Page 26 - Campus Chronicles Technical Magazine 2021
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Covid-19 and its


                                                                                                                               impact on World

                                                                                                                               Economy



                                                                                                                               By Ms. L. Prasanna Laxmi Reddy,

                                                                                                                               B. Tech (ECE)- 19UP1A0465


                                                                                                                               The Covid-19 pandemic is a social and an economic            Any  economic  recovery  will  likely  be  uneven,
                                                                                                                               crisis  just  as  much  as  it  is  a  health  one    its    leading to greater inequality in the coming years.
                                                                                                                               repercussions, severe and far-reaching, are being felt   •   Women have been harder hit economically by the
                                                                                                                               across the world.                                            pandemic because they are a large proportion of
                                                                                                                               From  school  closures  to  devastated  industries  and      the workers in sectors severely affected by Covid-
                                                                                                                               millions of jobs lost – the social and economic costs of     19, including accommodation and food services,
                                                                                                                               the  pandemic  are  many  and  varied.  Covid-19  is         and in front-line occupations, such as the health
                                                                                                                               threatening  to  widen  inequalities  everywhere,            and social care sectors.
                                                                                                                               undermine  progress  on  global  poverty  and  clean     •   With the closures of schools, they have also had to
        •   Students that are new to online technologies         educationists  have  found  it  to  become  the               energy,  and  more.  The  best  solution  is  to  stop  this   take  on  more  care  responsibilities  at  home.
            may find them confusing. In this case, teachers       preferred mode of learning in the future. Some of             damage  from  happening,  through  the  use  of  tests,      Whether through job losses or school closures, the
            need  to  make  additional  efforts  to               the  opportunities  brought  forward  by  online              treatments and vaccines everywhere they're needed.           pandemic threatens to undo decades of progress
            communicate  deadlines  and  help  students          learning in the present pandemic situation include:           This will cost only a fraction of the huge economic loss     on gender equality.
            complete their assignments.                          •   Students  can  avail  learning  resources  from           the pandemic is causing every week.                      •   Covid-19  has  been  slowing  down  progress  on

        •   Although  online  learning  doesn't  require             anywhere in the world                                     The pandemic impacts all aspects of Society:                 clean energy too, at least temporarily, by curbing
                                                                                                                               To slow the spread of the virus, schools closed across
            advanced  technical  skills,  involved  people       •   Virtual  classrooms  can  impart  quality                                                                              investments and delaying the expansion of clean
            need to be comfortable with using a computer             education while avoiding the risk of the spread           the world. One year into the pandemic, almost half of        energy technologies.
                                                                                                                               the world’s students were affected by school closures.
            and accessing the internet. In rural areas, slow         of Covid-19, which is of utmost importance in             Millions of girls in some countries might not be going   •   There has been some positive climate news: global
            internet  connections  and  missing  materials           the present                                               back  at  all,  putting  them  at  risk  of  adolescent      energy-related  CO2  emissions  fell  by  5.8%  in
            can cause frustration.                                                                                             pregnancy, child marriage and violence.                      2020,  the  largest  ever  decline  in  global  CO2
                                                                 •   Students from rural areas do not need to travel                                                                        emissions in history. But that’s only a short-term
        There  is  no  doubt  that  every  technology  and           long distances within the country or abroad in            •   Businesses closed too, leading to the equivalent of      effect of lockdowns, not a sustained change. In
        advancement comes with some pros, cons, and                  order to study in a good institution if they can              255 million full-time jobs lost, in terms of working     fact,  emissions  are  expected  to  rise  by  4.8%  in
        has challenges in implementation as well.                    avail  online  learning  opportunities,  thus                 hours, in 2020. Among the worst hit are workers in       2021, the second highest rate in history, as the
                                                                                                                                   the informal economy, young people and women.
        Opportunities:                                               cutting down costs. But, to do the same, they                                                                          demand for coal, oil and gas rebounds with the
        With  the  number  of  internet  users  increasing           would require a good network connection as                                                                             economy.
        rapidly in India, online learning can emerge as a            well  as  access  to  proper  educational
        potential alternative to traditional education but           technology.
        only through proper planning and execution by the
        government.  With  the  numerous  opportunities
        available  with  online  education,  many






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