What are long term economic impacts of COVID - 19
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Answer:
About a year since the coronavirus recession began, there are some signs of improvement in the U.S. labor market, and Americans are feeling somewhat better about their personal finances than they were early in the pandemic. Still, about half of non-retired adults say the economic impact of the coronavirus outbreak will make it harder for them to achieve their long-term financial goals, according to a new Pew Research Center survey. Among those who say their financial situation has gotten worse during the pandemic, 44% think it will take them three years or more to get back to where they were a year ago – including about one-in-ten who don’t think their finances will ever recover.
The economic fallout from COVID-19 continues to hit some segments of the population harder than others. Lower-income adults, as well as Hispanic and Asian Americans and adults younger than 30, are among the most likely to say they or someone in their household has lost a job or taken a pay cut since the outbreak began in February 2020.1 Among those who’ve had these experiences, lower-income and Black adults are particularly likely to say they have taken on debt or put off paying their bills in order to cover lost wages or salary.
Explanation:
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Explanation:
Pandemic
The ongoing pandemic is hitting life across the globe - toppling structures and economies in its wake. India is no exception to the crisis. Here’s how the coronavirus could change our political economy.
Lockdown
In light of the spreading virus, the country went on a total lockdown from March 25 - barring essential services - meaning no movement unless you provide one of the exempted services.
Jobs
Restricting movement means the working class across the country - close to 400 million people - is heavily affected. Work from home is a luxury only few jobs offer, the rest of the workforce faces major uncertainty.
Long term impact
The hits India’s labour workforce is taking could reshape how policy is fashioned, post-pandemic. The unorganised workforce has, for the first time, been hurt by the state’s decision-making and they will remember it once all of this dies down
Economic hit worse than pandemic?
All said and done, India’s economy relies on the unorganised sector; while the pandemic could take many lives, it is also simultaneously taking away livelihoods, ones that have been many families’ sole support.
Uncertainty ahead
All these factors mean that even when the pandemic eventually dies down, the struggle and class conflict it is causing might not go away - leaving the nation reeling and having to deal with it for the foreseeable future.