Redrawn Socio-Economic Realities-Covid 19

Abstract

The economic realities of the globe have stretched beyond the realms of academia in a re-defined world of Covid-19. The social media has replaced investigative journalism, the government appointed medical officials have replaced the elector-chosen legislative members. The pharmaceutical giants like Pfizer, Moderna and AstraZeneca etc. have become some of the economic winners during this global pandemic. The World Health Organisation (WHO) is being criticised for not operating at an-arms-distance from the corporate economic beneficiaries of Covid vaccine developers etc. Amid these stark realities, the economic future of the world’s population hangs in a balance. United Nations Development Program, in its report of 2020 titled, “Coronavirus vs. Inequality” speaks of the Covid-19 fuelled economic disparities not only amongst the developing nations but also amongst the middle and lower segments of some the richest economies of the world. International Labour Organisation (ILO) in its 2020 report states that during the first three quarters of the year 2020 reported 17% decline in the working hours worldwide due to Covid-19 global lockdowns compared to the same period in 2019. These findings translate into the equivalent of 500 million full-time jobs lost worldwide. Food supply chain disruptions leading to acute food shortages have added almost 150 million people to the world’s poorest population according to MIRAGRODEP Simulations in 2020. This paper examines the real impact of global economic downturn due to Covid-19 beyond the economic modelling of various governments during this ongoing pandemic.