Introduction
The present report offers critical insights into the effects of coronavirus on businesses and human lives, as well as its impact on the U.S. economy. The World Health Organization recognized coronavirus as a global pandemic in January 2020. Since then, the proliferation of the virus grew in spades, leading to the development of unforeseen economic repercussions. Several businesses and lives have been shattered in the face of never-ending incidences of new outbreaks and enforcement of harsher measures to curb its spread.
In particular, the U.S., alongside other global economies, has suffered from the closure of business operations and imposing nationwide curfews that have seen economies plunge and inflation rise. The proliferation of the virus from when it became a global catastrophe caused so many lives and led to increased loss of employment among several Americans.
The resurgence of new virus variants has made it harder for people to cope with the currently higher living standards and stricter measures in developed nations. The rising spread and emergence of new variants have seemingly increased poverty levels. Additionally, cases of civil unrest have increased as several people in Germany and Canada have taken to the streets to resist the new measures to curb the virus in those countries.
Likewise, developed nations have also found it much more difficult to promote their economic recovery, which had recently started on the right track following the vaccination of most citizens living in those nations.
Effects of COVID-19 on Businesses
Businesses in the U.S. have suffered graver consequences due to the measures implemented to control the coronavirus. In particular, restrictive measures such as the closure of business operations increasingly disrupted the normal scope of business activities. The foreclosure of business operations in the United States stems from a diverse array of factors, including, among others, lockdowns and social distancing (Barua 8).
Several storefront and business owners seemingly closed operations indefinitely because of the inability to pay for utility expenses at the stores (Barua 8). Imposing national curfews leading to lockdowns in conjunction with rising concerns for health safety has had an enormous effect on the extensive reduction of customer turnout and consumer demand (Ceylan et al. 821).
The subsequent reduction in demand has compelled business owners to restructure the normal hours for business operations. The implications stemming from reduced consumption and shutdown of business activities have continually slowed the overall growth of the American economy (Jackson 2).
Indeed, the country’s extensive closure of business activities reduces its national gross domestic product. The low productivity in business bodes ill for investments, thereby undermining the growth of any economy (Barua 9). Low production levels in business similarly undermine a business’s commitment towards corporate social responsibility. The downward shift in the demand curve suggestively indicates a lack of viable business opportunities (Barua 9).
An overall decline in demand further signals the presence of low levels of consumption in any country (Ceylan et al. 821). With the resultant decline in demand, most businesses in the U.S. closed shop to default most of their corporate social responsibility obligations.
Resurgence of Coronavirus Variants and Impact on the U.S. Economy
Increased manufacturing of vaccines possibly presents nations with a unique opportunity to counter the spread of the virus and resume normal business operations. In particular, several developed nations have made tremendous leaps to have wider segments of their populace vaccinated (Jackson 2). This has, in turn, led to the removal of stricter measures of controlling the virus previously put in place.
Countries such as the U.S. and other developed nations have taken huge steps to improve their economies as of late 2021 and 2022 (Jackson 2). However, the subsequent outbreaks of the plague’s variants have only further compelled nations to reintroduce restrictions previously put to deter continued infiltration of the disease, such as lockdowns, quarantines, and wearing masks.
As a result, this has sent a new round of economic blows to the recently recovering economies of developed nations (Jackson 2). Indeed, the U.S. faces an increasing inflation rate in its economy even as it struggles to curb the spread of the virus. Central banks of developing nations ponder the effect and timing of cutting off monetary support due to rising inflationary concerns (Jackson 2).
The reemergence of new virus variants presents a much bigger threat towards the recovery of developing and developed nations’ economies, especially due to newly diagnosed cases. This reemergence is central to the effects of coronavirus on businesses and human lives across regions.
Effects of Coronavirus on Human Lives
Separately, the continued resurgence of new coronavirus variants equally threatens human lives across America and elsewhere in the world. Increased mortality rates will subsequently affect the growth of economies. Likewise, proliferated suffering and death caused by the plague seem likely to trigger growing poverty rates, loss of careers, suffering, and civil unrest, as can be seen today in Germany and Canada.
Indeed, prolonged restrictions set forth to deter the continued invasion of coronavirus have led to social unrest due to decreasing career prospects and rising living standards (Barua 10). The loss of human lives could also risk businesses losing sources of labor in the future. This is yet another grave consequence tied to the effects of coronavirus on businesses and human lives globally.
Conclusion
Suffice to say, a critical review of the prolonged spread of coronavirus examines its effects on business sectors, the economy, and human lives. Measures for hindering the spread of coronavirus have increasingly led to the rise of unfettered implications on the economy.
The rampant foreclosure of businesses and stores has led to extensive disruption of business operations. Most business owners in the U.S have closed operations due to reduced demand for their products, rising concerns for health safety, and by order of mandated policy. The reemergence of new variants such as Omicron and Delta variants have greatly undermined the recovery of economies in developed nations such as the U.S.
Indeed, the country faces higher inflation as prices of products such as grocery and oil skyrocket. The spread of said variants also threatens the safety and survival of civilians. Most people will likely die, lose loved ones, lose their careers, and end up living below the poverty line. These somber realities sum up the long-term effects of coronavirus on businesses and human lives.
Discussions around the broader public health consequences of the pandemic also raise important questions about ethics in toxicology research, particularly in how scientific data is used to guide policy during global health crises.
Works Cited
- Barua, Suborna. “Understanding Coronanomics: The economic implications of the coronavirus (COVID-19) pandemic.” Available at SSRN 3566477 (2020).
- Ceylan, Rahmiye Figen, Burhan Ozkan, and Esra Mulazimogullari. “Historical evidence for economic effects of COVID-19.” The European Journal of Health Economics 21.6 (2020): 817-823.
- Jackson, James K. Global economic effects of COVID-19. Congressional Research Service, 2021.
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