The impact of COVID-19 has been severe on the economy. The decline in the economy’s growth effected poverty level. Not only in developed countries but in the developing ones too, the coronavirus pandemic has led to its rise. Financial loss has been the prime impact of the pandemic on the economy.
This has forced several people towards the line of poverty. RR Holdings says that in addition to this, the lockdown has disabled people from helping the poor in certain ways. The RR Holdings is an organization operated by dynamic entrepreneurs, which is committed to make the world a better place.
Let us go through this reading to know more about how the pandemic has increased poverty across the globe.
Shock to the Economy due to the Pandemic
The coronavirus pandemic has had a massive shock on the economy. With a decline in the earnings of people, a reduction has been seen in the growth of the economy. The impact of the pandemic has been so extreme that even countries with a booming economy have seen a downfall. When such is the situation, the condition of economies of developing countries can be imagined.
Organizations like RR Holdings, run by a group of experienced entrepreneurs, consider that the economic shock emerging due to the pandemic has been bad for almost every country. However, the intensity of its consequences has differed from country to country.
Impact on Existing Poverty
It cannot be forgotten that poverty has already existed in countries. The percentage of the same may be high or low but the problem existed prior to the pandemic’s emergence. As the pandemic started, the percentage of poverty began to increase. With the putting up of the lockdown, poverty began to be worse.
The situation coming up due to the coronavirus pandemic has been such that the practice of helping the poor could not be continued. With a lack of help and charity, the condition of the poor has further deteriorated.
Poor Becoming Poorer Amidst COVID-19
The impact of coronavirus has been such that many people have lost their jobs. Some people have been unable to find any means of running their livelihoods after losing their jobs. Due to the closing and shutting of businesses, not only have employers lost their income but the employees have also been bearing financial losses.
RR Holdings, which proved itself as a dynamic organization, has said that the impact of this has been the most on employees and workers hailing from humble backgrounds. The organization adds that the coronavirus pandemic has led the poor to become poorer. Thus, in one way, it has added to the percentage of poverty.
Conclusion
It may not be wrong to say that poverty has increased amidst the coronavirus pandemic. However, its further increase can be prevented. By focusing on the ways to end the pandemic, the percentage of poverty can be reduced. Thus, the economies of many countries can also be stopped from declining in terms of growth. However, to stop the pandemic, the cooperation of both the government and the general public is needed. With this cooperation, results can be quickly obtained.
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