Abstract
Pumping elephantThe COVID-19 pandemic has adversely affected the lives of people around the world in millions of ways . Due to this severe epidemic, all countries in the world have been affected by all aspects, mainly economic. It is widely discussed that the COVID-19 outbreak has affected the world economy. When considering this dimension, this study aims to examine the impact of the COVID-19 pandemic on the world economy, socio-economics, and sustainability. In addition, the research focuses on multiple aspects of social well-being during the pandemic, such as employment, poverty, the status of women, food security, and global trade. To this end, the study used time series and cross-sectional analysis of the data. The second-hand data used in this study comes from the websites of major international organizations. From the analysis of secondary data, the conclusion of this article is that the impact of the pandemic is huge. The main finding of the thesis is that the social economy is affected by the pandemic, causing huge losses in terms of economic well-being and social capital.
Highlights
As the new coronavirus rages and affects people on all continents exponentially, the entire world is in a state of panic and pain
Let us look at the effects of the COVID-19 pandemic on various aspects of sustainability and social economy
The World Bank estimates that the COVID-19 pandemic will push about 40 to 60 million people into extreme poverty (Gerzon Mahler et al 2020)
Summary
As the new coronavirus rages and affects people on all continents exponentially, the entire world is in a state of panic and pain. The Great Influenza Pandemic broke out from 1918 to 1920, which was considered as the fourth-largest macroeconomic shock that affected the economy adversely after the two World Wars and The Great Depression (Barro and Weng 2020). It has been found using geographic mortality variation that during the pandemic of 1918, the areas of the USA which were exposed to the pandemic experienced a persistent and steep decline in the economic activities The world is expected to face a severe recession even if the spread of the virus is controlled The effects of this pandemic will haunt mankind for several years in terms of employment, health care systems, income, and human development
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