Direction: Read the situation below. Reflect on it and share...

Direction: Read the situation below. Reflect on it and share your thoughts about the situation through writing it in the space provided below. Situation: The impact of the COVID-19 pandemic greatly affects the lives of the people, including you as a student. Schools and some establishments have closed, events, socializing, and big gatherings are highly discouraged, and a lot more changes occur at this time. What do you think is the impact of the pandemic on the economic growth of our country? What are the ways that the government or the people in the community do to survive this time?

Transcript

00:01 Hello, so today i'm going to some questions how to covid.

00:03 What was the impact in the economy? so in this case i divide the answer to first, what was the impact and then what were the solutions? i will talk like if it wasn't passed, but of course the economy is still having the effects of the pandemic.

00:18 So in terms of the economic growth, it had a negative impact.

00:22 Why? because in general the house would decrease the demand.

00:26 Because they need to stay, they were forced to stay at home so they were not able to consume services.

00:31 So this specifically affects the sector of services such as restaurants and so on also reduce the amount of low -skilled workers so normally you see that factories were closed also the amount of housing so workers on construction on restaurants such as waiters they were layoff and this reduce the amount of the specific amount of workers also reduce the production of goods so as i mentioned demand was impact so also a lot of goods were not required so then these employers employees were laid off and the amount of goods in general were not produced and also have a big impact on the medical system so this increase the amount of taxes required for supporting the medical system in case the country provided free or also affect demographically so there is less people consuming the effect of people it's quite low in all the economies but in general it's important to have this effect consider now about the solutions.

01:33 So the government tried to promote inflation so you can see that in all the economies the government bring money to foment demand.

01:42 Also they promote unemployment insurance in most of the countries with taxes they were trying to help people that were layoff.

01:49 Also they gave subsidies to people in general so even if they retain their employment they give some cheaper advantages or they reduce their taxes for a period or they give extensions and finally they give food banks so in a lot of countries they provide free food for families that were passing through a rough moment...

Question

Please give Ace some feedback