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    COVID

    Uploaded by

    Argie Villacote Barraca

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    © All Rights Reserved
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    COVID

    Uploaded by

    Argie Villacote Barraca
    9 views2 pages

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    © © All Rights Reserved

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    9 views2 pages

    COVID

    Uploaded by

    Argie Villacote Barraca

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    COVID-19 has adversely affected almost 170,000 in 148 countries, resulting in more than 6500

    death, that might wipe out a large proportion of global population. Experts suggest that it might
    infect 40-70 percent of the world’s population.

    The crisis that this pandemic has caused had tremendously impacted the economy terribly.
    Disruption of production and distribution of goods and services have been halted or slowed
    down due to the threat of this virus. Businesses like aviation, tourism and hospitality industries
    face serious issues because their revenue declines, there are insolvencies and job losses.
    Sustaining the business operation is clearly difficult in this time of crisis especially those small
    and medium enterprises. Due to the health protocol imposed by the government people with
    job couldn’t go to their jobs which make the situation very awful especially those persons who
    are informally and casually employed. Consumers are reluctant to purchase goods and services
    due to the situation that all of us face today. Uncertainties and fear of small and medium
    enterprises hold them back to purchase and hire workers amid this crisis.

    The government’s infrastructure program also is being affected by this crisis. Funds are being
    repurposed aiming to help the people and to control the pandemic. ECQ has stopped the
    workers from working because of the threat of the virus. After this ECQ, construction activity
    will face issues in terms of supply chain due to business disruption in foreign markets and
    logistics.

    Import and export restrictions are strongly implemented amid this pandemic. Even though
    export and import are very essential to the country’s economy, there are many risks that these
    could pose to everyone. That’s why global economy is awfully affected by this global health
    issue. Skeletal work force is done by some sectors to help sustain life. However, this might pose
    a great danger to the workers because everyone is vulnerable to the virus.

    Underemployment is also expected to rise on an alarming rate. Significant adjustments on


    wages and working hours would be expected making the workers to suffer insufficiency of
    compensation. On the other hand, self-employed will have a less impacts because of the
    downturns, it acts as a “default” option for survival or maintaining income - often in the
    informal economy. For this reason, informal employment tends to increase during crises.
    However, the current limitations on the movement of people and goods may restrict this type
    of coping mechanism.

    The decline in economic activity and constraints on people’s movements is impacting both
    manufacturing and services. The recent data shows that in Chine their industrial enterprises
    declined by 13.5 percent. The same thing will happen here in Philippines. Supply is disrupted
    and will pace millions of jobs at risk.

    The loss of income is really one of the worst effects of this pandemic. Some workers have
    stopped going to their job in observance to the ECQ measures. The cash assistance of DOLE isnt
    enough to suffice the needs especially if a family is a huge one. The loss of labor income will
    translate into lower consumption of goods and services, which is detrimental to the continuity
    of businesses and ensuring that economies are resilient.

    Poverty would really worsen amid this pandemic. People are not able to work which resulted to
    not having income. We know for a fact that even there is a pandemic we still have to needs to
    sustain life like food, water and electricity and other necessities we need to live. Money is very
    vital we know that. Without money is like we are barely living how much more we are in this
    crisis. Having nothing is very excruciating!

    Economy and society are greatly affected by this pandemic. If this situation would continue
    eventually, we would all suffer because of it. It’s we will die because of the virus or due to the
    starvation.

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