ANOTHER POTENTIALLY DISASTROUS VARIATION.
ITS CONSEQUENCES AND MEASURES
"Covid-19 will be remembered for a long time. This unexpected visitor has not only caused havoc in one's life but has also wreaked havoc on the global economy. SARS-CoV-2, also known as covid-19, was first discovered in Wuhan, China, though the source is unknown. Following the commotion it caused in Wuhan, the World Health Organization (WHO) declared a Public Health Emergency of International Concern on January 30, 2020, and finally declared a pandemic on March 11, 2020. Influenza primarily affects the respiratory tract, including the mouth, nose, and other airways, mainly affecting the lungs.
This infection has taken over not only human bodies, but also the economy as a whole. Its bare hands have conquered almost every area of the globe. The economy has suffered a setback as a result of products shortage, mainly food and grocery items, supply chain delays that have resulted in panic buying by consumers, shipment delays of electronic goods, scarcity in the medicines industry, and so on. And now, after its delta variant, the virus has developed a new variant known as Omicron (B.1.1.529). Is the world, especially the economy, prepared to face another catastrophic variant?
Impact on Economy:
SARS-CoV-2 has taken a toll on the economic sector. According to the World Bank Blogs, in 2020, an additional 88 million people were in poverty, with more expected to be in the future. According to the article, the World Bank and the International Monetary Fund have also delayed debt service payments for impoverished countries as a vital step toward shifting funding to COVID-19 relief efforts. Influenza had an impact on several sectors, including the employment sector, where job seekers are having difficulty finding work, the business sector, where staff shortages have harmed productivity also start-ups and MSMEs are on the verge of bankruptcy, and the health sector, where shortages of beds, oxygen cylinders, and staff, as well as non-timely availability of medicines, have all contributed to the sector collapsing.
Furthermore, according to Wikipedia, on February 24, 2020, the global stock market plummeted due to a rise in the number of covid-19 cases. Not only that, according to reports, the stock market experienced a massive drop since 2007-2008 on February 28, 2020. Many shows, events, and flights got canceled, resulting in a fall in the economy's growth rate.
Government Initiatives for Economy:
As we await the arrival of the new Omicron version at our doorstep, governments from across the world have tightened their seat belts. As per the report of ZeeBusiness, a statement given by Moody's Investor, the impact of the new version on the economy will largely determine by government limitations, public policies, and the government's and central bank's ability to provide more support to the private sector, among other factors. Similarly, such as the French government allowing the sale of antigenic tests in the market, the Spanish government reducing the quarantine period for asymptomatic patients from 10 to 7 days to relieve pressure on the medical staff, or the Indian government campaigning for two doses of vaccine, imposing curfews and partial lockdown, and so on.
In addition, the US government has allocated an additional USD 580 million to combat the new type. All of these strategies have been established by various countries as a result of previous experience and to safeguard the nation and its economy from being affected by the new wave.
Whether as a job seeker, a business owner, or a household worker, Covid-19 has unquestionably hurt humanity in significant ways. With all of the professional advice, WHO standards, and government safeguards in place, any nation can recover and re-establish its economy, just as people did in previous centuries in the event of the Spanish Flu, Black Death, and other pandemics. We should strive for the development of society and the economy as a whole by standing together.