COVID-19:
Socio-economic and Political Setbacks
Coronavirus-socio-economic setbacks
By Margaret Iember Tivlumun, ACA, NIM (CHARTERED)
Finance and Tax Analyst-Abuja
Life is no longer the same with the COVID19 pandemic, which has brought the globe to a hold up. The socio-economic and political spheres of life have been thwarted and no one is certain of tomorrow even though health experts are working round the clock to do the needful. Worse is the growing death rates occasioned by the pandemic. At the moment, nearly one people are infected, with almost fifty thousand deaths globally.
Educational impact
The COVID-19 pandemic has affected educational systems worldwide, leading to the closure of schools. Governments in over 73 countries have shut down schools. In Nigeria, school closures have affected over 421 million learners globally while localized school closures have put over 577 million learners potentially at risk. According to data released by UNESCO on 10 March, school and university closures due to COVID-19 have left one in five students out of school globally. In the same vein, the dream of many promising children desiring to enter the University will have to be put on hold as the West African Examination Council (WAEC) Senior School Certificate Examination (SSCE) which was billed to commence on the 6th of April, 2020 has been put on hold till further notice.
Religious impact
The pandemic has impacted religion in various ways, including the cancellation of the worship services of various faiths, the closure of Sunday Schools, as well as the cancellation of pilgrimages surrounding observances and festivals to Italy, Israel, Mecca in Saudi Arabia etc. Many churches, synagogues, mosques, and temples now worship through live stream amidst the pandemic. Relief wings of religious organizations have dispatched disinfection supplies, powered air purifying respirators, face shields, gloves, corona virus nucleic acid detection reagents, ventilators, patient monitors, syringe pumps, infusion pumps, and food to affected areas. Adherents of many religions have gathered together to pray for an end to the pandemic, for those affected by it, as well as for God to give physicians and scientists the wisdom to combat the disease. In the United States of America, President Donald Trump designated 15 March 2020 as a National Day of Prayer for Americans to seek God’s help amidst the pandemic
Entertainment/ Tourism and Sport industry
The pandemic has impacted the film industry. Across the world and to varying degrees, cinemas and movie theaters have been closed, festivals have been cancelled or postponed, and film releases have been moved to future dates. As cinemas and movie theaters closed, the global box office dropped by billions of dollars, while streaming become more popular and the stock of Netflix rose; the stock of film exhibitors dropped dramatically. Almost all blockbusters to be released after the March opening weekend were postponed or canceled around the world, with film productions also halted. Massive losses in the industry have been predicted.
Several major sporting events were cancelled or postponed, including: UEFA Euro 2020, The 2020 edition postponed to 2021, ––201920 UEFA Europa League suspended, All NCAA collegiate athletic competitions for the remainder of the 2019–2020 academic year including the 2020 College World Series and the 2020 Men’s and Women’s Division I basketball tournaments (all cancelled), ––201920 UEFA Champions League (suspended) 2019- 2020 Major League Soccer leagues like Premier league, Serie A, Ligue 1, Bundesliga, La Liga, 2021 Copa América, Formula One Australian Grand Prix 2020 (cancelled) with the Bahrain, Chinese and Vietnam Grand Prix postponed. The 2020 Summer Olympics in Tokyo might have to be delayed by up to two years, although the IOC insisted that preparations for the games would continue as planned. Before most football divisions across Europe were either cancelled or postponed on 12–13 March 2020, matches in different countries such as Bulgaria, Denmark, France, Germany, Greece, Italy, Poland, Spain and Switzerland were either cancelled, postponed or played behind closed doors.
Hospitality Industry
COVID 19 has also impacted the restaurant business. In the beginning of March 2020, some major cities in the US announced that bars and restaurants would be closed to sit-down dinners and limited to takeout orders and delivery. Some employees were fired, and more employees lacked sick leave in the sector compared to similar sectors. The United Kingdom on the 20th March, 2020 also announced the closure of Restaurants, bubs and Cafes. Some hotels are also under lock down and not open to guests.
Transportation
The pandemic has had a significant impact especially on the on rail and aviation industry due to –the resulting travel restrictions as well as slump in demand among travelers. Significant reductions in passenger numbers has resulted in planes flying empty between airports and the cancellation of flights. Rail terminals are also empty and deserted due to travel restrictions.
Projected long-term impacts
Large Conglomerates are implementing expanded telecommuting arrangements for their employees in order to prevent the virus from spreading and affecting their employees. Movement restrictions could also be a negative impact on business travel and international conferencing and the rise of their virtual equivalents.
The pandemic of the COVID -19 could cause a “revolution in working from home.”
Globalization could be jeopardized by a prolonged global health crisis, as supply chains have been disrupted and reliance on the Chinese economy questioned. Restrictions on immigration and increased border enforcement may be seen as justified. The pandemic may have mixed effects on the fight against climate change. Drastic reductions in industrial and transportation activity should reduce emissions in the short-term. Collapses of in global oil price may affect the fiscal year of oil depended countries mostly the third world countries. Shortage of food supply may increase poverty and more death for countries that depend largely on aids and importation most especially African Countries.
At the moment, researching institutions are working round the clock. It is expected that the virus can be contained before it gets really out of hand. In the meantime, masses are advised to stay away from crowd and improve personal hygiene. These can improve the chances of one not contacting the dreaded virus termed by the World Health Organisation as a pandemic.
