Economic Effects of Covid 19..

Glory Oyinloye

Effects of Covid 19...|| 7 May, 2023.

In 2019/2020, a sustained rise in the production capacity (economic growth) of nations worldwide was negatively affected due to unemployment (a negative effect of the pandemic).

Lots of adults fear high unemployment rates which raise the chance that they will be unable to pay their bills, have their cars repossessed, or lose their health insurance. In bad times like this, when the unemployment rate is high, crime, mental illness, and suicide increase. Robert Burton, an English Clergyman wrote in 1621 that ‘employment is so essential to human happiness that indolence is justly considered the mother of misery', emphasizing the importance of employment to humanity

According to worldometer, the corona virus is affecting 229 countries and territories. With a total of 668,163,406, deaths over 6.7million, and recovered about 639M+. Affecting both the young and old, this pandemic triggered global economic crisis all over the world, resulting in a 7% drop in global commercial activities in 2020. Not forgetting that this pandemic resulted in the second largest recession in recent history, due to lockdowns, there also occured crashes in the stock market, causing food crisis- food shortage, spikes in general prices, market disruption and in the fashion, sport and technology sector which had to hold their shows virtually.

Additionally, according to Wikipedia, 25% of revenue and 11% of workforce was lost in business during the COVID times.

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