The Corona Virus Disease 2019 pandemic has been responsible for the deaths of millions of people since its inception last December 2019. Since then, it has had a profound effect on the world’s economy. Contagions are exceptionally large-scale seasonal outbreaks of airborne viral infection which can significantly increase mortality and morbidity over a vast geographical area and lead to significant economic, social, political, and health impacts.
Because of the pandemic’s ability to rapidly spread and kill, numerous governments have passed strict laws regarding mandatory quarantining people at high-risk health locations. This compulsory has made preventing the pandemic within the healthcare setting difficult, if not impossible.
However, the combination of international collective action and stringent legislation has done little to slow the rate of spread or reduce its impact on societies worldwide. There is a limited ability to control or contain the pandemic within the domestic healthcare setting. Much of the strain placed on public health and medical personnel during the pandemic has come from voluntary action by ordinary people.
Some individuals have even taken the step of forming self-funded and large-scale volunteer organizations. While these types of initiatives provide some temporary relief, there is no doubt that the pandemic will return with a vengeance if the status quo does not change. This time is where the potential for economic damage and loss of life is most significant.
With an average case of a plague costing up to ten million lives in seven days, the financial cost of dealing with a COVID-19 issue should be high.
In terms of overall economic impact, tremendous losses occur in developing countries where health care providers cannot afford to lose patients. This situation means that even in regions with fewer pandemic cases, the lack of access to healthcare professionals, infrastructure, and expert management makes handling the outbreak more difficult. The economic impact does not account for the suffering and death that come with the deadly disease. Still, in the face of the more significant number of cases and the lack of advanced treatment and infection control, the financial toll of the disease far outweighs the benefits of any short-term economic gain.
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