The Social and Economical Impacts of Covid-19 Pandemic: A Review
For the year 2020, COVID-19 has taken up the grisly form at both social and economic level and has become the most prioritized global concern. From this review it has been established that social distancing and getting into lockdown is the only mean to mitigate the transmission of COVID-19. Since a majority of population is under lockdown thus it has slow down the economic activities all over the globe and as a ultimate effect a huge number of work force of the world is facing serious financial problem, many have lost their jobs especially informal workforce in the developed countries like US, UK, France, Italy, Spain and the developing nations like India and China. Due to COVID-19 pandemic all the economic core sectors are reached at the bottom level of their growth and currently at huge risk and this has results in a significant decline in employment. To revive the economic and financial condition of the nation's, the respective authorities have taken all mean measures such as liquidity management, refinancing facilities, expanding unemployment insurance, loan facilities for businesses and other relief packages also. In this review an attempt has been taken to encapsulate the social and economic impacts of COVID-19 pandemic.