Socio-Economic Impacts and Challenges of the Coronavirus Pandemic (COVID-19): An Updated Review

There is no author summary for this article yet. Authors can add summaries to their articles on ScienceOpen to make them more accessible to a non-specialist audience.

Abstract

The coronavirus disease 2019 (COVID-19) pandemic has shaken up the socio-economic order on a global scale with interventions designed to curb the spread of the disease bearing multiple and reinforcing impacts on several aspects of economic and social lives. The effects of COVID-19 were diverse and often spilled over different or interdependent industries. Economies were hit top-down and bottom-up while businesses and individuals alike endured significant changes that altered national and international supply and demand trends for products and services. The primary and secondary sectors were especially influenced by supply shortages while services and education were largely demand-driven. Monetary policies were specifically targeted to ease these disruptions while protective measures for employees in many cases constrained business competitiveness. The present study provided a cross-sectoral (primary, secondary, tertiary, and quaternary sectors) outline of the implications and challenges since the start of the crisis, centralising important information and offering a view of the current socio-economic situation.

Related collections

Most cited references 43

Record: found
Abstract: found
Article: found

The Socio-Economic Implications of the Coronavirus and COVID-19 Pandemic: A Review

Maria R.C. Nicola, Zaid Alsafi, Catrin Sohrabi … (2020)

The COVID-19 pandemic has resulted in over 1.4 million confirmed cases and over 83,000 deaths globally. It has also sparked fears of an impending economic crisis and recession. Social distancing, self-isolation and travel restrictions forced a decrease in the workforce across all economic sectors and caused many jobs to be lost. Schools have closed down, and the need of commodities and manufactured products has decreased. In contrast, the need for medical supplies has significantly increased. The food sector has also seen a great demand due to panic-buying and stockpiling of food products. In response to this global outbreak, we summarise the socio-economic effects of COVID-19 on individual aspects of the world economy.

0 comments Cited 2033 times – based on 0 reviews      Review now

Bookmark

Record: found
Abstract: not found
Article: not found

Technological transitions as evolutionary reconfiguration processes: a multi-level perspective and a case-study

Frank Geels (2002)

0 comments Cited 534 times – based on 0 reviews      Review now

Bookmark

Record: found
Abstract: found
Article: found

Is Open Access

Impact of COVID-19 pandemic on utilisation of healthcare services: a systematic review

Ray Moynihan, Sharon Sanders, Zoe A Michaleff … (2021)

Objectives To determine the extent and nature of changes in utilisation of healthcare services during COVID-19 pandemic. Design Systematic review. Eligibility Eligible studies compared utilisation of services during COVID-19 pandemic to at least one comparable period in prior years. Services included visits, admissions, diagnostics and therapeutics. Studies were excluded if from single centres or studied only patients with COVID-19. Data sources PubMed, Embase, Cochrane COVID-19 Study Register and preprints were searched, without language restrictions, until 10 August, using detailed searches with key concepts including COVID-19, health services and impact. Data analysis Risk of bias was assessed by adapting the Risk of Bias in Non-randomised Studies of Interventions tool, and a Cochrane Effective Practice and Organization of Care tool. Results were analysed using descriptive statistics, graphical figures and narrative synthesis. Outcome measures Primary outcome was change in service utilisation between prepandemic and pandemic periods. Secondary outcome was the change in proportions of users of healthcare services with milder or more severe illness (eg, triage scores). Results 3097 unique references were identified, and 81 studies across 20 countries included, reporting on >11 million services prepandemic and 6.9 million during pandemic. For the primary outcome, there were 143 estimates of changes, with a median 37% reduction in services overall (IQR −51% to −20%), comprising median reductions for visits of 42% (−53% to −32%), admissions 28% (−40% to −17%), diagnostics 31% (−53% to −24%) and for therapeutics 30% (−57% to −19%). Among 35 studies reporting secondary outcomes, there were 60 estimates, with 27 (45%) reporting larger reductions in utilisation among people with a milder spectrum of illness, and 33 (55%) reporting no difference. Conclusions Healthcare utilisation decreased by about a third during the pandemic, with considerable variation, and with greater reductions among people with less severe illness. While addressing unmet need remains a priority, studies of health impacts of reductions may help health systems reduce unnecessary care in the postpandemic recovery. PROSPERO registration number CRD42020203729.