Effect Of Covid 19 Pandemic On Economic Inequalities

It is indeed painful to analyze that a pandemic like COVID 19 has generally contributed to economic inequality in countries globally. In low and middle income countries especially, COVID 19 pandemic has made the poor man suffer more. It is disillusioning to see that whenever any pandemic hits a nation at large, the poor man tends to bear its burnt more.
It has been analyzed that usually the poor population globally is prone to COVID 19 pandemic. The poor population especially of Central Africa and Southeast Asian countries have a closer contact with birds and animals, which transmits viruses of diseases like COVID 19 pandemic. It is majorly because the poor nations of Central Africa and Southeast Asian countries are undergoing accelerating expansions of human settlements leading towards increasing agricultural and livestock production.
Sadly, on the outbreak of a pandemic like COVID 19,the poor man in low and middle income countries(LMIC) fail to afford the required medicines for treatment and recovery. Due to least accessibility to appropriate health facilities in an event of a serious COVID 19 virus, a large proportion of poor population dwelling in LMIC have lost their lives. This consequently has an adverse impact on economies of these countries as a family of the low and middle income strata in African and Asian countries is dependent on earnings of majorly a single individual, who when succumbed to a deadly virus like Covid 19 entails a huge economic burden for the entire family unit. The loss of life of the bread earner of the family means a sheer loss of income of the household unit depriving it from fulfillment of its basic necessities. This unfortunately grows economic discrepancy in low and middle income countries whereby the poor tends to get poorer and the rich flourishes.
In addition, COVID 19 has led to lockdowns, market closures, conscious and fearful consumers avoiding marketplaces. This hence entails a serious economic damage especially for the poor households, who already fail to make their both ends meet thereby resulting in anincreasing economic inequality. An expert analysis presents that about six to eight percent of the global population is likely to be pushed into poverty as governments close down businesses to contain the spread of corona virus.
A study presented by United Nations titled as “Estimates of the impact of COVID 19 on global poverty” states that COVID 19 is an imminent threat to the fulfilment of Sustainable Development Goals to end the poverty by 2030. It ever since 1990 could be a complete reversal to the efforts made globally for reducing the poverty.
COVID 19, overall has increased economic inequality globally by making the poor population poorer and has created a new cohort of poor. UK and USA are reported to be most adversely affected by COVID 19 in terms of economic recession and unemployment. About 20.4 million people lost their jobs in USA during the COVID crisis period.
Considering the economic inequalities arising from COVID 19 pandemic, there stands a dire need for achieving global solidarity amongst developed and developing nations for joint sharing of resources. This is required for enabling the poor population to survive the battle against corona virus by accessing best healthcare facilities.

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