How Covid19 affects poor and rich countries and its economy
The world feels tough in these times, the impact of Covid -19 has put the world to a stop and neither both poor and rich countries were spared of the pain it has brought to the workforce, medical field and even the economy. Undoubtedly, Covid -19 has brought the world to its knees.
However, poor countries are the most affected and could extremely push millions into extreme poverty. With this pandemic, third-world nations with frail health systems are drowning in debt while rich countries are building new hospitals, procuring thousands of vaccines and keep economy alive.
Although Covid 19 continues to ravage rich countries, but it is the poor countries that are hurtling the most in its impact. Even the measures taken by these countries do affect households in many ways, including job loss, loss of remittances, higher prices, rationing of food and other basic goods, and disruptions to health care services and education.
Poor countries undoubtedly, are the most vulnerable in this fight, as the pandemic rolls in to another year the most potent economic shock is looming in the side-lines. More and more people in this poor countries are suffering, many have lost their jobs and goes home empty-handed, and businesses faced with the disappearance of sales are laying off workers while households short of income are skimping on food. Without the luxury of well-funded hospital systems, poor countries are ramping up measures to keep COVID-19 from paralyzing medical and health workers and overwhelming more hospitals.
The rich can get the best health care, rely on their savings, and work at home (or escape to a holiday home) during the pandemic. The notable divide between poor and rich countries is inevitable, yet Covid -19 encapsulates the existential threat that these pandemic poses to millions of people. But never has a crisis so profoundly exposed the extreme inequalities that divide our world.
Above all else, Covid -19 is a pandemic that calls for global solidarity. Addressing the challenges posed by the Covid- 19 pandemic with rich countries putting their efforts to help out developing countries like universal access to anti-COVID-19 technologies and to ensure availability of safe and effective vaccines to peoples. Perhaps the economy of these developing countries might roll back to a more sustainable development or yet prevent a huge or long –term damage.