Global Statistics

All countries
591,600,209
Confirmed
Updated on August 10, 2022 4:58 pm
All countries
561,816,478
Recovered
Updated on August 10, 2022 4:58 pm
All countries
6,442,881
Deaths
Updated on August 10, 2022 4:58 pm

Global Statistics

All countries
591,600,209
Confirmed
Updated on August 10, 2022 4:58 pm
All countries
561,816,478
Recovered
Updated on August 10, 2022 4:58 pm
All countries
6,442,881
Deaths
Updated on August 10, 2022 4:58 pm
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How Has Covid Affected The Economy

Coronavirus: How The Pandemic Has Changed The World Economy

How Coronavirus has affected the economy of Kenya |Part 2|

BBC News

The coronavirus pandemic has reached almost every country in the world.

Its spread has left national economies and businesses counting the costs, as governments struggle with new lockdown measures to tackle the spread of the virus.

Despite the development of new vaccines, many are still wondering what recovery could look like.

Here is a selection of charts and maps to help you understand the economic impact of the virus so far.

Social And Political Impacts

Pandemics have significant social and political impacts such as clashes between nations, population displacement, and increased social tension and discrimination. Many pre-modern pandemics have caused serious demographic shifts, morality shocks, and social and political disturbance. Empirical evidence suggests that pandemics can create political tensions and unrest, especially in nations with weak institutions. The 2014 Ebola virus resulted in political and social unrest in the state as government-imposed quarantine and curfews to mitigate the disease’s spread with security forces that the general public perceived as a conspiracy and opposing the government. This issue caused riots and violence in the country, involving threats to health care personnel and damaging healthcare facilities and supplies. Modern pandemics have subtle social disruptions such as anxiety, social isolation, fear-inducing behavior, and economic hardships.

Poverty Job Losses And Informal Sector

According to the World Bank report, every fifth Indian is poor with around 80% population residing in rural areas.16

At least 49 million individuals all over the world are expected to dive into extreme poverty as a direct result of the destruction caused by the pandemic and according to World Bank, India is estimated to have its 12 million citizens pushed in extreme poverty .

According to the Centre for Monitoring Indian Economy , in India more than 122 million people lost their jobs in April 2020, out of them largely were the small traders and wagelaborers. According to a phone survey of 4,000 workers conducted by Centre for Sustainable Employment, around 80% of urban workers in the sample lost jobs with a sharp decline in the earnings of farmers and those who were selfemployed in sectors other than agriculture.17

Preexisting similarities in the formal and informal sectors in India are more likely to be increased because the informal or unorganized sector or workers do not have access to social security benefits and there is a lot of uncertainty in their work. The informal sector workers were already facing issues like low wages and income and in this pandemic, they are among the most affected people. Around 40 to 50 million workers are seasonal migrant which are directly and harshly affected and moved back to their native places due to lack of employment, income, shelter, and so forth .

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Fact : Small Business Revenue Is Down 20 Percent Since January

The COVID-19 pandemic has been particularly damaging for small businesses, which represent the majority of businesses in the United States and employ nearly half of all private sector workers . Figure 1 shows how the different small business sectors have been affected by this downturn, highlighting severe declines in revenue among the leisure and hospitality as well as education and health services sectors. Compared to January 2020, average daily revenue as of August 9 was down by 47.5 percent in the leisure and hospitality sector, 16.4 percent in the education and health services sector, and 14.1 percent in the retail and transportation sector aggregate small business revenue across all industries had fallen by 19.1 percent

Some sectors where employees could not work remotely and where businesses were not deemed essential to be open fared particularly poorly . Notably, some of these sectors, after partially rebounding, have begun to see revenue declines again starting in August. For example, the percent reduction in revenue fell by more than 5 percentage points in the first 10 days of August in the retail and transportation sector as well as in the leisure and hospitality sector.

How Has The Coronavirus Affected The Us Economic Outlook

Impacts of covid

The coronavirus pandemic and the governments response to mitigate its effects have drastically altered the U.S. economic outlook. Before the pandemic, the U.S. economy was in its longest expansion since World War II and had notably low unemployment. The pandemic and the resulting reductions in social and economic activity, however, have altered that trajectory.

