In: Economics
Write an essay of at least 250 words on
COVİD -!9 How has the Corona Virus affected nations / countries
both socially and economically ?
Covid-19 has sparked fears of an impendig economic and social crisis. Social distancing, self isolation and travel restriction have lead to a reduced workforce across all economic sectors and caused many jobs to be lost. Schools have closed down, the need for commodities and manufactured products has decreased. The food sector is also facing increased demand due to panic- buying and stockpiling of food products. A global crash in demand hotels and restaurants has seen prices of agricultural commodities drop by 20%, furthermore markets have gone a step further by shutting down floor trading which has impacted the ability to exchange commodities.Covid-19 has had an impact on social mobility whereby schools are no longer able to provide free school meals for children from low income families, social isolation and school dropout rates. It has also had a significant impact on child care costs for families with young children. there also exists a wide disparity amongst populations with a higher income who are able to access technology that can ensure education continues during social isolation.
The coronavirus pandemic has been followed by a concern for a potential spike in suicides, exacerbated by social isloation due to quarantine and social distancing guidelines, fear and unemployment in financial factors.Many reports shown the increase in domestic violence cases due to financial insecurity, stress and uncertainity have lead to increased aggression at home with abusers able to control large amount of their victims' daily life.The pandemic has impacted religion in various ways including the cancellation of the worship services of various faiths, the closure of sunday schools as well as the cancellation of pilgrimages surrounding observances and festivals.Older people living in long term care facilities such as nursing homes and rehabilitation centres are particularly vulnerable to infection.