Problems suffered by Economy from COVID-19 ( Lockdowns)

in Project HOPE4 years ago

Hello people this is monz122 and today let's discuss about the problems due to COVID-19

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Reasons behind the sufferings due to COVID-19

1)Continuous Lockdowns

2)Problem of Unemployment

3)People getting removed from their job

4 )Number of people battling acute hunger

  1. Income losses from informal economy

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According to Statista Research Department dated December 7th 2020.September 2020, India saw an unemployment rate of over six percent. This was a significant improvement from the previous months. A damaging impact on an economy as large as India’s caused due a total lockdown was imminent. Unemployment went up to 24 percent in May 2020. This was possibly a result of a decrease in demand as well as the disruption of workforce faced by companies. Furthermore, this caused a GVA loss of more than nine percent for the Indian economy that month.

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Battling Acute Hunger

According to a survey in September, The Global Network Against Food Crises (GNAFC) held a high-level event to present a review of the most recent global data available on how the knock-on effects of the COVID-19 pandemic are driving up acute hunger in vulnerable countries that were already wracked by food crises even before the novel coronavirus arrived on the scene. The meeting was also important for international resource partners and relevant actors to discuss emerging priorities, financing and programming implications in light of COVID-19.

Removed from job

According to a survey of economic times .com 4.1 million youth lost their job due to pandemic.
According to a survey inJune 2020 pandemic has had a particularly dire impact on domestic workers around the world. At the beginning of June 2020,
the number of COVID-19 infections had
exceeded 7.3 million cases affecting most
countries and territories.
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As the number of cases and fear of contagion was spreading so too have confinement measures. To facilitate physical distancing, most countries
adopted either full or partial lockdown
measures to prevent transmission.
While domestic workers have suffered
many kinds of impacts resulting from the
pandemic, one of the main consequences of
COVID-19 has been a reduction of working
hours and, in some cases, a loss of jobs,
resulting from fear and restricted mobility
associated with confinement measures.

Conclusion

2020 has been a worst year in the history of the world as everyone has to suffer a lot because of pandemic situation , many lost their jobs , people living in rented house were unable to pay their rents and have to vacant their houses. Migrants suffered alot due to this pandemic.
Now government should take steps towards increasing the rate of employment opportunities .
Cc
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The worst thing is also that this is a disease for which it has not been possible to have a health control to minimize global mortality.

Greetings and thank you for this post.

You are correct sir and thanks for stopping by .