Page 57 - GHES-3-1

Global Health Economics and
Sustainability
COVID-19 changed our world

2020). However, certain sectors such as the pharmaceutical, financial losses and curtailing both direct and indirect
healthcare, vitamin, and herbal industries experienced jobs (Nhamo et al., 2020).
growth and success during this period. Nonetheless, small A COVID-19-caused decrease was noted in the number
businesses were particularly vulnerable: Many of them of active firms in all industries including construction,
confronted the higher risk of closure as sales plummeted personal services, hotels, restaurants, and transportation.
across nearly every industry (Apedo-Amah et al., 2020). The travel and tourism industries were among the sectors
Small- and medium-sized enterprises (SMEs) were that were most severely impacted because many nations
profoundly affected because the COVID-19 pandemic banned travel to curb the spread of infection. The exports
stagnated their growth and disrupted their supply chains, of skin and leather products, clothing, automobiles, and
placing both businesses and individuals under immense footwear also decreased by more than 20% (Kalogiannidis,
pressure. Many small businesses were forced to shut 2020). Transportation sectors including air, rail, road, and
down permanently because extended periods of inactivity water transportation were all affected. The intricate supply
caused significant financial losses (Guo et al., 2020). Varied and demand trends also significantly impacted passenger
stakeholders such as regulators and public administrations and freight transportation. Commercial flight activity
executed financial support measures to address such diminished by almost 75% from 2019 levels by mid-April
challenges and assist SMEs. Governments worldwide 2020, and global road transport activity reduced by nearly
launched policies to mitigate the adverse impact on SMEs. 50% from 2019. In addition, the UK’s restrictions on public
For example, the United States government passed the transportation decreased the number of subway trips in
CARES Act, establishing several temporary programs to London by 95%. The global cessation of aviation activity
address the adverse economic effects of the COVID-19 made mobility extremely problematic (Abu-Rayash &
outbreak (Song et al., 2020). Dincer, 2020).
The informal sector encompasses around 90% of Health-care services aimed at satisfying the health-
India’s workforce, and street vendors represent 14% related needs of people represented one of the fastest-
of this informal labor force. The lockdown resulted in growing industries in both developed and developing
government regulations that restricted the operating hours nations. Any health system is centered on healthcare
of vendors, which severely affected their incomes. To cope workers, whose activities aim to improve the health
with this difficulty, vendors were compelled to travel from outcomes of communities (George et al., 2014). Healthcare
one colony to another to reach more customers. Their workers were in high demand because of the additional work
circumstances worsened as many daily wage earners took required during the pandemic. Thus, health-care systems
to selling vegetables, which increased the number of sellers sought and aimed to retain skilled workers to avoid staff
while the demand remained the same. The heightened shortages that could jeopardize the future safety of societies
competition forced vendors to lower prices, which further (Winter et al., 2020) and job opportunities increased in
reduced their profits. Furthermore, many vendors lost health-care systems across the globe. Pharmacy services
regular customers who preferred to buy their provisions served as the principal foundation of public health during
from nearby sellers (Meher, 2021). Similarly, the lockdown the recent pandemic. Essentially, the market was taken
significantly impacted grocery stores in India. Panic buying over by the Internet, and customers frequently purchased
triggered by news of the lockdown caused stock shortages medications online. Online pharmacies offered advantages
(Jain, 2020), and many grocery stores were partially or over traditional chain pharmacies but also posed some
fully closed. Thus, customers encountered long queues, risks to patient safety. Most people prefer to procure their
unreliable deliveries, inflated prices, and limited product medicines online because of the COVID-19 lockdowns
selections (Bandyopadhyaya & Bandyopadhyaya, 2021). (Singh et al., 2020). In sum, the health sector flourished
The hospitality sector is a major source of global in terms of employment and revenue during COVID-19.
employment and denotes a significant source of income; The steady growth of Internet users worldwide and the
this statement applies particularly to the restaurant sector. growing awareness of populaces became strong drivers
The pandemic impaired human movement; thus, most of the rapid expansion of online shopping before the
eateries were closed for sit-in meals as governments COVID-19 outbreak. In addition, the increasing number of
increasingly enacted laws stipulating social isolation and products launched online and the low-price offers for bulk
lockdowns. Family-friendly eateries, bars, and taverns purchases boosted online consumer purchases. Moreover,
were adversely affected by such mandates. Fast food the wider variety of product options helped the expansion
restaurants suffered the same effects and most such of global electronic markets (Boore et al., 2017). Numerous
operations ran at <20% capacity, resulting in significant restrictions were imposed on businesses and individuals

Volume 3 Issue 1 (2025) 49 https://doi.org/10.36922/ghes.3992