impacts of the pandemic on FDI investments are anticipated to be high in automotive, energy, airlines, building construction, and oil & gas industries. There is ambiguity and unpredictability regarding the spread of the virus. In addition, according to the Organization for Economic Cooperation and Development (OECD), in 2020, the global economic output growth in 2020 is anticipated to decline by 7%, if the virus persists to spread.

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