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Covid-19 Global Impact

COVID-19 GLOBAL IMPACT

COVID-19 GLOBAL IMPACT

Introduction

Covid-19 has caused increased human suffering and undermined the economic expansion, which has occurred at national and global levels. Several research pieces have addressed the pandemic's socioeconomic effects, explaining its adverse effects and how the nations and the world need adequate time and resources to reconstruct the pandemic ends or become routine. When the virus was reported in late 2019, countries were not sensitive to the virus's adversity, but its surge in early 2020 threatened the nations and caused massive loss of people (Tisdell 2020). The countries responded differently, depending on their development, which determined their healthcare system, economic stability, and social organizations. The variation of the responses resulted in different levels of social distractions and economic downturn. In this essay, I argue that covid-19 has caused adverse effects on the world's economy and social life. I will use academic sources to support my claim by providing researched pieces of evidence for the same. Such will give knowledge to the readers and future researchers interested in further understanding the pandemic's effects.

Social Effects of Covid-19 in The World

Covid-19 has caused countless death of people, which has caused the upending of many people's lives. By March, several parts of the world reported a devastating number of fatalities. They increased the pandemic cases, which affected the world's social life as a whole and tension to the under-developed nations. According to Mofijur et al. (2020), the World Health Organization (W.H.O.) by 11th march 2020, reported 118,000 cases of people affected by the virus and 4000 fatalities. As a result, the virus was declared a global pandemic as it put in danger the lives of the ordinary world population in both developed and underdeveloped nations. Indeed, W.H.O. reported that the cases toll would soon overwhelm the healthcare institutions, particularly for developing countries, which heaped more threat to the people's social and everyday life (Keogh-Brown, Jensen, Edmunds & Smith 2020). Surprisingly, the pandemic's social crisis has caused vices such as discrimination and inequality, particularly in the administration of healthcare services. Nations such as China and The United States recorded significant prejudice levels with immigrants in china, given the least consideration in the healthcare institutions (Ibn-Mohammed et al. 2020). Such further endangered the social lives of the populations causing despair among the minority groups in these nations.

The pandemic has affected learning across all the global nations from pre-school to tertiary levels. Different countries adjusted their education systems differently depending on their resources and the ravages of the pandemic. As suggested by Nicola et al. (2020), other nations changed the education system policies, including the complete closure of schools, particularly in Germany, Italy, and African countries. Nicola et al. (2020) reveal that The United Nations Educational, Scientific and Cultural Organization (UNESCO) provided the report that about 900 million learners are affected by the pandemic, ranging from the total closure of schools in german, Italy, and in many developing nations to partial closures of schools in the United Kingdom (U.K.) and Asian World. Thes has heaped tension and pressure on low-income families, increased incidences of early pregnancies as girls sought support for face-masks and sanitizers. Nicola et al. (2020) show that in nations like Dubai, the people signed petitions to lower the independent school fees by 30% for the parents who experience pay cut and others laid off by their work institutions. Such signals that the pandemic affected learning and placed more pressure on the low-income families overpaying for online education programs due to experiencing pay cuts and laying off of workers.

In response to the virus's spread, the WHO provides guidelines such as reduced interaction, increased social distancing, and partial and total lockdowns. The measures affected low-income families in developing nations who lacked their 'daily bread.' According to Pak et al. (2020), the strict criteria involved many families' daily struggle who engaged in casual labor to sustain their living. Such caused wild and rugged social life and stigma since developing nations could not afford to feed their large population of moderate and low income. Such showed how the pandemic affected the people's ordinary struggle and created unbecoming situations that threatened social health.

Economic Impacts of Covid-19 In The World

The pandemic has created reduced production, workplace closures, and absenteeism, which have caused a decline in the global supply stock. Indeed, the global markets have shut, workers have been laid off, and small firms closed, and such has caused economic flakes in the worldwide sector. Pak et al.'s (2020) study reveals that business closures have disrupted the global stock chain distribution. For instance, Pak et al. (2020) mentions that China experienced a massive decline in the production index, reported to be 54% in February 2020. The reduced stock chain affected the consumers' spending behavior and reduced household consumption, which resulted in a fear of panicking. Transport sectors, restaurants, and bars have been affected by business closure. Indeed, Pak et al. (2020) add that the United States has attained a record of 1% of the unemployment rates. Such has stagnated the growth of the economy and reduced the development of critical governmental sectors.

