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Vol 6, No 2 (2021)
Review article
Published online: 2021-04-16
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COVID-19 and the economy: job loss and economic shutdown

Isaac Iyinoluwa Olufadewa12, Miracle Ayomikun Adesina12, Ruth Ifeoluwa Oladele12, Moyinoluwa Joshua Oladoye13, Temiwunmi Akinmuleya1, Eric Ogunleye14
DOI: 10.5603/MRJ.a2021.0019
·
Medical Research Journal 2021;6(2):125-130.
Affiliations
  1. Slum and Rural Health Initiative Research Academy, Ibadan, Nigeria, Nigeria
  2. College of Medicine, University of Ibadan, Nigeria, Nigeria
  3. Faculty of Veterinary Medicine, University of Ibadan, Nigeria, Nigeria
  4. Department of Nursing, University of Ibadan, Ibadan, Oyo State, Nigeria, Nigeria

open access

Vol 6, No 2 (2021)
REVIEW ARTICLES
Published online: 2021-04-16

Abstract

The COVID-19 pandemic devastated several countries across the globe, having economic, social, and health impacts on all nations, some more than others with over 31 million infection cases and almost 1 million deaths as a result of the pandemic. This has caused a ripple effect on the agricultural sector as seen by the food scarcity and the increase in food spoilage ravaging the sector as many local farmers are unable to transport their produce to consumers. The pandemic has also confronted the hospitality industry with an unprecedented challenge as a result of the temporary closure they had to experience due to the lockdown imposed in affected countries. The transport sector is not excluded though to the positive side as there has been a decrease in air pollution within some countries due to the various travel restrictions and bans placed on the movement of people. Another sector seriously hit by the pandemic is the tourism sector as there has been a projected loss of about $1.2 trillion equivalent to 1.5% of the global Gross Domestic Product (GDP). The same goes for the sports sector as major tournaments have either been cancelled or postponed. This paper discusses the impact of COVID-19 on the global economy and its corresponding implication on job loss in various sectors. With the daily increase in the number of infected cases globally, systems and structures which will be able to neutralize the effects of future pandemics need to be put in place and reviewed from time to time.

Abstract

The COVID-19 pandemic devastated several countries across the globe, having economic, social, and health impacts on all nations, some more than others with over 31 million infection cases and almost 1 million deaths as a result of the pandemic. This has caused a ripple effect on the agricultural sector as seen by the food scarcity and the increase in food spoilage ravaging the sector as many local farmers are unable to transport their produce to consumers. The pandemic has also confronted the hospitality industry with an unprecedented challenge as a result of the temporary closure they had to experience due to the lockdown imposed in affected countries. The transport sector is not excluded though to the positive side as there has been a decrease in air pollution within some countries due to the various travel restrictions and bans placed on the movement of people. Another sector seriously hit by the pandemic is the tourism sector as there has been a projected loss of about $1.2 trillion equivalent to 1.5% of the global Gross Domestic Product (GDP). The same goes for the sports sector as major tournaments have either been cancelled or postponed. This paper discusses the impact of COVID-19 on the global economy and its corresponding implication on job loss in various sectors. With the daily increase in the number of infected cases globally, systems and structures which will be able to neutralize the effects of future pandemics need to be put in place and reviewed from time to time.

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Keywords

COVID-19, economy, agriculture, tourism, travel, sports

About this article
Title

COVID-19 and the economy: job loss and economic shutdown

Journal

Medical Research Journal

Issue

Vol 6, No 2 (2021)

Article type

Review article

Pages

125-130

Published online

2021-04-16

Page views

1381

Article views/downloads

1122

DOI

10.5603/MRJ.a2021.0019

Bibliographic record

Medical Research Journal 2021;6(2):125-130.

Keywords

COVID-19
economy
agriculture
tourism
travel
sports

Authors

Isaac Iyinoluwa Olufadewa
Miracle Ayomikun Adesina
Ruth Ifeoluwa Oladele
Moyinoluwa Joshua Oladoye
Temiwunmi Akinmuleya
Eric Ogunleye

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