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The COVID-19 pandemic has resulted in over 4.3 million confirmed cases and over 290,000 deaths globally. It has also sparked fears of an impending economic crisis and recession. Social distancing, self-isolation and travel restrictions have lead to a reduced workforce across all economic sectors and caused many jobs to be lost. Schools have closed down, and the need for commodities and manufactured products has decreased. In contrast, the need for medical supplies has significantly increased. The food sector is also facing increased demand due to panic-buying and stockpiling of food products. In response to this global outbreak, we summarise the socio-economic effects of COVID-19 on individual aspects of the world economy.
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 childcare costs for families with young children. Additionally, there exists a wide disparity amongst populations with a higher income who are able to access technology that can ensure education continues digitally during social isolation. In Dubai, 13,900 people have signed a petition to decrease indepedent school fees by 30% as parents struggle to source these funds amidst recent pay cuts reaching as high as 50%, and high costs of living. Furthermore, parents are being asked to provide schools with confidential information such as bank statements and profit and loss company statements
COVID-19 has affected communities, businesses and organisations globally, inadvertently affecting the financial markets and the global economy. Uncoordinated governmental responses and lockdowns have led to a disruption in the supply chain. In China, lockdown restrictions significantly reduced the production of goods from factories, while quarantine and self-isolation policies decreased consumption, demand and utilisation of products and services [32]. As COVID-19 has progressed to affect the rest of the world, China will begin to recover faster than the rest of the countries, strengthening its trade negotiating power against the US. In fact, chinese companies will be in the advantageous position to acquire their western counterparts, which are greatly dependent and will be inevitably affected by the stock market
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