Effects of COVID-19 on Economics

 

    Worldwide, the COVID-19 pandemic had generated comprehensive lockdowns that offer an unparalleled opportunity to consider how large-scale changes in human activities will affect companies. By declaring national emergencies and creating more or less extensive lockdowns to facilitate social distancing, most governments around the world have responded to the spread of the disease. Medium, small businesses are the key casualties of the COVID-19 outbreak. Many researchers' results show that most of the participating companies have suffered seriously and face many obstacles, including financial instability, disruption to the supply chain, reduced demand, profits and loss of earnings, and others. Mostly the small industries or small livestock businesses like the one of Bi-Chow suffer from immense loss almost to the point of being shut down the business. In addition, more than 83% of companies were not planned for this scenario, nor had any proposals. Breeders like Bi's livelihoods are among those most specifically affected by a coronavirus, while employees in all sectors will ask similar questions as difficulties cascade.

    Keeping in mind the scenario of locked down to prevent the spread of the virus was useful to a certain extent but the cause via which this emerged was when China opened the borders in September 2019 knowing that the scientists and researchers had been infected with a virus and they still let them travel the world. That very decision by the Chinese Government was the major fault in the spread of the virus. The lockdowns were then only a strong effort to decrease the spread within the region. Several governments have used these techniques to effectively reduce the spread of the Covid-19 and others which resulted in miserable labor.

    In my opinion, COVID 19 has affected the business industry badly but we can’t blame the locked down as it was the only way to reduce the spread of the virus yet I think it could be controlled by smart locked down as closing the educational institutions, beauty salons, small businesses but should have let the bug industries on which the economy works operate in strict SOPS.

    A sustained well designed health policy measure could have been much more helpful for the economy of a certain country than a complete locked down. The negative impacts of locked down can be seen in different industries. Farm workers are heavily dependent on the current structure for temporary harvesting. Failure of some employees to enter agriculture can lead to food losses through lock-downs and damage to the world's supply chain may lead to food import malnutrition in many developed economies. On the other hand, a drop in manufacturing production may help to minimize industrial waste management practices. However, the rise in home cooking and demand for home deliveries would increase household waste.

    As regards material reserves, it is worth noting that the pandemic does not kill the financial assets but delay human movements and products production within the economy, unlike tornado events, flutes, volcanic eruptions and other natural disasters. In other words, when social dissociation measures are in effect, the capital asset capability usage stays low, but should return to usual levels after the conclusion of the health crisis.

    Finally, the beneficial and damaging effects of the pandemic on resource and waste flows and supplies remain somewhat unclear since the environmental impact of the pandemic is believed to be transferred between industries and areas. Pandemics provide a remarkable chance to gain deeper insight into these emerging institutions' capabilities and vulnerabilities and how under typical situations they contribute to the survival of our communities.