Life After Coronavirus Covid-19

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Life After Coronavirus Covid-19

Life After Coronavirus Covid-19

Introduction :

Life after the Coronavirus Covid-19 outbreak will always be different. Covid-19 caused record-breaking disruptions in multiple industries, forcing employers to respond at a record-breaking speed-including implementing remote work on the spot, while minimizing employees’ worries to reduce worries and stress. The current epidemic has brought the entire world to a standstill, and countries are in a state of lockdown to prevent the virus from relentlessly advancing.

However, there is no predictions on when the situation will stabilize. Because there is no vaccine and no cure has been invented. Many countries like USA, Russia, China, Pakistan etc claimed to discover the vaccine but still not available in market. Now some people worry about what life will be like after COVID-19, which may cause emotional loss.

The time we are in now reminds us of World War II. In this sense, many of the innovations we enjoy today were invented during or shortly after the war. Crisis, challenges and constraints can be used as driving forces.

Just a few months ago, many people worried about losing their jobs because of robots and automation. Almost overnight, we stopped talking about this fear, or at least the fear we talked about diminished. However, COVID19 may increase this trend of automation, thereby eliminating person-to-person contact and minimizing the risk of coronavirus. Soon, we will see more payment methods, buying without touching or being touched, and vending machines. I expect them to make a comeback and sell almost everything you need, such as masks and food.

Socio-economic impact of the coronavirus pandemic (COVID-19)

  1. Main Sector
  2. Secondary Sector
  3. Tertiary Sector

Main Sector

Agriculture:

  • The COVID-19 outbreak has tested the resilience of the agricultural sector
  • global hotel and restaurant demand has plummeted, and agricultural product prices have fallen by 20%.
  • The market has taken a step further by closing the floor trading, which affected the exchange of commodities.

FAO estimates that in developing countries, the most vulnerable people are more likely to be hit hardest. A large number of people rely on their daily income to obtain food. In the face of the imposed blockade, obtaining food has become a huge challenge. Globally, open-air agricultural markets that are considered unsanitary or may be the source of the spread of COVID 19 have been closed, resulting in loss of income.

 

Secondary Sector

Manufacturing Industry :

Manufacturing Industry

Manufacturing is one of the market segments hit hardest by COVID-19. The novel coronavirus originated in China, where most factories supply raw materials to multiple manufacturing units around the world. Measures have been taken to stop the spread of the virus.

The subsequent blockade brought production facilities to a halt and derailed the entire global supply chain. Looking at it, more than 75% of companies have “one or more direct or first-tier suppliers” from China, while 938 of the Fortune 1000 companies have second-tier suppliers there.

This triggered a series of events, including a sharp decline in global FDI inflows and a global economic downturn. The United Nations Conference on Trade and Development (UNCTAD) estimates that the COVID-19 outbreak may reduce global foreign direct investment by 5% to 15% due to the decline in manufacturing and the shutdown of factories. So Life after Coronavirus Covid-19 will be difficult.

Tertiary Sectors

Education:

The COVID-19 pandemic is primarily a health crisis. Many countries (correctly) decide to close schools, colleges and universities. Teaching is being carried out online on an unprecedented scale. Many assessments were simply cancelled. Obviously, these obstacles are not only short-term problems, but may also have long-term effects on affected students. Inequality among students may increase. The closure of schools, colleges and universities interrupted the teaching of students around the world.

According to global statistics, approximately 72% of students are idle at home. 186 countries, more than 1.2 billion children suffer directly from the virus. In order to solve this problem, UNESCO encourages countries to choose distance learning programs, which are a vital part of life in this era.

In higher education, many universities and colleges are replacing traditional exams with online assessment tools. Also The online education has led to many a problem, especially for teachers and professors. Unused to online teaching, these teachers are finding it difficult to deliver lectures online.

Healthcare :

The COVID-19 virus not only caused a medical crisis, but also an economic crisis, which has now become a COVID-19 recession. In the past, health care was generally immune to economic downturns. Since people fell ill, the demand for medical care has remained unchanged no matter the times are good or bad. Similarly, people with health insurance have paid out-of-pocket expenses and still have the ability to obtain quality care.

The COVID-19 pandemic has brought unprecedented challenges to the global healthcare system. In particular, the risks faced by healthcare workers are one of the greatest vulnerabilities in the healthcare system in the world.

The high medical expenses, the lack of protective equipment including N95 masks, and the small number of ICU beds and ventilators ultimately exposed the weaknesses of patient care services.

COVID-19 social isolation measures have had a profound impact on the psychology and mental health of individuals throughout society.

Many of the expected consequences of isolation measures are themselves key risk factors for mental health problems, including suicide, self-harm, substance abuse, family and child abuse. That’s why, Life after Coronavirus Covid-19 will be difficult.

Real Estate :

The impact of COVID-19 is being felt all over the world, and real estate companies are being affected in different ways, largely depending on the region and asset class. In the short term, real estate executives are worried about maintaining value and liquidity, ensuring the safety of tenants and visitors (including increased cleaning measures), and complying with government agency requirements.

Information Technology :

Information Technology

The spread of this deadly virus has led to the cancellation of many technical conferences. For many companies, this may be a good opportunity for cooperation to expand their horizons. A small number of meetings have been transferred to teleconferences, but the scope of impact is not large, and participants will not have the same opportunity to communicate as they participate in actual meetings. As a result of the cancellation of these major technical meetings, an estimated $1 billion was lost.

Sports :

Covid-19 also affected the sports Industry. In order to maintain the health of athletes and other related participants, most major international, regional and national sports events have been cancelled or postponed-from marathons to football matches, track and field championships to basketball games, handball to ice hockey, rugby, cricket, Sailing, skiing, weightlifting to wrestling and more. For the first time in the history of the modern Olympic Games, the Olympic and Paralympic Games have been postponed and will be held in 2021.

The global value of the sports industry is estimated at 756 billion US dollars per year. Therefore, in the face of COVID-19, millions of jobs worldwide are at risk, not only for sports professionals, but also for people in the retail and sports service industries related to leagues and events, including travel, tourism, infrastructure, Transportation, catering, media broadcasting, etc. While professional athletes are trying to stay healthy, they are also under pressure to reschedule their training schedule, and they may lose professional sponsors who may not be able to support them as originally agreed.

Conclusion

  • COVID-19 has affected communities, businesses, and organizations around the world, and has unintentionally affected financial markets and the global economy.
  •  After this crisis, medium and long-term planning is needed to rebalance and inject vitality into the economy.
  • COVID-19 is big Epidemic.
  • Authorities must not only consider the economic impact of social isolation, but also consider appropriate measures to consider the psychological impact on the community.

 

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