Effects of Covid -19
Covid 19 is a disease that is transmitted from one person to another through personal contacts. In this paper, we are directly going to discuss the effects of covid 19 to the people, economy, government, and other institutions such as industries.
All industries such as tourism and hospitality companies have been locked down; in return, many people, especially those who are employed as cashew workers, self-employed contract workers have lost their jobs, thus being left without any source of income to cater for their families.
This epidemic has brought mental trauma, fear among people, and physical effects due to the deaths of people, both younger and aged. This has led to the reduction of manpower in various sectors of our economy and, thus, a great backdrop of the world’s economy.
The other effect it’s the fear of the unknown, which has almost affected people across the country, thus leading to a feeling that people may run out of necessities, Punic, stress, or even lacks the idea to face uncertainty in the future.
The government has come up with economic measures such as to safeguard the self-employed, guarantee a certain percentage of wages to those who are employed, and assure jobs to those who are employed on contract terms. It has also enforced compulsory restrictions to save the lives of people. Lastly, it is in direct control of the media to ensure some people are not spreading false propaganda about covid 19 because it might increase tension among the citizens.
In conclusion, covid 19 has negatively affected all the people mentally, socially, economically, and politically and this has led to a decline in the world’s economy.
References
Fernandes, N. (2020). Economic effects of coronavirus outbreak (COVID-19) on the world economy. Available at SSRN 3557504.
Guerrieri, V., Lorenzoni, G., Straub, L., & Werning, I. (2020). Macroeconomic Implications of COVID-19: Can Negative Supply Shocks Cause Demand Shortages? (No. w26918). National Bureau of Economic Research.