Question

negative impacts of coronavirus upon human resources

Answer 1

Dear Student,
The COVID-19 pandemic, which has already infected almost 170,000 people in 148 countries, resulting in more than 6,500 deaths, has the potential to reach a large proportion of the global population. Some estimates suggest that 40-70 per cent of the world’s population could become infected.
→ The crisis has already transformed into an economic and labour market shock, impacting not only supply (production of goods and services) but also demand (consumption and investment). All businesses, regardless of size, are facing serious challenges, especially those in the aviation, tourism and hospitality industries, with a real threat of significant declines in revenue, insolvencies and job losses in specific sectors.
→ Underemployment is also expected to increase on a large scale.
→ Labour supply is declining because of quarantine measures and a fall in economic activity.
→ Working poverty is also likely to increase significantly.

Regards