Greetings! My name is Jodelyn Mae S.

Cangrejo and today I am

going to deliver a 3-minute talk about a pandemic that has
wreaked havoc on the human race: The Covid-19
On March 11, 2020, the World Health Organization
characterized COVID-19 as a pandemic, pointing to over 3
million cases and 207,973 deaths in 213 countries and
territories. As a consequence, several safety precautions were
implemented such as lockdowns and community quarantines to
limit the movement of citizens and to avoid any possible
overwhelming surge in the number of cases that might inundate
the health care system of the country. Due to a deadlock of
economic activities because of the lockdowns, numerous
measures have been implemented in most countries such as the
significant decline in incomes/earnings, rise in unemployment,
and disruptions to both supply and demand in the global
economy. It has become clear that COVID-19 did not only
affect the well-being of every individual; it also severely
affected the economic activities and the worldwide economy as
a whole.
The COVID-19 pandemic is catastrophically affecting each
employee’s working hours and earnings all around the world.
The pandemic resulted in limiting contact among individuals
and in numerous closure orders. Due to this, millions of workers
have lost part or all of their incomes. The International Labour
Organization claims that the workers that are most at risk in this
misfortune work in sectors like accommodation and food
services, manufacturing, retail, business, and administrative
activities. If workers continue receiving lower wages, it will
disempower the economy because it promotes economic
inequality and poverty.
Moreover, the onset of the COVID-19 pandemic didn’t only saw
a decline in every employee’s income but also, the rise of
unemployment to the highest rate in many regions, globally. The
spread of coronavirus led to the shuttering of thousands of
businesses. As a result, some people lost their jobs. According to
the International Labour Organization, there were unprecedented
global employment losses in 2020 of 114 million jobs relative to
2019. Economist AJ Montesa of the Action for Economic
Reforms said that the stay-at-home orders or the levels of
community quarantine imposed as a measure to contain the virus
was the most evident unemployment factor.
Hereinabove, it was discussed that COVID-19 has severely
affected nearly every activity that is essential for living but,
there is more. The COVID-19 pandemic has also led to
disruptions to both supply and demand in the global economy.
Day-by-day, as the positive cases of COVID-19 increase, the
number of consumers that are willing to purchase the goods and
services available in the global economy, decreases. This
reduction in consumer demand slows economic growth, creates
deflation of prices, and overall, damages the economy.
Thus, the most major effect of COVID-19 on the global
economies is THE DOWNGRADE OF ITS PROGRESS AND
GROWTH. Ever since COVID-19 knocked on our doors, the
industries and sectors around the world fell into pieces. The
supply and demand of the global economy have been disrupted,
businesses were filing bankruptcy and minimizing their
employee’s wages, and people are losing their jobs. Due to these
requisite actions, it has been projected that the global economy
will be at a subdued growth rate. Thus, COVID-19 has indeed
taken over all aspects of life and the worldwide economy as we
knew it.