Summary Of Covid 19 : The Economy and Society

The current COVID-19 pandemic poses an unprecedented impact on societies and economies around the world. The negative economic shocks intensified by the global pandemic, shutdowns and layoffs, create a devastating effect on the lives and livelihoods of millions. Indeed, over half-a-billion people perished due to the global health crisis. To combat the spread of the virus, governments curtailed the activities of non-essential industries which forced hundreds of millions of workers to get confined to their homes. While the pandemic sparked a global surge in the demand for e-commerce which has pushed many firms to create a digital presence to serve the growing market, the demand for specific sectors such as air transportation, tourism and non-essentials including hospitality and entertainment has vanished.

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