EFFECTS OF COVID -19 ON
GLOBAL ECONOMY
The effects
of Covid-19 have been felt by most nations of the world, though it started in Wuhan
China as a community disease in December 2019. Corona virus has become one of
the worst pandemic to hit the world in this century. Being a new virus as our
scientists are telling us, Covid-19 has become a major threat even to the major
economies of the world; they have been hard hit by this killer monster that
currently has no cure. So far it has been estimated that over 1.6 billion
people in the informal sector have lost their jobs because of Corona.
Currently,
Covid 19 has left over 200,000 people dead, millions infected by this killer virus;
as a result of this, Nations have been trembled and global economy hard hit
beyond repair. The Economy of most nations is bleeding uncontrollably. It is
evident that no nation in the world has been spared by this deadly disease. It
has left many wondering, what is the way forward for the next 6 months, owing
to the fact that, the virus is spreading like bush fire. It is important to say
that major sectors of global economy have been deeply wounded with no hope of
soon recovery.
Numerous effects have been
evident in the economy of almost every nation. One major effect of this killer
disease has been the death of thousands of people with the graph rising on a
daily basis. This has shaken not only the family foundation but national and
global foundations have not been spared. Many people have lost their love ones
in different aspects; some have lost their
husbands , others their wives,
while others have lost their fathers or mothers, parents
have lost their children , brothers have lost their sisters
and vice versa etc. Cries are being heard from every corner of the world, with cure
to comfort people who have been bereaved by their loved ones.
People are living in fear because
they do not know who is next in the line of infection and in severe cases
death. People can no longer go to see
their loved ones in the hospital because they cannot be allowed ; because of
the nature of the disease, it has become almost impossible to control this
pandemic; it is terribly infectious in that ,even the dead are handled with
great caution , the worst part of it is
that, people are not allowed to bury their own; this has left many traumatized and
in great pain as a result of the loss their loved ones; for instance relatives
who have their people abroad cannot receive the bodies of their loved ones; where
people dies , they are buried there by
few people; some people might never see the graves of their loved ones, because
its only the authorities in those countries that knows where people have been
buried.
Job losses have been a notable
effect of Covid 19 .It has been estimated that over 1.6 billion people in the
informal sector have lost their jobs; working hours has rapidly reduced to less
than 6 hours per day in many major economies .This has led to increase in
poverty level, many people are depending on government for even the basic
necessities of life such as food. Living standard is no longer a priority in
many nations; people are struggling to have a better life with little or no
success.
Industries are no longer operational; some
have shut their doors with no hope of opening soon. Not one sector of the
economy has been spared, for instance, tourism and transport have been hard hit
to the point of drastic stagnation; employees in these sectors are struggling
for survival but in vain. Hotels have been closed, airlines are no longer
enjoying their good profits, and it is only cargo planes in some countries that
have been left to operate, not for profit gain but for survival. Tourism has
been greatly affected as a result of
the current travel restrictions; no one is allowed to move from one country to
another for tourism or trade. Many employees in the hotel industries are at
home with no hope of ever being paid for what they have worked for, leave alone
what they have not worked for.
Education is another sector that
has been deeply affected by Covid 19.Most learning institutions globally, have been
closed as a result of Corona virus. This has distracted the academic calendars
of most learning institutions. Chances of students who are graduating this year
seem to be dim if things don’t change. Most learning institutions are no longer
operating. This has left many teachers and educators struggling to make the
ends meet. With the increase in the rate of infections; currently there is no
hope for learning institutions opening soon. Some nations are trying digital
learning while others are stranded not knowing what to do.
Health sector is the most wounded
of all, with doctors having sleepless nights trying to help those affected by
this pandemic; scientists are trying hard to find the cure for this dreaded
disease. The budget of health has been strained beyond limits. Governments are
borrowing from other sectors to aid the
health docket. This is the only sector that is having people who are a
hundred percent at work. The health workers have not been spared; many health
workers have died in the line of duty a thing that should worry any person
because they are in the forefront. This is the right time to support the health
workers with all that they need to keep the ball rolling. Many health workers cannot go back home after
work because of the high rate of infection of the Covid 19. The families of the
health workers are stressed because they cannot see their husbands at home,
some cannot see their wives as they used to, children can no longer enjoy the
joy of having their parents at home
Religion is another sector that
has been greatly affected by Covid 19. People can no longer congregate. The
social distance rule has made people to stay at home, this has greatly affected
the spiritual well being of many ; In
this century Covid 19 is the only disease that has caused total lock down even
in the most sacred places all over the world . In the history of man, this is
one of the dreaded diseases that has made places of worship a no go zone. All
over the world no mosque, temple, shrine, church etc are open; in most
countries it has become a crime to be found in the place of worship. Many
worshipers have found themselves on the wrong side of the law because of
ignoring the social distance rule. The social distance rule has caused people
to be apart; people can no longer socialize as they used to, currently it’s a
crime for many people to be found in one place either for a drink or sports.
Trade
is another sector that has been greatly affected by Covid 19. Many people can
no longer operate their business because of the movement restrictions .People
can no longer trade freely as they used to. Many business premises have been
closed because of this killer disease; trading has become almost impossible in
every nation in the world. As a result of this, the economy of most nations is
on a stand still because people cannot pay tax which is required to run any
economy .The money market is no longer active because people cannot trade as
they used to.
The
time has come for people from all nations to join hands to defeat this monster
which is threatening to wipe out the human race from the face of the earth.
This can be done by adhering to all the set rules and regulations to curb the
spread of this dreaded pandemic.
Quoting
from one health minister from Kenya who said ; " If we continue to behave
normally towards Covid 19 this disease will treat us abnormally, he further
said that citizen responsibility is the key to defeating this virus” (Mutahi Kagwe .)
Compiled
and written by George K Mwangi
Passmark
educators
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