There’s no running away from the fact that the advent of COVID 19 has had a strong impact on the world economy and continues to affect us all to date. When this pandemic debuted back in the early months of 2020, nobody had expected it to come this far. Therefore, when it comes to discussing the aftermath of this disease, there is no end to it. Because COVID 19 is here to stay, panic and fear have gripped millions of people across the globe. In this blog, we will sift you through a few ways; COVID 19 has affected the world:
Rise in Unemployment
While the idea of “work from home” amassed massive popularity globally, many people were unhappy after receiving layoffs from work. This led to a sudden increase in unemployment, which resulted in a lot of people facing difficulty paying off the bills and other stuff. According to recent experts, the unemployment rate has risen by 5.4% across the globe, which is staggering. Therefore, because COVID 19 compelled many firms to shut, they eventually bid farewell to their employees.
Increase in the Demand for Loans
Not to forget, when COVID 19 forced a sudden lockdown across the globe, many people lost their jobs and thus, started to demand loans. Right now, many people are having a hard time struggling with their finances, so they are looking for different ways to manage debt. As the demand for loans has increased, there have been several changes in the spending pattern of the millennials too. Many have also received the attachment of earnings order to have debt paid off through deduction from wages.
Rising Health Concerns
As explained above, because the coronavirus is here to stay, there have been rising health concerns everywhere. Because COVID 19 entitles an individual to serious health issues, the health industry across the globe is facing many challenges. Secondly, because the lockdown itself has been imposed in various states, it is hard for people to get medical help as soon as they can. Although the vaccine is a breath of fresh air, the growing concerns are only questioning its veracity.
The Trend of Work From Home
Although unemployment has been a major concern for many countries across the globe, the trend of work from home has been a major victory for the first out there. Simply put, there are incredible benefits of work from home as employees do have to spend on travel and commute. Similarly, they can spend more time with family and rest assured about not keeping away from their loved ones. As long as COVID 19 is around, it Is hard to say if companies are going to allow employees to come back to work.
The Shift to Health and Wellness
Now, it is fair enough to say that all of us are concerned about our health more than ever. When the COVID 19 hit the world, not many of us were serious about personal hygiene or working out every day. Now, people are engaging in physical activity and concerned about staying fit.
