The Socio-Economic Impact Of COVID-19

The COVID-19 pandemic has already claimed more than 408K lives across the globe. Billions of people have lost their livelihoods. Many are looking towards a bleak future until a vaccine is invented. While many experts believe that there will be a dramatic rise in mental health problems at a global scale, the socio-economic impact is undeniable. So, let’s have a look at the same.

Increase in unemployment

According to the latest reports of the US Bureau of Labor Statistics, over 33 million people in the US have filed for unemployment benefits in the last six weeks! There has been a tremendous increase in unemployment due to the pandemic. Both skilled and unskilled labor has been hit-hard. While countless roadside small businesses have collapsed, a large number of retailers have filed for bankruptcy. Even, now with multiple efforts to restart the economy, it is clear that the world is heading towards a recession.

Focus on health-tech innovation

The rapid spread of coronavirus has literally choked the healthcare system of several nations in an unprecedented manner. COVID -19 has accelerated the practice of telemedicine. Governments across the world now know that there is an urgent need to increase the healthcare workforce. In the wake of millions of people losing their jobs, the futility of tying health insurance to employment status has become apparent. As a result of these, there has been a renewed focus on health-tech innovation like never before!

Rise in online learning

COVID-19 has a drastic impact on all levels of the existing education system due to the closure of schools, colleges, and universities. While different nations have introduced several varying policies, the practice of social distancing and travel restrictions had affected nearly millions of learners globally. To ensure education to all during these tough times, many educational institutions have made a tectonic shift from traditional classroom learning to online learning. However, many low-income families are finding it hard to arrange the requisite infrastructure for the same. Anyway, there has been an overwhelming adoption of online learning worldwide. It may become the new normal in the post-COVID-19 world.

The pandemic has a ripple effect on everyone regardless of his or her age, gender, color, race, or income level. It may take several years to heal the scars, but with optimism, the path could be a little easier.



Recent Blogs