Socio-Economic Impact of Coronavirus (COVID-19) on Households Worldwide

Abstract

The advent of the Coronavirus has sparked decision-making by state authorities globally to reduce its spread. This ranges from simple measures to respect barrier gestures to the lockdown imposed around the world. These measures could have an impact on the socio-economic conditions of households. The objective of this study is to analyze the socio-economic impact of the advent of the Coronavirus (COVID-19) on the household as well as the social determinants of the perception of the impact. This research focused on 940 households in Africa, Asia, Europe and Latin America. Depending on the continent, this research was based the comparisons of incomes and analyzed the effect of the Coronavirus on the household economy. At the same time, a logistic regression model based on the demographic and socioeconomic characteristics of the respondents was utilized to assess the parameters that are likely to influence the populations' perception of the impact of the Coronavirus on their monthly income. Analysis of the information obtained shows that the pandemic of Coronavirus (COVID-19) has a generally negative impact on the economic and social levels; these consequences can also be considered in the long term. However, some positive aspects of the crisis have been raised. Parameters such as age, sex, household size, and characteristics of the field of professional intervention of the respondents were identified as factors likely to influence their perception of the impact of Coronavirus on monthly income. With this current crisis situation, it is important to ensure the effective implementation of the measures taken as part of the control of this pandemic and then reinforce them in order to protect populations in a sustainable way from the harmful socio-economic effects of the Coronavirus.