Economic impact of covid 19

  Economic impact of covid 19

The covid 19 health crisis has evolved into a global economic crisis with the collapse of daily labor and the termination of flights. To date, more than 722,000 people have been diagnosed with the disease in 190 countries and over 33900 deaths. Although they are the only ones affected by the health outlook, the number of economically distressed people is high. The impact on low and middle income countries is huge. Meanwhile, the failure of the daily wage earners to meet their daily needs has seen the collapse of the school and higher education system.

There are basically three economic consequences of the virus.
• Closure of public institutions, public services and public functions by governments

• Suspend the process of private companies and companies

• Restrict consumers to shop, subject to self-restraint and curfews

Although these problems occur primarily, they can be based on long-term problems.

The closure of public services will result in deprivation of education and subsidies for low-income people. Therefore, they have problems with food supply. Since private firms are more informal than private firms and do not receive salaries without services, disposable personal income declines.

As a result of this, the supply of economies will fall and market prices will rise Also, as consumers are confined to their homes, demand is diminishing and the producer's income is reduced and discouraged producers.

And the unexpected epidemic has diminished the future investment in the health and financial services of the economies, while the financial allocation to finance the economic overheads for health has been reduced. Since most economies are operating on credit, some countries are now asking the IMF to grant a grace period.
Considering past experiences, the Ebola epidemic can be saved. For example, unplanned pregnancies in Sierra Leone have increased sharply during the Ebola epidemic, which could result in school closures. Adolescent mothers are less likely to return to school, and their children have less health and educational investment.

Health workers are at high risk of contracting the virus. To date, nearly 60 doctors have died in Italy. It is therefore unfortunate that, beyond the present crisis, the human capital of the future health sector is also expected to decline.