The entire world has been flung into a cloud of uncertainty following the unprecedented outbreak and rapid spread of the Covid-19 pandemic. The novel Coronavirus was first detected in China and had spread like wildfire, killing people, and spreading human suffering. The majority of countries rushed to formulate restrictive measures to try and contain the malady. These maneuvers have had an undeniable impact on the globe in more ways than one.
- Economic Effects
Economists were among the first to predict the negative impact of Coronavirus on the economy. The demand vs. supply equilibrium of human resource was disrupted first. Governments imposed lockdown strategies and social distancing protocols forcing most business owners to close-shop, which meant letting their staff go. Additionally, in compliance with public health safety restrictions, industries have had to reduce their human resources significantly as they strive to remain operational. A large portion of the population has been rendered jobless, flinging them in financial turmoil. Not forgetting the numerous confirmed cases and increasing death toll, which also significantly affect the demographics of the global workforce.
The financial market has not been spared. There are dramatic falls in the stock market, and the supply chain has been affected in primary sectors such as oil and petroleum, agriculture, and manufacturing. Moreover, imposed travel bans have severely damaged the travel and tourism sectors. The hospitality industry is one of the most devastated.
Experts predict a high risk of a global recession, possibly worse than the 1930’s Great Depression. Vital statistics, data, and information can be accessed in business journals finance magazines, and social media. And with the universally imposed self-isolation measures, technological innovations enable you to access such information from the Internet. In this digital day and age, print media can be found on the media. You can utilize an online business newspaper like Handelsblatt which keeps you updated on financial news, key players in the market, and even politics.
- Social Effects
The social effects of Covid-19 can be felt by every one of us. In the past five months, our lives’ pace and nature have been altered in more ways than one. We have been forced to adapt and adopt new lifestyles to help curb the spread of Covid-19. Travel bans, social distancing, and lockdown responses recommend that we keep indoors as much as possible. Aspects of our social heritage are slowly fading away as people are advised to avoid crowds.
Experts have expressed heightened concern that the increased time spent in lockdown may expose vulnerable people to domestic abuse. And many are also worried about the social impact of long-term school closures. For instance, children from low-income families can no longer access free school meals, and parents are faced with additional childcare costs.
The Coronavirus pandemic is a human, economic, and social issue. Currently, hundreds of countries are affected, and millions infected. As the world struggles to stay afloat, we must play out part to win in the global fight against the novel Coronavirus.