Origin and Impact of COVID-19 on Socioeconomic Status

The coronavirus pandemic, known as COVID-19, is an evolving pandemic caused by a coronavirus, the SARS-CoV-2. The virus was first detected in Wuhan, China, in December 2019. In January 2020, the World Health Organization (WHO) notified this upsurge as an international emergency concerning public health. It was declared a pandemic later in March 2020. By May 12, 2021, 160,363,284 cases had been registered, and 3,332,762 deaths have been reported, caused by COVID-19, characterized as a horrific pandemic in the history of humankind. Scientists have reached a consensus about the origin of COVID-19, a zoonotic virus arising from bats or other animals in a natural habitat. The economic impact of this outbreak has left far-reaching repercussions on world business transactions, along with bond, commodity, and stock markets. One of the crucial incidents that popped up was the oil price war among OPEC countries. It caused plummeting oil prices and the collapse of stock markets globally in March 2020, as the OPEC agreement failed. However, COVID-19 plays a crucial role in the economic recession. The monetary deficit impact on the travel and trade industries is likely to be huge, in billions of pounds, increasing daily. Other sectors have also suffered significantly.