COVID-19: What are the financial, economic, social, and environmental consequences?

Global pandemic and public health disaster COVID-19 has impacted the financial and economic markets. As a consequence of disease mitigation efforts, several nations have suffered huge economic losses as well as increased unemployment and disturbances in the transport, services, and industrial sectors. COVID-19’s fast spread revealed that governments overestimated the hazards and responded in a reactive way after the pandemic. In the foreseeable future, disease outbreaks will continue to occur, and a worldwide response is necessary. This will both save lives and keep the economy thriving.

Covid-19 effects on Economy

More than three million sicknesses and 207,973 deaths have been recorded by the World Health Organization (WHO) in 213 nations and territories worldwide. Global finances as well as public health have been negatively impacted. Across the globe, the loss of production, fatalities, company closures, trade disruptions, and tourism losses have all resulted in significant economic implications.

The virus requires worldwide cooperation. Donor funding is needed to improve public health in rich and low-income countries. Non-profits, government, and corporations have called for a worldwide initiative Vaccination for COVID-19. International cooperation is necessary to guarantee vaccine manufacturing and equitable access for all countries. Health QR codes may assist stop illness transmission. New pandemic cases confirmed. COVID-19 epidemic has harmed the local economy. COVID-19’s worldwide supply chain problems and factory closures have had a negative impact on sales. It decreased about 54% from January to February. Fear of the outbreak influenced consumer behavior. Hotels and transit companies have suffered. This amounts to a $314 billion revenue loss (IATA). Contamination by COVID-19 in the US harms essential industries, tourism, and entertainment. During the week ending April 11, 2020, insured unemployment topped 11%.

The COVID-19 pandemic would have an uneven economic effect across nations apart from health disparities. Many industrial, tourist, retail, and transportation workers may lose their jobs as a result of community limitations and a lack of demand for their products and services.

Impact of Covid-19 on Finance

One of the most influential factors in global financial markets has been the COVID-19 spread in the United States, Italy, Spain, Germany, France, Iran, and South Korea, the number of cases rose significantly. Since January, the Standard & poor 500, FTSE 100, CAC 40, and DAX have all lost more than a quarter of their value, while oil prices have dropped by about 65%. Consumer and corporate confidence are reflected in the volatility of the stock market on a daily basis. Major market indices and the daily numbers of COVID-19 incidents have a negative correlation. Its correlation coefficient ranges from 0.33 to 0.80.

Lower economic activity as a consequence of the COVID-19 pandemic causes larger economic problems, such as shifting energy costs. Expected more supply cut prices. Many oil-dependent nations may face a decrease in trade and investment if oil prices continue low. Migration-dependent countries will be hard to hurt by a big labor market shock. Migrant laborers fill both skilled and non – skilled labor shortages across the world.

Impact of Covid-19 on Environment

Many have speculated about the pandemic’s favorable environmental implications. Mostly due to curfews restricting people’s mobility. But experts temper their excitement, unsure of how the epidemic may affect our ecosystem. The following is a preliminary evaluation of COVID-19’s environmental impact.

·        Medical waste and waste management

Medical waste from the COVID-19 crisis is a serious problem, including trash from hospitals treating COVID-19 patients, garbage from quarantine zones, and throwaway personal protective equipment commonly used by Jordanians.

Many disposable products, such as gloves, face masks, and shoes, are not biodegradable in nature. If not properly disposed of, it may accumulate in our environment, causing damage to all environmental components.

·        Chemicals in our environment

The extensive use of dangerous cleaning and disinfecting compounds may potentially affect the ecosystem. Plastic sanitization/hygiene bottles and packaging became more common as their usage expanded.

The curfew also limited agricultural imports, increasing pesticide usage. These two issues are interconnected. Those most polluted also had the greatest COVID-19 symptoms. Environmental inequity continues to impair their health and resistance even as the COVID-19 expands. Due to gender inequality, women are more vulnerable to environmental impacts.

·        Pollution

Inequality and vulnerability are clearly linked. Those most impacted by pollution also have the highest incidence of COVID-19 symptoms. Thus, even as the COVID-Covid-19 spreads, their pre-pandemic environmental susceptibility due to inequality continues to harm their health and resistance. This is directly tied to gender inequality, which exposes women to more severe environmental repercussions. Furthermore, the large prevalence of women in care jobs in Jordan means that their viral exposure is considerable.