Nicola, M., Alsafi, Z., Sohrabi, C., Kerwan, A., Al-Jabir, A., Iosifidis, C., Agha, M., & Agha, R. (2020). The socio-economic implications of the coronavirus pandemic (COVID-19): A review. International journal of surgery (London, England), 78, 185–193. https://doi.org/10.1016/j.ijsu.2020.04.018

University of Michigan - Ann Arbor

COVID-19 pandemic had significant impact on the socio-economics world-wide. This article disintegrates causes behind by sectors. Primary sectors include agriculture and petroleum. Secondary sectors include manufacturing industry. Tertiary sectors include education, finance industry, healthcare and pharmaceutical industry, hospitality, tourism, and aviation, real estate and housing, sports industry, information technology, media, research, & development industry, and food industry.

The Socio-economic Implications of the coronavirus pandemic (COVID-19): A Review

Reference for The Socio-economic Implications of the coronavirus pandemic (COVID-19): A Review

One of the primary sectors that was affected by COVID-19 pandemic was agriculture. Commodities dropped by nearly 20%. The direct cause of this drop was decreased in demands from hotels and restaurants. One related cause was limit on transport since social distancing policies restrict number of available inspectors and delivery staff. Another related cause was limit on exchange due to shutting down of floor trading. Last related cause explored in the article was concept of 'panic buying' with people buying excessive amounts of items such as toilet papers.

Second primary sector that the article explored was petroleum & oil. Due to decrease in demand for oil because of social distancing policies that restrict consumer spending and job uncertainty, there was steep decline in the price per barrel. During the initial Organization of the Petroleum Exporting Countries (OPEC) meeting on March 6th, there were conflicts outlined between Saudi Arabia and Russia due to oil production, leading to oil price wars.


Primary Sectors - Agriculture and Petroleum

Many schools have been led to closure due to COVID-19 pandemic with estimate of 900 million students being affected by these policies. Although intent was to contain the spread of the virus, there are concerns for the socioeconomic implications. One of the concern was social mobility since schools are no longer able to provide free meals for children from low-income families. Related concerns include impact on school closures on childcare costs for families with young children. Moreover, there are technology access issues with wide disparity in who has access for digital education during social isolation.
Some of the long-term impact predictions include major loss of GDP with some optimism that there is a known 'endpoint.' Thus, some view current economic recession as unlike normal ones.
Postgraduate education had significant impact as well. Many non-COVID-19 related topic researches were placed on hold with emphasis to 'mission-critical' research. Many scientific conferences were cancelled or postponed. Concerns are that virtual conferences are not as effective since many of these conferences are hosted to foster partnership and provide networking space.

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