Economy vs Lives
Is the economy more important than people’s lives?
May 18, 2020
During the quarantine, COVID-19 has had a massive impact on many country’s economic systems. In the world, some countries locked down cities in order to decrease the number of cases. Some countries stopped major events for large gatherings of people, so, some of the events may affect the economy and businesses in those countries. I researched five countries’ reactions to the economic turmoil caused by the virus: USA, China, Italy, Thailand, and Japan.
Firstly, I looked into USA economics. The situation differs from state to state. In a few states, like Wyoming and Montana, people have more freedom because the number of cases remains low. However, in some other states, like New York and New Jersey, the restrictions keep people from economic activities. As the USA has the largest number of COVID-19 cases in the world, some state governors decided to lock each state since they are concerned about the collapse of medical system following the further spread of the virus.
China is where the epidemic began so many people became infected before the rest of the world. Now, the lockdown is over in China. People may go outside and the government may allow all businesses to restart soon.
In Italy, the towns are not opening yet. The number of people infected by COVID-19 in Italy is decreasing compared to before, but if the government allows people go outside now in Italy, the number of people who get COVID-19 may increase again. consequently, the economic system has been damaged a lot and because people are still staying at home.
On the other hand, in Thailand, the number of infected people is near zero. However, the restrictions still take place with some relaxation. (link to details)
Finally, I researched Japanese economics. In Japan, the number of people who become covid-19 is decreasing. However, the government said that people need to stay at the house. In some cities, people can go outside, but they are required to take social-distancing practices.
In conclusion, these five countries are decreasing the number of people who get infected with covid-19. As of now, people can contact each other by smartphone or computer. People can do online meetings or classes by computer or other devices. The world is now so convenient so the virus may not be as devastating as it might have been before the computer age. I think the economy and businesses get the damage from the COVID-19, however, if this happened before 1980 or more before, the economic effects might have been much bigger.