Negative impact on the coronavirus as one of the socio-economic issues on businesses
Answers
Answer:
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.
Keywords: Economy, Economic impact, COVID-19, SARS-CoV-2, Coronavirus
1. Introduction
Labelled as a black swan event [1] and likened to the economic scene of World War Two [2], the outbreak of COVID-19 (the disease caused by Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-COV-2)) has had a detrimental effect on global healthcare systems with a ripple effect on every aspect of human life as we know it. Sohrabi et al. highlighted the extent of the outbreak with the World Health Organisation (WHO) declaring the COVID-19 outbreak as a global emergency on January 30, 2020 [3]. In a response to ‘flatten the curve’ [4], governments have enforced border shutdowns, travel restrictions and quarantine [5,6] in countries which constitute the world's largest economies, sparking fears of an impending economic crisis and recession [7].In an attempt to understand the turmoil effect
Explanation: