“COVID- 19 will reshape our world. We don’t yet know when the crisis will end, but we can be sure that by the time it does, our world will look very different “
-Josep Borrell
COVID-19 turned the world upside down at the beginning of 2020 when it became a global pandemic and completely changed life as we know it. The disease is caused by the coronavirus and even though not all the affected cases result in death, the mortality rate of the virus has been dire in the past year.
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The virus typically spreads between people who are in close contact with each other because aerosols or droplets containing the virus get inhaled or comes in direct contact with eyes, nose, or mouth. It has affected the world in so many aspects, including economically.
During the pandemic, many countries around the world decided to put the entire country into lockdown in order to decrease the spread of the virus. Millions of citizens were confined to their houses, and they had to shut down multiple small and large businesses and almost all economic activities were brought to a halt.
The unemployment rate increased drastically along with the shutdown of local businesses which are usually the source of income for entire families. The manufacturing output in major countries became almost nil, which resulted in the fall of external demand and many expectations for domestic demand to go down.
Since all the classes have become online, most schools are suffering because they cannot get the full fees from the students and the students themselves are not able to pay the fees because their parents would have lost their job due to this pandemic. Because there is not much income to the schools, they have to means to pay the teachers’ and cleaners’ salary and due to this; many teachers even quit their jobs.
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The tourism department in all countries suffered a major loss since travel decreased exponentially since the beginning of the pandemic and had been close to shutting down because of the airlines cutting flights and business trips and holidays being put off for a safer time. The workers in these departments and those who worked in the airlines almost lost their jobs and only means of living because there was no business for them to conduct.
https://www.cfr.org/backgrounder/coronavirus-how-are-countries-responding-economic-crisis
The bigger economic problems would be the ones related to the current and potential future demand for oil which basically means the increased fluctuations in oil prices due to reduced economic activities driven by the COVID-19 pandemic. Expected excess supply of the oil was also responsible for significant price reductions which had to take place. If lower than expected oil prices continue, many economies dependent on oil may have to take measures following reductions in trade and investment. The pressure on labor markets will be severe, especially for countries that are dependent on migration. Globally, the migrant workers make essential contributions to the labor markets, addressing imbalances in both the high- and low-skilled occupations.
The COVID pandemic resulted in the largest global recession in history, with more than a third of the global population at a time being placed on lockdown. Supply shortages are expected to affect multiple sectors because of panic buying, increased usage of goods to fight the pandemic, and the disruption of industries and factories all around the globe. There have been multiple instances of price gouging along with widespread reports of shortages of pharmaceuticals, with many areas seeing consequent shortages of food and other essential grocery items. The technology industry, in particular, has issued several warnings about delays to shipments of electronic appliances and goods.
The possible instability that has been generated by an outbreak and associated behavioral changes could be the cause of temporary food shortages, the spike in prices, and disruption to the markets. Such price rises would affect mainly the vulnerable populations who depend on markets for their food as well as the populations which are already depending on humanitarian assistance to maintain their livelihoods and their access to food.
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Read Also : Agriculture Is the Shining Beacon of Hope for Indian Economy Amid COVID-19 Pandemic
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The pandemic has forced humanity to switch its plans globally. All fashion, sport, and technology events have either been cancelled or have been switched to an online platform. The monetary impact on the travel and trade industry, as aforementioned, is likely to be in the billions and increasing.
Amidst all of the recovery and containment, the world economic system had been characterized as experiencing a significant and broad uncertainty. Risk assessments and contingency plans are taken tenaciously because of the wide divergence of opinion globally on how exactly we are being affected.
As the new vaccines have started coming into effect, we can be assured that everything is going to get back to normal soon. By the end of 2021, almost all the age groups will be successfully vaccinated and all businesses and centres of learning are allowed to open, that could start to fix the economic problems that our world is facing. The owners of local shops can reopen their businesses and make up the time and money they lost and in a few years, it is possible that everything is going to get back to normal.
The volatility of the financial markets won’t be ending anytime soon because the pandemic is still at large. Therefore it is our utmost responsibility to keep ourselves isolated and follow all the COVID restrictions put forward by the government in order to protect ourselves from the virus in order for us to lessen the hold the virus has on our lives until it is eradicated so we can assume some level of the normalcy we had before the pandemic and bring up our economy why is very important.
“Recovery from COVID-19 can help steer the world onto a safer, healthier, more sustainable and inclusive path.”
-António Guterres
-Sharon Ajith -13/06/2021
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