To assess how the pandemic altered the nations economic path, this blog compares the Congressional Budget Offices 10-year economic projections from their , which were completed before the social and economic restrictions were implemented, to their projections released this week which include an assessment of the pandemics effects. Below are the takeaways from such comparisons.

2. The pandemic may have a significant, long-term effect on the U.S. labor market. In the second quarter of 2020, CBO expects that the labor market will witness its steepest decline since the 1930s, with the average unemployment rate climbing to 15.0 percent. For the full year, CBO anticipates that the unemployment rate will average 11.5 percent. That marks a surge from the 3.7 percent rate recorded in 2019, which was the lowest annual rate recorded in 50 years. CBO expects the unemployment rate to gradually decline in the following years, but remain above their previous forecast throughout the decade.

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How Has Covid Affected The Ai Economy

The AI Index finds that despite the pandemics economic hit, AI investment and hiring increased.

REUTERS/Thilo Schmuelgen

The AI industry saw strong hiring growth in 2020, despite the economic slowdown in other sectors due to the pandemic.

As businesses and other organizations worldwide manage ongoing pandemic effects and consider a slowly materializing post-pandemic future, a key question emerges: Just how much did COVID impact the AI industry?

AI is still in the early stages of a long secular growth trend, says Erik Brynjolfsson, Jerry Yang and Akiko Yamazaki Professor and senior fellow at Stanford Institute for Human-Centered AI and director of the Stanford Digital Economy Lab. But the pandemic is accelerating that trend, especially in areas like biotech, including drug design and discovery.

Brynjolfsson is a steering committee member of the recently released 2021 AI Index, an annual study of AI impact and progress developed by an interdisciplinary team at Stanford HAI in partnership with organizations from industry, academia, and government. The report examines AI and the global economy through the lenses of investment, hiring, and corporate activity, using data fromBurning Glass, , and McKinseys Global Survey on AI, among others.

Overall in 2020, AI hiring, investment, and adoption increased across the board, following long-term trends in the industry that will likely outlast the pandemics effects.

Not Caught Up On Rent

Table 2 shows the estimated number of adults whose household was not caught up on rent by state. The Census Bureau reworded the Pulse Surveys rent payment question starting with the late-August 2020 survey, so these rent hardship figures results are not comparable to data from earlier weeks of the Pulse Survey. In addition, Census at the same time made the entire survey longer, which led more respondents to skip questions toward the end of the survey, including the housing questions. Non-response is higher among groups that are younger, have lower levels of education, and identify as Black or Latino groups that are more likely to struggle to afford rent, due to longstanding inequities that often stem from structural racism in education, employment, and housing. Therefore, the Pulse data likely understate the number of people struggling to pay rent.

TABLE 2
8,0008%

Note: Figures are averages of data collected September 15-27 and September 29October 11. To adjust for non-response in the Pulse Survey, the estimated number is calculated as the Pulse Surveys estimated share not caught up on rent multiplied by the total number of adult renters ages 18 and older from the American Community Survey.

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The Economic Impact Of Coronavirus In The Us And Possible Economic Policy Responses

The spread of the coronavirus has the potential to impact almost every sector of the economy and requires smart, timely responses from the government.

    The risks to the economy from the spread of the virus can be containedeven if the virus cannot.

    An epidemiological threat such as the new coronavirus, which causes the disease COVID-19, can have disruptive effects on the economy. It can disrupt the global supply of goods, making it harder for U.S. firms to fill orders. It can also waylay workers in affected areas, reducing labor supply on one end and on the other slow the demand for U.S. products and services.

    International Monetary Fund Managing Director Kristalina Georgieva says the outbreak is the worlds most pressing uncertainty. The economic disruptions caused by the virus and the increased uncertainty are being reflected in lower valuations and increased volatility in the financial markets. While the exact effect of the coronavirus on the U.S. economy is unknown and unknowable, it is clear that it poses tremendous risks.

