Economic Impact of Covid-19 and Change in Value System

Abstract

Mankind has observed various pandemics throughout the history where some of were more disastrous than the others to the humans. We are observing a very tough time once again fighting an invisible enemy; the novel COVID-19 corona virus. Initially identified in the Wuhan province of China, and then rapidly spread across the world. The pandemic caused by COVID-19 has created a shock, putting all global population under lockdown. The world wide spread of the pandemic resulted unfathomable economic fallouts; zero economic activity, disruption of supply chains networks, falling global demands. The COVID-19 global crisis continues to disrupt social chains. Although there is no vaccine available and in order to prevent and avoid COVID-19, World Health Organization recommended avoiding large events and mass gatherings. The effects of COVID-19 on education, businesses, laborers’ and families have been adverse. The main objective of the study is to assess the disruptions caused by Covid-19 on supply chain both in rural and urban areas and further analyze the effect of Covid-19 on inter and intra district mobility movement of labour and consequent human psychology and value system.