Have we economically recovered from Covid-19?
The Covid-19 pandemic has been monstrous to humanity, unleashing suffering, fear, and problems onto countries across the globe. It has led to the world being altered, to comply with a new “norm.” As humanity continues to be tenacious, we are still trudging through, trying to adjust to these turbulent times and unfortunate realities by having hope. Can we recover? Will we ever revert to how the world was pre-Covid? Is this how things will be from now onwards? What should we expect economically? Though my studies are more suited to business and economics-related topics, I do believe I have enough knowledge to speak on some of the scientific aspects of this topic. I will do this while examining the economic implications of everything that is occurring and determining the feasibility of recovery.
Recovery is the process through which an individual or thing reverts to its normal state or an improved one after something debilitating. Within the scope of this essay, we are looking at it with regards to the countries of the world and their economies. In ascertaining economic prosperity, countries strive to obtain and maintain economic growth, sustainable development as well as a healthy and educated population and labour force. The pandemic has severely affected these things for all countries worldwide. The virus first starts to cause members of a country’s population to become ill, and depending on factors such as their health, age and lifestyle could lead to them becoming critically ill. In doing this, the human resources of nations become weakened. This is a colossal cause for concern as human production is one of, if not the most crucial resource a country possesses, as without its population and labour force, natural resources wouldn’t be manipulated, the evolution of technology and the development of nations to where they are today would not have been possible. Countries spent millions of dollars not only on preventative measures but also on recovery measures as the virus managed to make its way to every country worldwide. Irrespective of the wealth or economic condition of each nation, other resources had to be employed in reinforcing healthcare systems, equipping healthcare workers, creating, and sustaining quarantine facilities, performing contact tracing, and caring for the sick while limiting the virus’ spread. Taking these into consideration, we can see why the pandemic has been such an unfortunate event as it has placed a significant strain on economies.
In curtailing the spread of the virus, it has halted and/or affected the operations of several sectors within the economies of many countries. Tourism, entertainment, sports, and some businesses which all involve the intermingling of people in a social setting have taken the brunt of the restrictions and protocols that have been implemented as preventative and precautionary measures. Livelihoods have been devastated as jobs have been lost, incomes have been reduced, loved ones have fallen ill and/or die, education has been adversely impacted and resources stretched thin. Two (2) years since the inception of the pandemic, recovery is now the priority of most countries. However, recuperating from the exhaustive demands is incredibly challenging. Not only will countries have to constantly monitor the numbers and sustain protocols nationwide, but they also must acquire vaccines and then launch multi-million-dollar vaccination campaigns to have members of the population inoculated. This coupled with the activities and expenditures governments have been dealing with, makes it harder for us to see a worldwide recovery and a return to normalcy.
The most crucial factor in recovering is the people. Their decisions and action determine whether collectively humans can successfully emerge from these troubling times. Therefore, efforts and measures must be crafted and utilized bearing the importance of citizens’ actions in mind as they determine if a country can recover from the pandemic or not shortly.