A potential recession and economic crisis has been reported in the wake of the Coronavirus pandemic. Loss of jobs has occurred as a result of economic sectors reducing the workforce due to the introduction of control measures such as restrictions of travel, self-isolation and physical distancing (Chakraborty and Maity, 2020). There has been a decrease in the demand for manufactured goods and commodities in addition to the closure of learning institutions. However, there has been a considerable increase in the demand for medical equipment and supplies (Keni et al., 2020). The agricultural industry is also facing an all-time level of stress and pressure owing to stock-piling and impulse buying of an already frightened global population.
Key sectors and how they have been affected
Agriculture
The outbreak of the Coronavirus pandemic has tested the agricultural industry’s resilience. A drop in the prices of commodities supplied by the industry has been observed as the hospitality sector has remained closed due to travel restrictions.
Oil and petroleum products
The world economy is set to be gravely impacted war on prices between the leading producers of oil and petroleum products. The grounding of flights and the travel ban across most countries of the world have had a significant effect on the demand and profitability of oil products.
Manufacturing industry
For most manufacturing companies, it is not viable for their workforce to work from home as demanded by some of the control measures of COVID-19. Business operations have also been negatively impacted due to the decline in turnover by most companies.
Education sector
Across most of the countries in the world, at the height of the Coronavirus pandemic, closed down schools across all the levels to curtail the spread of the virus (Bashir et al., 2020). This hugely impacted the education sector with many students not graduating at the appointed time and many having to defer their studies to a later date.
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Plans to control COVID-19
The vaccine for COVID-19 has since been manufactured and although the dissemination of the vaccine to all regions of the world is a far cry from what we would like, the progress being made to root out the virus from our midst is laudable. For the vaccine to reach every corner of the globe, the patent rights and copyright restrictions imposed by the initial creators of the vaccine need to be waived in order to have a mass production exercise of the vaccine across the planet.
Conclusion
When COVID-19 is well and truly behind us that is the right and opportune moment to measure the true impact of the pandemic despite the projected impact of the virus on different sectors.
References
Abuselidze, G., and Mamaladze, L. (2020). The Impact of the COVID-19 Outbreak on the Socio-Economic Issues of the Black Sea Region Countries. In International Conference on Computational Science and Its Applications (pp. 453-467). Springer, Cham.
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