COVID-19 Epidemic and Its Impact on Economy and Society

Abstract

The COVID-19 epidemic has had a huge impact on nations particularly the nationwide lockdowns that have brought social and economic life to a standstill. An environment that has once buzzed with events has fallen silent and all the resources have been redirected to face the unprecedented crisis. Although lockdown and social distancing lead, on the one hand, to a loss of competitiveness, they lead, on the other hand, to a dramatic drop in consumer demand for products and services in the economy, leading to a fall in economic activity. However, the only cost-effective methods available for preventing the spread of COVID-19 are lockdown and social distancing. This research therefore aimed to examine the influence of COVID-19 on the life of the person as a whole.The key objectives of the research are as follows:1. To study the impact on the economy of the COVID-19 epidemic2. Identifying the effects on fishermen and migratory labour of the COVID-19 epidemic3. To highlight the epidemic of COVID-19 and to influence society and family life4. To evaluate the effect of epidemic preparations and preventive measures for COVID-19 in India.This research is focused on secondary information obtained from multiple sources such as journal articles, magazines, the internet, newspapers, books and studies published and unpublished by different governmental bodies, non-governmental organisations and the Commission.The Corona virus pandemic severely affects the lives of individuals as a whole. The serious effects of this condition are directly or indirectly faced by everyone in the world. Unprecedented lockdowns and emergencies have been declared by many nations. The government shuts down schools, colleges, universities, the market for pubs, the mall, the shopping centre, etc. In developed and emerging societies, an atmosphere of fear, anxiety and stress has been established. This disorder, however, causes many other problems due to its intense isolation and lockdown steps, including social anxiety, panic states due to instability, economic recessions and extreme mental stress. Coordinated measures are needed to contain this virus, and individuals need to make uncomfortable but important adjustments to their everyday routine in compliance with the government and WHO's advice and suggestions. This would provide medical personnel with more opportunities to intervene efficiently with the limited resources available to them and to purchase considerable time to position additional resources for the managed management of this current epidemic.