COVID-19: Impact on World Economic Development & 24.9M Cases - Essay Sample

Introduction

COVID-19 has affected several sectors of the general human life. In this paper, although we narrow down to the negative effects it has brought to the Worlds economic development (Schwab, 2020). The first case of COVID-19 was reported in Wuhan, Hubei China back in December 2019. As by August 30, 2020, more than 24.9 million infections had been confirmed across 188 countries, the upshot is more than 842,000 deaths as a result of the same disease (Schwab, 2020). Its symptoms include fever, cough and fatigue, shortness of breath, loss of taste or smell, and sometimes the disease exhibits no symptoms at all. The disease is caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) (Schwab, 2020). No vaccine or medication has been approved yet for the disease, but it can be prevented by hand washing, face coverings, quarantine, and social distancing. The COVID-19 crisis has, therefore, presented various research questions concerning its effects on manufacturing industries, sports, and tourism as well as the education sector.

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Crisis on Manufacturing Industry

COVID 19 has affected the smooth running of the global economy (Stapleton, 2020). This disease limits the manufacture of essential goods and the provision of indispensable services to keep the economy running. This reduces individualistic incomes and global money circulation steps up demand resulting in the reverberation of the rest of the manufacturing sector (Stapleton, 2020). Each government is therefore left with the responsibility of taking necessary measures to curb the disease, at the same time taking necessary precautions to prevent their economic inflation (Schwab, 2020).

Crisis on Tourism and Sports

Tourism and sports act as a great pillar to economic sustainability Crisis of the Covid-19 Pandemic. There is a widespread consensus among economic analysts that this pandemic has left the global economy at the grassroots level (Stapleton, 2020). Early estimates predicted that global economies will lose up to 2.4% in the value of their gross domestic product (GDP) by December this year. Most governments widely use sports to generate income into their economies (Stapleton, 2020). Since the outbreak of the pandemic, stadiums, pools, gyms, fitness studios, parks and playgrounds have been shut down. Many countries in Europe however have been able to go back to sporting but under new COVID 19 guidelines. In the United Kingdom, for example, the English premier league is back but under very strict COVID 19 guidelines (Stapleton, 2020). Fans are not allowed into the stadiums, players have to be tested regularly and players that break the general COVID 19 protocols are quarantined for two weeks before they resume sporting activities; all these strict restrictions, therefore, contributes to an economic crisis.

Crisis on Educational Institutions

Closure of education institutions, all around the world has also impacted the world’s economy a great deal (Schwab, 2020). This sector is comprised of several stakeholders and investors who conduct several activities to support the smooth running of some of these schools. When schools were closed, most workers as well teachers had their jobs halted (Schwab, 2020). This slowed down the economy as it led to the rise of unemployment. Communities around major institutions such as universities and colleges are on the frontline of those adversely affected. Businesses around these areas can no longer boom as they used to (Schwab, 2020).

Conclusion

COVID-19 has indeed led to a major economic crisis especially in the field of education, manufacturing, tourism, and sports. The global community should embrace E-commerce in these tough times of COVID-19. It is the only way that can be used by businessmen to support the economy and provide some cash flow. As the world begins to recover from COVID-19, there will be momentous issues that will have to be addressed to ensure that the economy stands back upright to where it used to be.

References

Schwab, K. (2020). COVID-19 (1st ed., pp. 44-54). Agentur Schweiz. https://www.amazon.com/COVID-19-Great-Reset-Klaus-Schwab/dp/2940631123

Stapleton, D. (2020). Coronavirus Crisis (1st ed., pp. 12-33). Morgan Kaufman. https://www.amazon.com/Coronavirus-Crisis-fiction-Daniel-Stapleton/dp/B0858TTJMG