Question

An essay discussing economic and social consequences of the corona virus pandemic. The essay should be typed and It should be around two pages long, more or less 800 words (the very maximum 1200 words). Use Times New Roman 11p with 1.5 line spacing.

Answer 1

This coronavirus pandemic has various consequences on economic and social life in the World. The virus started spreading in China, then after in Italy and a few more European countries, after that it spread in the US and the rest of the world very rapidly. This coronavirus has many impacts on the economy and social life in the World, which is as follows:

1. Economic Consequences: The economic consequences are much more related to the economic aspect of the nations. Due to this virus, many countries have announced lockdown in their county which resulted in the stoppages of all production activities. The likely consequences of this virus are:

a. The demand in the economy will decline due to lockdown. lockdown

b. The production activities are on hold, so there will be a decrease in the production of various goods and services in the economy.

c. The investment in the economy will be declining due to this many production activities will be a slowdown in coming time.

d. The growth rate of GDP will decrease. This virus impacted various parts of the economy, so there will be a slowdown in the economic activities which will results in to decrease in the production of goods and services, and then this will impact the overall growth rate of the economy.

e. There will slower growth in employment in the country which will affect the earing capacity of the people and aggregate demand and expenditure which will result in a recession in the economy.

F. The government will allocate more resources and funds to health-related activities in their annual budget or at least the country will start to give priority to health in their government expenditure.

2. Social Consequences: This coronavirus pandemic has various impacts on society also. The society is now in facing various problems due to this pandemic which are as follows:

a. The domestic violence will increase against the woman and minor people in the society. Because all the people are staying at home and this will increase the tensions between various members of the family.

b. The anxiety and fear of these types of situations will increase and this will lead to an increase in more mental related problems in society or sometime this will lead to an increase in the violence in society.

c. The structure in the society will be change like due to this more people will be not taking part in any kind of social function or any social gathering. Because now everyone knows that this virus van spared through only human close contact. So, social distancing will increase in society.

d. Due to this pandemic, people will follow cleanliness, personal hygiene, and related things in various countries.

So, these are the likely economic and social consequences of coronavirus.