Question

Answer the question in 1 page with source.

- COVID-19 impact on local, national and global population, politics, social life, education and economy.

Answer 1

The COVID-19 has emerged as a global public health concern due to a large-scale community-based outbreak across countries. The number of confirmed cases rapidly Increases day by day. And the number of death cases is also increasing rapidly, some asian countries such as india is somehow able to control the growth rate.

It is affecting the country's and global economy, hitting manufacturing and service sectors alike, with huge impacts on the labor force. Its impact on vulnerable individuals and housholds who are already bordering poverty may widen inequality gaps and even entrench people in poverty. Students are troubling because college, school and other educational institution is shut down due to lock.

But the most adverse affect of COVID-19 is:

Underutilization of labor by 3 percent across all sectors in the global economy results in declining capital usage.

Trade costs of global imports and exports increase by 25%, applied across all goods and services.

Sharp drop in international tourism (captured via a 50% tax on inbound and outbound tourist related services such as transport, accommodation, etc.).

Reallocation of demand away from sectors requiring human interaction.