  • Do no harm
  • Put more, not fewer, resources in public health efforts
  • Assure businesses that things will be fine if the virus hits their sector and remediate harm when necessary
  • Calm financial markets
  • Ease the risks for households and vulnerable populations
  • Determinants Of Worsened Food Diversity During Covid

    The Virus Recession: Part One – how COVID-19 has affected the economy | 7.30

    TABLE 6. Determinants of worsened food diversity.

    Farmers and salaried households respectively were 0.15 and 0.28 times less likely to indicate worsened food diversity than wage earners during COVID-19. Wage-earners working in informal sectors are the most vulnerable group of people of the society in low and middle-income countries as they are wholly dependent on daily and weekly wages without stable monthly income but tighter measures imposed in these countries severely harmed the wage earners income. According to Chriscaden , more than half of the world workforce may lose their employment sources mostly in countries with large informal economies. Pakistan has a large informal economy and 73% of the labour force outside agriculture is engaged in informal sectors for their livelihood . Islam et al. also stated that millions of informal workers can lose their livelihood source during COVID-19. Therefore, the food and nutrition quality of wage earner is probably to suffer more compared to other occupations.

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    Difficulty Getting Enough Food

    Nearly 20 million adults 9 percent of all adults in the country reported that their household sometimes or often didnt have enough to eat in the last seven days, according to Household Pulse Survey data collected September 29October 11. When asked why, 82 percent said they couldnt afford to buy more food, rather than non-financial factors such as lack of transportation or safety concerns due to the pandemic.

    Adults in households with children were likelier to report that the household didnt get enough to eat: 12 percent, compared to 8 percent for households without children. And 7 to 13 percent of adults with children reported that their children sometimes or often didnt eat enough in the last seven days because they couldnt afford it. Households typically first scale back on food for adults before cutting back on what children have to eat.

    Also, analysis of more detailed data from the Pulse Survey shows that between 5 and 9 million children live in a household where children didnt eat enough because the household couldnt afford it. These figures are approximations the Pulse Survey was designed to provide data on adult well-being, not precise counts of children.

    Impact Of The Covid 19 Outbreak

    Covid-19 has impacted the societies in far more ways than impacting the health of the affected. It is affecting the societies as well as the economies at the core. The impact of the pandemic is severe and vary from country to country. It is likely to increase the economic costs among nations and increase the inequalities at a global level . The pandemic has disrupted the lives of people and affected world trade and movements, as seen in Table 3. At this stage, the pandemics negatively affect the manufacturing sector. Various industries and sectors have slowed down because of the disease, such as tourism, pharmaceutical industry, solar power sector, information, and electronics industry. There have been short-term challenges like a halt in tourism and entertainment and long-term consequences such as disruptions in trade and investments . The disease has extensive consequences on the healthcare, economic, and social sector.

    Table 3. COVID 19 : LME vs. CME Nations.

    Healthcare Impact

    The healthcare sector faces challenges in the pandemic regarding diagnosis, treatment, and disease prevention. The medical system’s functioning has become a burden, and patients with other medical problems are getting neglected. The lives of doctors and other health professionals are at very high risk. Pharmaceutical shops are overloaded, and the medical supply chain is disrupted.

    Economic Impact

    Social Impact

    Figure 5. Number of deaths caused by COVID-19 .

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    Which Sectors Might Expand Or Contract

    Kroszner said that an effective recovery strategy should consider which types of jobs will be available in the coming years and how to ensure that employees have the skills to fill them.

    Well-intentioned programs that are trying to freeze things as they were in February are going to make it more difficult for people to find new positions, Kroszner said. At some point we’re going to have to allow for a transition. We’ve got to get the support structures right to get people moving into new sectors.

    Ai Adoption Now And In The Future

    Covid

    Beyond the pandemic, AI is expected to grow within and across industries, moving from fast adopters such as automotive manufacturing and financial services risk-management to less tech-focused industries, functions, and geographies.

