Impact of COVID-19 Pandemic and Human Development

Abstract

The covid-19 pandemic is far more than a health crisis; it affects societies and economics at their core. While the impact of the pandemic will vary from country to country, it will more likely increase poverty and inequalities on a global scale, making achieving SDGs even more urgent (UNDP 2020). Coronavirus is causing the most damage to the worldwide economy. The world faces the most challenging economic situation after the 2nd world war. The outbreak of the pandemic COVID-19 has disrupted political, social, economic and financial structures worldwide. The most affected are tourism and travelrelated transport, hotels, restaurants, financial markets, supermarkets and the health system. Bangladesh is also experiencing the bitter experience of the effect of the corona. According to the Bangladesh Bureau of Statistics(BBS), there are 34 million poor people. As a result of the extended lockdown, people of many professions lost their job. The average income per family in the country has dropped by TK 4,000 due to the corona epidemic. The increased prevalence of Covid-19 has had severe implications for most organisations’ and professionals’ well-being, especially in human resource management and marketing. Human resource development is an essential element of a county’s economic development. It should establish the impact of COVID-19 on different human resource practices and future marketing. Marketing has also shifted to other online platforms since physical contact with customers is prohibited from maintaining social distance, one way of preventing coronavirus. These changes have been associated with negative implications, and some positives as some professionals find it more flexible and convenient to work remotely. To cope with the current changing times, an organisation must adapt to the new and implement strategic policies and procedures to maintain a steady flow.