Covid-19 has affected vital economic sectors such as tourism due to the cessation of movements and reduced integration. The tourism sector depends on the number of visitors, which is low due to lockdowns and fast-food restaurants, which have been closed. According to Poudel & Subedi (2020), world travel and tourism research in Nepal reveal to have experienced a loss of thousands of jobs due to the suspension of people movements. The loss affects the 25% contribution that the Nepal tourism sector contributes to the G.D.P., which is likely to heighten the cost of small business operations, which may subsequently close down.

Covid-19 has affected both domestic and international trading, which directly contributes to the growth of the global economy. Several institutions in national and global sectors have been shut as a result of the pandemic. According to Bashir, Benjiang & Shahzad (2020), institutes such as I.M.F. and world banks have addressed the downgrade of the international trade and economies' shutdown. Such results due to the economists' daily struggles to establish the measures of saving the economy amidst the covid-19 protocols, which do not favor economic growth. Indeed, Bashir, Benjiang & Shahzad (2020) reveals that the World Bank has pumped about $6 trillion at low-interest rates to restructure the economy via covering the credit and liquidity sectors downgraded. The response indicates the economic pressure that the virus has caused to global financial performance.

Conclusion

The pandemic's adverse effects in both economic and social sectors have been unbearable since it cuts across developed and developing nations. The economy and social life have been affected at national and global levels. Financial performance, growth of businesses, and employment have been adversely affected. The world bank and the I.M.F. have reported a global economic shake and offered financial support to rebuild the economy. The increased cases and fatalities due to the virus have affected social cohesion and interactions. Discrimination has also been witnessed in healthcare institutions when people seek medical attention. However, the pandemic has reduced the trade rates in some nations and reduced the cost of the commodities, which is a positive contribution. Notably, the pandemic's adverse effects on the economy and social sectors are unbearable, making the pandemic a threat to the global economy and social growth.

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References

Bashir, M. F., Benjiang, M. A., & Shahzad, L. (2020). A brief review of the socioeconomic and environmental impact of Covid-19. Air Quality, Atmosphere & Health, 1-7.

Ibn-Mohammed, T., Mustapha, K. B., Godsell, J. M., Adamu, Z., Babatunde, K. A., Akintade, D. D., ... & Koh, S. C. L. (2020). A critical review of the impacts of COVID-19 on the global economy and ecosystems and opportunities for circular economy strategies. Resources, Conservation, and Recycling 105169.

Keogh-Brown, M. R., Jensen, H. T., Edmunds, W. J., & Smith, R. D. (2020). The impact of Covid-19, associated behaviors, and policies on the U.K. economy: a computable general equilibrium model. SSM-population health, 100651.

Meijer, M., Fattah, I. R., Alam, M. A., Islam, A. S., Ong, H. C., Rahman, S. A., ... & Mahlia, T. M. I. (2020). Impact of COVID-19 on the social, economic, environmental, and energy domains: Lessons learned from a global pandemic. Sustainable production and consumption.

Nicola, M., Alsafi, Z., Sohrabi, C., Kerwan, A., Al-Jabir, A., Iosifidis, C., ... & Agha, R. (2020). The socioeconomic implications of the coronavirus pandemic (COVID-19): A review. International journal of surgery (London, England), 78, 185.

Pak, A., Adegboye, O. A., Adekunle, A. I., Rahman, K. M., McBryde, E. S., & Eisen, D. P. (2020). Economic consequences of the COVID-19 outbreak: the need for epidemic preparedness. Frontiers in public health, 8.

Poudel, K., & Subedi, P. (2020). Impact of COVID-19 pandemic on socioeconomic and mental health aspects in Nepal. International Journal of Social Psychiatry, 66(8), 748-755.

Tisdell, C. A. (2020). Economic, social, and political issues raised by the COVID-19 pandemic. Financial analysis and policy, 68, 17-28.

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This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

© 2022 kenneth mugendi

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