    More broadly, the context in whichAI technology is deployed matters a lot. Its not that you just buy the technology and slap it in, Brynjolfsson says. You need to do business process changes. That’s been a hindrance to rapid adoption of AI, even though COVID has pushed companies to be more aggressive about it.

    While there are plug-and-play approaches to harnessing AI in certain sectors, more companies will have to consider broad contextual changes to get the most from the technology. Its a rethinking of how the distribution center or factory works and how you coordinate with suppliers and customers, Brynjolfsson says. We found that it could be up to 10 times as much investment in business process redesign and reskilling of the workforce as in the technology itself. It can be so costly that you may even get a productivity J-curve where productivity goes down before taking off.

    Indeed, Brynjolfssons recent research shows that digital capital, or investment in resources complementary to core technology like AI, is growing rapidly as a share of all capital in the global economy now in the trillions of dollars, he says

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    The Arts Entertainment And Sport

    The epidemic had a sudden and substantial impact on the arts and cultural heritage ” rel=”nofollow”> GLAM) sectors worldwide. The global health crisis and the uncertainty resulting from it profoundly affected organisations’ operations as well as individuals both employed and independent across the sector. By March 2020, across the world most cultural institutions had been indefinitely closed exhibitions, events and performances cancelled or postponed. Many individuals temporarily or permanently lost contracts or employment with varying degrees of warning and financial assistance available. Equally, financial stimulus from governments and charities for artists, have provided greatly differing levels of support, depending on the sector and the country. In countries such as Australia, where the arts contributed to about 6.4% of GDP, effects on individuals and the economy have been significant.

    The COVID-19 pandemic has shut down or delayed production of television programs in several countries. However, a joint report from Apptopia and Braze showed a 30.7% increase in streaming sessions worldwide on platforms such as Disney+, Netflix, and Hulu during the month of March.

    Supply Chain Disruptions Make It Difficult For Us Firms To Finish Their Products

    Disruptions to global supply chains are one of the clearest effects of the coronavirus. Looking more closely at global supply chains, there have already been significant disruptions, with the list of manufacturers outside of China forced to decrease production in their plants growing longer every day.

    As noted earlier, China has shut down factories in areas affected by the virus as a preventive measure, causing supply chain disruptions and affecting the mobility and near-term employment prospects of migrant workers.

    These disruptions could further spread. As the virus has moved outside of China along with the efforts to contain it, it is possible that many workers around the world may not be able or willing to show up at work, further reducing economic activity. The viral outbreak in northern Italy, for instance, has shut down a firm that is the supplier of electronic parts to automakers across the European Union, meaning auto plants in several countries may need to close. This kind of widening of supply chain disruptions to suppliers of intermediate goods outside of China will make it increasingly difficult for U.S. firms to substitute products from other countries for the missing inputs from China.

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    Pharmacists Can Prescribe Covid Treatment Drug Paxlovid Fda Says

    Biden encourages parents to speak with doctors about getting kids vaccianted against COVID-19

    “For the first time now, in this pandemic, nearly every American can now have access to life-saving vaccines. And we’re ready,” President Joe Biden said on Tuesday from Washington, D.C.

    WASHINGTON – Pharmacists can prescribe the leading COVID-19 pill directly to patients under a new U.S. policy announced Wednesday thats intended to expand use of Pfizers drug Paxlovid.

    The Food and Drug Administration said pharmacists can begin screening patients to see if they are eligible for Paxlovid and then prescribe the medication, which has been shown to curb the worst effects of COVID-19. Previously only physicians could prescribe the antiviral drug.

    The announcement comes as COVID-19 cases, hospitalizations and deaths are rising again, though they remain near their lowest levels since the coronavirus outbreak began in 2020.

    Biden administration officials have expressed frustration that several hundred Americans continue to die of COVID-19 daily, despite the availability of vaccines and treatments.

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    “Since Paxlovid must be taken within five days after symptoms begin, authorizing state-licensed pharmacists to prescribe Paxlovid could expand access to timely treatment,” said FDA drug center director Patrizia Cavazzoni.

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