With news that COVID-19 vaccines are on the horizon, the world has breathed a collective sigh of relief. The once-in-a-lifetime health crisis caused by the pandemic has left countries across the globe in a state of utter devastation. Yet hopefully, the best scientific minds have conspired to finally end the physical threat of the coronavirus.
Unfortunately, the economic damage and impact that COVID-19 had on the world's economy is a whole story in itself. Financial experts have warned that the economic fallout from the pandemic will eventually prove far more expensive than the health crisis itself.
Entrepreneur and YouTuber Jack Skipp creates daily videos about investments, traditional markets, commodities, and cryptocurrency. He has kept a close and professional eye on economic development during COVID-19 and believes that although global markets have picked up due to the positive news surrounding vaccines, the picture, on the whole, looks bleak to many.
"Make no bones about it. COVID-19 has spread through the world's economy like a plague of locusts. It has no respect for borders and has left no country unaffected," explained Skipp. "Unfortunately, the patterns suggest that it is the most vulnerable, low-income households who have been hit the hardest."
Skipp added, "For the first time since the 1998 Asian financial crisis, global poverty is on the increase. Tourism, hospitality, and small and medium-sized businesses who traditionally employ from more vulnerable sectors of our society have suffered the brunt of the blow. Although old people were more at risk from the health risks of COVID-19, young people were far more likely to suffer from the economic crisis."
Skipp added, "As someone who works in the digital sphere I've been fortunate in that my industry has not only survived the pandemic but in most areas, seen something of an improvement. Yet, I am concerned that COVID-19 will continue to foster more of a widening economic gulf in society, and many countries do not have the necessary safety nets or financial backing in place to weather the storm. School closures will also have a detrimental effect on decades of progress we have seen taken in the educational sector of many countries."
As someone who doesn't pretend to have all the answers on how to tackle the economic impact of COVID-19, Skipp believes that staying positive will remain key in the months and years to come.
Skipp explained, "Although the pandemic has changed the landscape completely, we can also view it as a catalyst for a much-needed change. The structure of global trade and cooperation must now change to create a fairer and more mutually beneficial system for all. Change is with us and we must be positive in how we deal with it."
