COVID-19 is a highly contagious disease, and factors such as human behavior, unmonitored travel, and weak immunity of the population contribute to the spread of the pandemic. The pandemic disrupted the economy of various countries, with the US bearing the brunt. Along with the US, India, Brazil, Europe, Russia, and Spain also endured the extreme consequences of the disease. The world endured the last surge in COVID-19 cases in March 2022 as the “Omicron” variant engulfed the world. Before March 2022, the world experienced a multiplication in COVID-19 cases in April 2021 and September 2020. As of May 2022, there were 529,821,934 cumulative number of confirmed COVID-19 cases globally, and 6,297,783 people died due to the disease.
The outbreak of the coronavirus disease began in Wuhan, China, with a newly identified coronavirus. On March 11, 2020, the World Health Organization (WHO) designated the disease as a pandemic aided by human transmission. The WHO issued various advisories regarding the importance of sanitation, respiratory hygiene, and maintaining social distance to prevent the spread of the coronavirus.
The pandemic caused social and economic disruption and put millions of people at risk of falling into extreme poverty. The global GDP decelerated at a steady rate from the beginning of 2020 and is expected to shrink further by 2023. However, investment in advanced economies could help their GDP return to the pre-pandemic levels, but in developing countries, the GDP has little scope for growth. However, the International Labour Organization (ILO) adopted appropriate fiscal and monetary policies to stimulate the global economy. The ILO recommended employee retention measures to support enterprises and jobs and provide tax benefits to business owners. It also strengthened efforts to protect the workforce by providing flexible work arrangements and access to healthcare.
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