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THE IMPACT OF COVID-19 ON JOBS AND ECONOMIC CONSEQUENCES
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THE IMPACT OF COVID-19 ON JOBS AND ECONOMIC CONSEQUENCES

News

THE IMPACT OF COVID-19 ON JOBS AND ECONOMIC CONSEQUENCES

Introduction

 One of the greatest epidemics of all time and the greatest pandemic of modern times is COVID-19(SARs-CoV-2) more commonly known as Corona Virus. The new coronavirus was discovered and a major acute respiratory syndrome is caused by coronaviruses. It is also known as SARS-CoV-2, which means that this infection coronavirus was the same as SARS-CoV. It was confirmed to be named COVID-19 in 2019.

The WHO updates indicate an unimaginable increase in the number of reported cases of coronavirus 19 in the world from the 2nd week of March up to the present day. By 28 March 2020, 512,701 cases of COVID-19 were confirmed and 23,495 deaths were registered in the World Health Organization (WHO). The virus has affected 202 countries and territories worldwide. This virus’s mortality rates continue to rise day by day; based on the reported case and mortality updates from the Organization, up until now, the mortality rate is 22 percent. CoVID-19 or Corona Virus has had a huge impact on nations all around the world. Whether cultural, economic or health issues, it has affected nations everywhere.

Economic Issues

The pandemic spread of coronavirus has left companies all over the world to count costs and to wonder how they could recover. A collection of charts and maps is available here to help you understand the virus’s economic effects to date.

Fluctuation in Global Shares

Incredible financial market fluctuations when corporate shares are acquired and sold can influence the pension value or ISAs. As the number of cases of Covid-19 increased, the FTSE, the Dow Jones Industrial Average, and Nikkei all saw major decreases. In the first three months of 1987, Dow and FTSE recorded their biggest quarterly declines.

Loss of Employment

Also in many nations, including the United Kingdom, central banks have lowered interest rates. This should, in theory, reduce the cost of borrowing and increase investment in the economy. After the intervention of politicians, financial markets have re-established some territory. However, some experts warned of uncertainty until a second wave of the pandemic would ease worries. Most lost their employment or the coronavirus outbreak decreased their earnings. Because of this, unemployment rates have risen in major economies.

The IMF says 10.4% of the US population is out of work, hitting one of the world’s largest economies for a decade of growth. Millions of employee retention programs, such as tourism or hospitality, were often funded with state funds as economic industries were shut down. Data vary, however, among countries. For example, when the United Kingdom has already registered employees, France, Germany, and Italy submit information about applications.

Conclusion

Research explains the broad and enduring detrimental effect of the epidemic on global economic growth, with no nation remaining unharmed. In the short future, the Republic of China and the Evolving Asian Community would do well. As the dissemination of the disease is sure to persist to interrupt wealth creation and adversely affect industrial and production sectors, particularly in developed nations, we anticipate currency institutions to remain unstable.

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References

55 million domestic workers significantly impacted by COVID-19. (2020). Impact of the COVID-19 Crisis on Loss of Jobs and Hours among Domestic Workers.

Chapman, B., Swainston, J., Grunfeld, E., & Derakshan, N. (2020, October 29). COVID-19 Outbreak Effects on Job Security and Emotional Functioning Amongst Women Living With Breast Cancer. Retrieved from Frontiers in Psychology https://www.frontiersin.org/articles/10.3389/fpsyg.2020.582014/full

Chudik, A., Mohaddes, K., & Pesar, M. (2020, October 19). Economic consequences of Covid-19: A counterfactual multi-country analysis. Retrieved from Vox: https://voxeu.org/article/economic-consequences-covid-19-multi-country-analysis.

 Pak, A., Adegboye, O., Adekunle, A., Rahman, K., McBryde, E., & Eisen, D. (2020, May 29). Economic Consequences of the COVID-19 Outbreak: the Need for Epidemic Preparedness. Retrieved from Frontiers in Public Health: https://www.frontiersin.org/articles/10.3389/fpubh.2020.00241/full#h3

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