HOW COVID HAS AFFECTED PEOPLE’S STANDARD OF LIVING

After the war of Covid-19, life was not like before. People’s standard of living has changed too much.

High unemployment and bankruptcy have resulted from the Covid-19 outbreak, which threatens to have a long-term impact on living standards. The transition for individuals and economies to new sectors is predicted to be unpleasant. 

People are now more conscious about precautions. Social distancing and face masks are mandatory now. You can buy face masks and hand sanitizers at amazing discounts by getting promo codes from DealMeCoupon.

MAJOR RESEARCHES

The researchers conducted in the following countries:

  • Bangladesh
  • Burkina Faso
  • Colombia
  • Ghana
  • Kenya
  • Nepal,
  • Philippines
  • Rwanda
  • Sierra Leone.

 Respondents in all of these countries reported decreases in employment, income, and market and service access, resulting in significant levels of food insecurity. 

Many households stated that they were unable to achieve their basic nutritional requirements.

“COVID-19 and its economic shock pose a serious threat to residents of low- and middle-income countries, which lack the social safety nets that exist in high-income countries, according to Mushfiq Mobarak, professor of economics and faculty director of the Yale Research Initiative on Innovation and Scale (Y-RISE), who is also the study’s corresponding author.” The information we’ve gathered demonstrates that rising food insecurity and falling income have catastrophic economic effects that, if allowed unchecked, may push millions of vulnerable people into poverty.”

EFFECT OF COVID ON ECONOMIC ACTIVITIES

Economic activity has decreased over the world as a result of the COVID-19 epidemic. Individuals in practically all countries have changed their purchasing and working habits due to the virus’s fear and tight social separation measures. 

Citizens in low- and middle-income countries (LMICs), which account for the bulk of the world’s population, could suffer grave challenges to their livelihoods. 

To provide a detailed, quantitative description of the economic effects of COVID-19 among various subpopulations in these LMICs, we use survey data systematically collected from 16 samples of over 30,000 households (containing more than 100,000 people) in nine countries in Africa, Asia, and Latin America.

There is reason to suppose that affluent and developing countries are dealing with the crisis in very diverse ways, making a rigorous recording of COVID-19’s effects in various circumstances vital. 

Economic losses are frequently minimized in industrialized countries by government protection programs, employer modifications to hours or compensation, or household savings. 

In the absence of strong social safety nets, economic activity reductions in LMICs can have more significant negative welfare repercussions, particularly for individuals employed in the informal economy. 

On the other hand, Epidemiological models suggest that the virus’s health effects in LMICs will be less severe due to their younger populations.

  1. Poorer countries are also less connected to the global economy through trade and travel, so they were exposed to the pandemic later, giving them valuable time to prepare and learn from China’s, Europe’s, and North America’s experiences (though it is unclear whether these opportunities were taken advantage of in practice)
  2. Goldberg and Reed cite these variables. 
  3. WHO uses macroeconomic and financial statistics to suggest that the pandemic’s first economic consequences were unexpectedly moderate in LMICs. On the other hand, international organizations have utilized similar aggregate statistics to generate catastrophic predictions about GDP losses and remittance flow declines.
  4. A reduction in remittance flows 
  5. An increase in poverty and hunger

EFFECT OF COVID ON SENIORS

COVID-19 infection is more likely to affect the elderly, especially chronic health issues, including hypertension, cardiovascular disease, or diabetes.

Not only do older people face increased health risks, but they are also less likely to be able to sustain themselves in isolation. Although social separation is required to keep the disease from spreading, if done incorrectly, it can lead to increased social isolation among the elderly when they are most in need of assistance.

YOUTH

Youth can also support the most vulnerable members of society by participating in public health social awareness programs in their areas. As a result, children and teenagers have a critical role in limiting the virus’s spread and impact on public health, society, and the economy as a whole.

Youth unemployment is disproportionately high, and those working usually work in the informal or gig economy, on precarious contracts, or in service industries that are projected to be negatively impacted by COVID-19.

IMPACT ON FAMILIES

The Impact of the Pandemic on Family Life Across Cultures is an international research study directed by Dr. Anis Ben Brik. He’s a prominent and acknowledged expert in Social Policy and Sustainable Development.

This study involves twenty-one researchers from 40 nations across five continents. A total of eighteen partners are involved in this project. UNDESA is a participant in the project and shares the vision and priorities of the other participants for the home’s life and work. Please find out more about COVID-19 and its impact on families.

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