Home / Press Release / Impact of COVID-19 on Environment, Education, Global Economy, Employment, Banking Sector, Human Life, Food System

Impact of COVID-19 on Environment, Education, Global Economy, Employment, Banking Sector, Human Life, Food System

 

Environment

The universal outbreak of coronavirus ailment 2019 that is COVID-19 affecting each chunk of human lives, comprising the physical biosphere. The measures taken to regulate the extent of the virus and the slowdown of economic accomplishments have substantial effects on the environment. Therefore, the study intends to discover the positive and negative environmental impacts of the COVID-19 pandemic, by revising the available scientific fictions. This study specifies that the pandemic condition significantly progresses air quality in several cities across the biosphere, reduces GHGs emissions, lessens water pollution and noise, and reduces the pressure on tourist places, which might assist with the restoration of the ecological system.

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In addition, there are also some negative consequences of COVID-19, such as an upsurge of medical waste, chaotic use and discarding of disinfectants, gloves, mask; and load of untreated wastes continuously put in danger the environment. It looks like, economic accomplishments will return soon after the pandemic, and the situation may change. It is anticipated that the proper execution of the proposed approaches might be helpful for global environmental sustainability.

Education

The majority of information composed on the number of apprentices and learners who are impacted by COVID-19 has been considered based on the closure of education systems.

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The UNESCO Institute for Statistics provides data on students impacted by COVID-19 corresponding to the number of learners registered at pre-primary, primary, lower-secondary, and upper-secondary levels of education, as well as at tertiary education levels. On average, educators in K-primary schools were coping worse with the transition than high school educators and university instructors. 

Global Economy

The coronavirus pandemic has a significant influence on the global economy. In 2020, the global GDP decreased by 3.4%, while the estimate for this year was 2.9% GDP growth. According to the forecast for 2021, the global GDP should upsurge by 5.6% this year.

Coronavirus and economic stability in the U.S.

In 2020, COVID-19 has led to serious consequences around the world. The pandemic has caused over 2,00,000 deaths worldwide, and as of May 2020, no other country is as badly affected by the COVID 19 outbreak as the United States. The country has reported close to 70,000 deaths as of May First Week, 2020.

Numerous states in the United States have allotted stay-at-home orders to their citizens which means that millions of people are not able to go to work. More than 12 million joblessness insurance claims were made in the U.S. in April 2020, as the unemployment figures were soaring. As a result, the U.S. respondents are not only quite worried about their country’s economic stability, but at a similar phase, they are stressed about their personal finances.

Employment

As job losses escalate, nearly half of the global labor force at risk of losing livelihoods. The latest ILO data on the labor market impact of the COVID-19 pandemic reveals the devastating effect on workers in the informal economy and on hundreds of millions of enterprises globally.

Banking Sector

The worldwide COVID-19 pandemic has arisen as the “black swan incident which is going to need extraordinary measures from managements across the globe to help resume economic stability. Depending on when the pandemic is likely to come under control, several economic circumstances indicate a global downturn of varying magnitudes. The situation has hit the Indian economy at a time when growth has slowed to the lowest in a decade. In the recent past, there were signs of green shoots of recovery in the Indian economy. However, the impending outbreak of the virus is likely to severely impact the recovery process. 

Human Life

The COVID-19 pandemic has led to dramatic damage to human life globally and presents an extraordinary challenge to public health, food systems, and the world of work. The financial and social disturbance caused by the pandemic condition is devastating: tens of millions of people are at risk of dwindling into extreme paucity. 

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Millions of initiatives face existential risk. Approximately half of the world’s 3.3 billion global workforces is at risk of losing their livelihoods. Informal economy workers are predominantly susceptible because the majority lack social security and access to quality health care and have lost access to productive belongings. Without the means to receive pay during lockdowns, many are not able to feed themselves and their families. For most, no income means no food, less food.

Food System

The pandemic has been affecting the whole food system and has laid bare its fragility. Border closures, trade restrictions, and confinement measures have been stopping farmers from accessing markets, including for buying inputs and selling their products, and agricultural workers from harvesting crops, thus disrupting domestic and international food supply chains and reducing access to healthy, safe, and diverse diets.

The epidemic has decimated careers and placed millions of livelihoods at risk. As bread-earners lose jobs, fall sick or die, the food securities are under threat, with those in low-income countries, particularly the most downgraded populations, which include small-scale farmers and indigenous peoples, being hardest hit.

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