Socio-Economic Impact of COVID-19 Across The Globe - Lunar Gaze Lunar Gaze: Socio-Economic Impact of COVID-19 Across The Globe



Socio-Economic Impact of COVID-19 Across The Globe

Coronavirus situation in the world

April 17, 2020

/ by Youbeeayee

COVID-19, a very small virus reported in Wuhan, the city of China, whose outbreak has disturbed the whole world. The pandemic set the fear among mankind, as till now no vaccine or treatment for this virus is revealed and it spreads rapidly. 

COVID-19 is spread across more than 150 countries and its adverse effects troubled the whole world socially and economically. People are bounded to their houses and have to maintain distance from their loved ones to stop the spread of COVID-19. 

Due to this deadly virus all the social activities of the world are stopped as gatherings are banned and people cannot perform their religious obligations properly. All the schools, offices, restaurants are closed and people are forced to get locked into their houses. This pandemic leads to a considerable economic loss of 2020 due to which all the countries are fighting with the outrage of the financial crisis they are facing. The supply of goods is decreased which gives rise to price gouging. The GDP of the globe is decreased by up to 20% in the first two months of 2020. If it continues like this then the world may face even more adverse effects which can lead to demolition.

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