Perceived Economic Crisis due to COVID-19 and its Impact on Health
Abstract
A mixed research design was adopted to explore the perceived economic impact of COVID19 and its impact on health. Quantitative data was used to find out the status of microeconomic parameters and FGD was done to find out the perceived economic impact and its impact on health. The quantitative data was retrieved from the Nepal Rastriya Bank’s database. FGD was conducted among experts in the field of economics and health. The quantitative analysis showed decline in remittance and economic growth. The thematic analysis of the FGD revealed that remittance will decrease further and will have a negative economic growth. The participants predicted that the population falling under poverty line will also increase. They also predicted that mental health problems like depression, anxiety, PTSD, substance and alcohol use and sleep problems are likely to increase. They also predicted that the after effects of this pandemic will bring a huge burden on public health and the non-communicable disease is likely to increase. This study recommends that employment opportunities needs to be created and the health service points need to be strengthened. Mental health assessment should be made a part of health assessment in quarantine. This study emphasizes on maintaining physical distance while being socially connected.
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Introduction
Pneumonia of unknown cause detected in Wuhan, China was first reported to the WHO Country Office in China on 31 December 2019. The outbreak was declared a Public Health Emergency of International Concern on 30 January 2020. On 11 February 2020, WHO announced a name for the new coronavirus disease: COVID-19.1
COVID-19 has emerged as a global health emergency. It has not spared any continent, the exception of Antarctica. As of 27th may, 2020, the cases of COVID-19 has been recorded as 5 488 825 cases (84 314) globally with 349 095 deaths (5 581) (WHO, 2020). Worldometer has reported a total case of 886 with 5 deaths as of 27thMay 2020 in Nepal.1
Very country it touches, it has the potential to create devastating social, economic and political crises that will leave deep scars. This crisis will have a direct and indirect impact on health as well. The International Labour Organization estimates that 195 million jobs could be lost.
The Economic Times: India Times (28 may, 2020) has reported that Some 122 million Indians were forced out of jobs last month alone, according to estimates from the CMIE. Daily wage workers and those employed by small businesses have taken the worst hit. These include hawkers, roadside vendors, workers employed in the construction industry and many others.4
According to the economic survey 2076-2077 (2019-2020) of Nepal, the international monetary fund has estimated that there will be shrinkage of 3% in the world economy in 2020.
Conclusion
COVID-19 has brought about a lot of changes in the economy of the nation, besides health. This negative change in economic status has further brought more health related effects.