Impacts Of COVID-19 To The Economy
COVID 19 is an infectious respiratory disease caused by a coronavirus. This disease was first discovered in Wuhan city in China, and then it spread throughout the world becoming a global pandemic. To contain the fast-spread and deaths caused by the disease, measures had to be put in place such as restriction of movements and lockdown on most of the countries. These measures, on the other hand, caused a lot of constraining to the economy, such as unemployment, loss of revenue on the transport sector, and commerce disruption.
Unemployment comes up when most firms have reduced the number of workers and even introduced more working shifts. This is done to reduce congestion. Therefore, this helps to prevent the spread of COVID-19. That can be possibly contracted in such a work environment.
Loss of revenue in the transport sector. This happened due to travel bans and closure of borders that inhibited movement. Therefore, a big loss was incurred due to a slump in demand among travelers. Significant reductions in passenger numbers have resulted in planes flying empty between airports and the cancellation of flights (Bradsher et al., 2020). The restrictions were put in place to help combat the spread of the coronavirus.
Loss of revenue on market products due to disruption of commerce. This has resulted in reduced product demand, which has been caused by disrupted supply chains due to the shutdown of factories. As coronavirus spread around the world, the stock markets have experienced their worst crush since 1987 (Palumbo&Daniele, 2020)
Conclusion
As case numbers increased and evidence of community transmission became apparent, countries and regions started to introduce a wider range of control measures including improving public awareness through mass communication, widening surveillance efforts, distributing face masks, and social distancing (SD) measures (Leung et al 2020). Such measures may have a big impact on society and they should be justified to the population appropriately.
References
Bradsher, Keith; Swanson, Ana (23 March 2020). “The U.S. Needs China’s Masks, as Acrimony Grows”. The New York Times. Retrieved 23 March 2020.
Jones, L., Brown, D., & Palumbo, D. (2020). Coronavirus: A visual guide to the economic impact. BBC News. Accessed, 29.
Leung CC, Lam TH, Cheng KK: Mass masking in the COVID-19 epidemic: people need guidance. Lancet. 2020; 395(10228): 945. PubMed Abstract | Publisher Full Text