The Impact of COVID-19 Paroxysm on Businesses and Markets: A Global Mire

Aphu Elvis Selase and Ekor Sophia Enyonam
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Aphu Elvis Selase: College of Public Administration, Huazhong University of Science and Technology, Wuhan, 430074
Ekor Sophia Enyonam: Salary.com

Studies in Social Science & Humanities, 2023, vol. 2, issue 1, 36-42

Abstract: Although COVID-19 was declared a global pandemic by the World Health Organization on March 11th 2020, its effects are still being seen today. Governments all around the world implemented stringent measures in an effort to limiting cases and slow the virus’ rate of spreading because of the illnesses’ Chinese origins and quick worldwide spread. However, these strategies have shattered the key pillars supporting modern world economies when nationalist concentration and struggle over scarce resources eclipsed global commerce and collaboration. The COVID outbreak had major economic effects on every country in the world, and it doesn’t seem to appear that any nation is or will be exempted. This has an adverse effect not only on the economy but also on society as a whole, which has drastically altered how both firms and customers conduct themselves. Interestingly, most governments in the African continent especially sees this mire as good news and a necessary evil by putting the blame on the epidemic for their failure in government and subsequently failing the citizens. The status quo has created an atmosphere of terror and insecurity in individuals so much so that, people are now timid to complain or go to the hospital of normal headaches, fever, stomachaches, malaria and even the common cold we all know of. Once you cough in public, you will not only be lucky for people around running away from you but will adversely draw the attention of the police on you in addition. When will?

Keywords: businesses; COVID; markets; impact; global economy; mire (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bdz:ssosch:v:2:y:2023:i:1:p:36-42

DOI: 10.56397/SSSH.2023.01.07

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