An epidemiological threat, the new coronavirus, which causes the disease COVID-19, which was first reported in China in November 2019, has disruptive effects on economic activities. It is reported to have caused thousands of deaths, with new cases being reported daily.
It is said that the outbreak is the world’s “most pressing uncertainty.” While the exact effect of the coronavirus is unknown and unknowable, it is clear that it poses tremendous risks. Economic activities bring people together, ranging from traders, bankers, to artisans who work to earn a living.
Many families have faced enormous challenges for a better part of the year 2020 by unable to pay their bills, which has led to stringent measures being taken by relevant stakeholders. The effect of the pandemic has on the source of livelihood included the following:
Sporting activities have been canceled.
As a measure to help reduce the spread of the virus, worst-hit nations were forced to call off all sporting activities. Consequently, in countries such as Australia have brought to a standstill its sporting events to help reduce the spread.
There is a disruption in the calendar of sporting activities, posing a challenge to those that depend on various activities to earn a source of livelihood. They include the business person who sells merchandise, the players themselves, and a whole bunch of other personnel.
Impact on air travel
Many nations have banned travel to the countries hit hard by COVID 19, which harms the airline’s business operations. Airports operations have been rendered very fragile and many airlines are reporting reduced profits margins, which implies the managers of the airlines, will send many employees on unpaid leave. Many employees are unable to service their bills according to statistics done by the national police check Australia.
Disruption of commerce activities
There are shortages and slow delivery of products and services from Corona hard-hit regions, which is affecting companies engaging in the sale and distribution of services. Many factories remain closed due to the pandemic as a measure to help reduce the spread of the virus.
Many trades show that exhibitions have been closed or postponed indefinitely. Ultimately they lack a means of paying for their bills within the period, which includes payment of salaries to their staff.
Measure to combat the effect on jobs
The government has introduced a stimulus package to help those rendered jobless as a result of the pandemic. Unemployment benefits are to temporarily help you cover your needs, such as payment of rent, food, and electricity until the situation is contained.
There is a substantial economic effect as a result of the latest pandemic of the coronavirus, according to a report given by the National police check Australia.
As a result of this outbreak, we have witnessed complete lockdown in the hard-hit areas with economic activities coming to a stand, with many lives at danger due to lack of source of income. However, there is hope that the situation will be contained and a prevention way to contain the pandemic invented.