Critical Analysis on the Impact of Covid-19 over Economy

  • K.V.L. Manasa Devi and P. Likitha Reddy
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  • K.V.L. Manasa Devi

    Student at SASTRA Deemed to be University, India.

  • P. Likitha Reddy

    Student at SASTRA Deemed to be University, India.

Abstract

The pandemic has always had a resonating impact on people all over the world. Whether it was in the past or the present, the impact had always been a devastating one. The slow rooting of people suffering had made a greater impact on the economy of the Nations. This global economic crisis can be compared with the “Great Depression” which occurred primarily in the United States of America in the early 1930s. The ‘Covid-19’ recession is the greatest depression of mankind. This recession is caused due to the lack of adaptability to the economic conditions of the Nations. Many developing countries have high unemployment structures which makes it hard for the people to survive. It is because, when the country takes certain measures to curb the spread with appropriate methods like social distancing, complete protection of face and head with face mask and a face shield, ultimately a lockdown, many people are not abiding by the rules. This situation is also caused due to illiteracy, with people not understanding the complexity of the current situation, the recession had turned into an even worse situation. While the governments of various countries are pondering over, how to control this strain as well as manage the economy. Though the vaccination had been found, the adaptability to sustain the recession had been quite difficult. during the first wave of the pandemic, the government was not prepared for the situational crisis yet it still managed to balance the economy as well as control the strain. Though the situation is controlled, there had been an unexpected turn of events that caused turmoil among the Nations. This paper highlights the insights of the situation and be an instigator to a better economy.

Type

Research Paper

Information

International Journal of Law Managment and Humanities, Volume 4, Issue 3, Page 1997 - 2004

DOI: https://doij.org/10.10000/IJLMH.11724

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