Open AccessBalancing Economy and COVID 19
Author(s) -
Swaroopa Chakole Sukhman Walia
Publication year - 2021
Publication title -
psychology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.112
H-Index - 10
ISSN - 0033-3077
DOI - 10.17762/pae.v58i2.1909
Subject(s) - panacea (medicine) , livelihood , covid-19 , recession , pandemic , development economics , business , economics , economic policy , economic growth , geography , virology , agriculture , medicine , disease , infectious disease (medical specialty) , keynesian economics , alternative medicine , archaeology , pathology , outbreak
BACKGROUND
COVID-19 or coronavirus disease 2019 has multispectral consequences attached to it. Economic downturn is one of them. Almost all countries are facing economic challenges post covid-19 and are searching for panacea.
SUMMARY
Along with the medical impact which has resulted into almost more than 85 million infection of COVID-19 worldwide and almost two million case fatalities, there is also economic downfall attached to it. After the great depression of 1930, the pandemic induced crisis is worst in almost past hundred years. Even the basic needs of human beings such as food was not able to fulfil after pandemic. The prolonged lockdown to contain the viral spread of novel coronavirus made almost all the economic activities closed leading to widespread loss of livelihood and jobs. GDP outputs were contracted and demand also soared due to saving nature of people in uncertain times.
CONCLUSION
As the vaccine is in final stage and is ready to be distributed, more and more businesses can restart. Policy makers should not shy away from providing any fiscal package if necessary, to revive the economy.