With the coronavirus, pandemic brought the world to its knees. While the WHO labeled COVID-19 a global health emergency, many businesses and establishments were either forced to close down their operations or either adopted work from home culture. Social distancing became a mandatory measure along with face masks and hand sanitizers.
However, nobody prepared the people for the tremendous loss of a job, being evicted by their landlords, finding it hard to put food on the table, and constant threat to their loved ones’ wellbeing. According to a recent study by Statista.com, total COVID-19 infections have crossed 114.69 million with over 2.5 million fatalities and more than 70 vaccine candidates in clinical trials. In the United States alone, over 28 million cases of COVID-19 were reported as of February 28th 2021. By the end of March, over 90% of the US population was under some kind of stay-at-home order last year. Furthermore, it was found that adults in the US were consistently less satisfied with their government’s response, while 89% supported local hospitals’ response.
In light of this information, let’s take a quick look at how continuing with lockdowns would mean the public is going out of business.
⦁ Buildup of Angst with Communities
Mental health concerns and feeling of angst spreading across the masses is a major issue due to the coronavirus pandemic. With major outlets like cinemas, bars, restaurants, shopping centers, etc., shuttered down. There is no doubt people feel more frustrated being at home all the time.
Plus, with the entertainment industry also suffering and sporting venues unable to hold events, people are unable to relieve themselves of the feeling of living in confinement. This, along with the uncertainty about the future, has led to an increase in mental health problems. The CDC offers there support page for confidential and free resources for the individual crisis.
⦁ Drastic Reduction in Productivity Levels
A recent Forbes post revealed that Australians had lost 167 hours’ worth of work between March and October due to pandemic. This amounted to over $5,000 each and $47 billion for the whole economy.
However, many studies are revealing that instead of productivity, it is, in fact, the innovation that has suffered the most.
As most companies worried about maintaining their operations and yielding the maximum output during these uncertain times, seldom were resources made available to find new and better ways to carry out business tasks.
⦁ Employees Unable to Bear Family Expenses
The Pew Research Center claims that half of the adults who reported losing a job due to the coronavirus outbreak are still unemployed. Six months after the coronavirus outbreak and the shockwaves through the US economy were quite evident.
While at present, both the labor and stock market are recovering; however, Americans to this day continue to face profound financial hardships. The impact has been so deep that research shows that one-n-four people have faced trouble paying their bills ever since the lockdown started. Furthermore, one-in-six have borrowed money from family, friends or reached out to a food bank. This problem is quite apparent amongst middle-income adults, where 46% of them reported that they had trouble paying their bills since the pandemic started.
⦁ Home Evictions
With people unable to pay their utility bills, fearing unemployment, barely meeting their monthly expenses, it is obvious that many tenants are finding it hard to pay their rent. The emergency due to coronavirus was so intense that authorities and governments had to step in order to stop the situation from getting worse. In fact, the CDC had reached out and informed the leaders that it would become detrimental for controlling the virus’s spread if this goes out of hand. It’s quite obvious that if their landlords evict people since they are unable to pay the rent, they will end in the outdoors, which will only make the entire situation even worse.
⦁ Failing to Meet Business Goals and Targets
According to a recent study by McKinsey & Company, the fallout caused by the COVID-19 pandemic has made many businesses vulnerable. In fact, in a study, around a third of small businesses stopped working during the lockdown was imposed. While this was only a temporary measure, the loss of earning potential can have an adverse impact on businesses to continue to strive and sustain their profitability.
Moreover, research also reveals that around 1.4 to 2.1 million businesses or 36% of all venture without the proper financial interventions, would have to close down their operations within the first four months of the COVID-19 pandemic. Pupils who request maestros to do my coursework for me understand how businesses can suffer when there is instability all around.
⦁ Inability to Pay for Health Concerns
If people are not allowed to work, and economic activity is fatigued with frequent and prolonged lockdowns, they hope to acquire the right medical support. It is a known fact that hospitalization for COVID-19 sufferers isn’t cheap. In fact, the average cost for hospital care involving a COVID-19 patient can easily range from $51,000 to $78,000, depending on the area or location. While most hospitalizations last for about one to five days, it is a given that the longer the patient stays in the hospital, the more costly they are going to incur.
This is quite troublesome new and can heart wrenching for those who cannot afford this much expenses. Young learners who opt for the best dissertation writing service might also relate to why people might find it extremely difficult to get proper healthcare during the pandemic lockdown.
⦁ Lack of Funds or Capital Investment
Another major downside for businesses, brands, and corporate ventures is that the pandemic causes them to reach a point of stagnation. Although it would do them a ton of good if they can extract funds or capital from lenders, the dire situation has made it even more difficult for organizations to acquire funds. This is due to the fact that uncertainty in the market has made things even more volatile for the lender and the capital industry to operate.
⦁ Supply Chains Compromised
Supply chains are extremely important for the commercial sector as without a proper distribution network, neither raw materials nor finished goods can reach their desired locations. The COVID-19 pandemic did disrupt supply chains at an international level and caused major mayhem. With businesses closing down, acquiring raw materials and delivering complete goods became a challenge.
This led to organizations adopting smaller chains that enabled them to work in close quarters with their local suppliers and vendors.
As an ending note, I would just like to say that while lockdown was considered the quickest solution to stop the spread of the virus. However, it is not the correct approach, neither for the economy nor the people. Ensuring a strict lockdown serves only as a foundation, but there is nothing progressive about them.
In order to move forward, interventions have to develop and imposed that enable people to accomplish normalcy. It is not impossible to accomplish as examples around the world already exist where smaller countries are gradually moving towards more freedom in outdoor interactions.
While the good news about the vaccines is gradually spreading, it is important to know that many of us have learned and adapted to live with corona and the threat it imposes.
Elaine Vanessa currently works as a Sr. Editor and Content Marketer at Dissertation Assistance. This is where higher education student can buy coursework from experts specializing in their field of study. During her free time, she likes to surf the internet for all the latest development in the world of tech.