Abstract
The massive spread of corona creates pressure on the general systems of the world countries. As stated in some studies corona virus affect every institution and individuals of the world in many aspects. Specifically it results in high unemployment, low level of production and significance rise in the nominal price of commodities. This study tries to explain the change in those economic variables to analyze the effect of Covid-19 on the living standard of households in Woldia town, Amhara regional state of Ethiopia using a data obtained from the north wollo zone planning commission which had been collected from sampled individuals monthly. Since the issue is so recent and absence of many conducted researches on this area, this article have no specific chapter for review of literature and gives more focus for data analysis part. Then descriptive analysis indicates the presence of valuable rise in unemployment and average price levels simultaneously and the OLS regression result disproved the applicability of Philips curve for the study area under the influence of COVID-19. While it emerged from animal hosts, currently COVID-19 continues to spread across the globe through human-to-human contact. It resulted in many socio economy impacts on the world society and deteriorates their day to day activities. Unemployment is the major manifestation of COVID-19 due quarantine requirement designed to control the spread of the virus and this indirectly creates high level of increments in the average price of consumer necessity goods. As per the descriptive and econometric analysis of this study there is high unemployment and rise in average price at a time opposed to the assumption of Philips curve.
Highlights
Introduction and OverviewCoronavirus can be considered as a respiratory disorder which quickly spreads from person to person when individuals by any means touch the infected persons of any other objects contaminated with the virus
It had been caused by the SARS-CoV-2 virus and it belongs to the identical family of coronaviruses that caused the Severe Acute Respiratory Syndrome outbreak in 2003 and the Middle East Respiratory Syndrome outbreak in 2012 [3]
While it emerged from animal hosts, currently COVID-19 continues to spread across the globe through human-to-human contact
Summary
Coronavirus (a pandemic comes next to Spanish flue) can be considered as a respiratory disorder which quickly spreads from person to person when individuals by any means touch the infected persons of any other objects contaminated with the virus. The international labor organization has predicted that the world unemployment to be raised from low to high stage with estimated number of between 5.3 and 24.7 million [1] Apart from such gloomy picture of growth in 2019/20, the Ethiopian economy is characterized by significant macroeconomic instability and precarious prices and high levels of unemployment (and exchange problem) condition even before the onset of the economic effect of COVID-19. Like other business undertakings and economy wide scenario, the world contains a higher chance to be suffering from the COVID 19 unless timely remedial measures are in-placed This can be because African nations naturally may be a fragile undertaking which is probably going to be littered with the performance of the economy still because the wellbeing their citizens [13]. Since the issue is so recent and absence of many conducted researches on this area, this article have no specific chapter for review of literature and gives more focus for data analysis part
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