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Families have lost income to COVID-19, says World Bank

In a report made by the World Bank on the impact of Covid-19 pandemic on the world and its economy, it’s revealed by the financial institution that as a result of the outbreak of the novel virus Covid-19 pandemic, families around the world where there has been reported cases of the outbreak of the virus has lost it means of livelihood as it has led to the loss of income for many families and business especially in the developing nationsz especially in the poorest countries of the world.

In a report, the bank explained that due to the pandemic’s impact, most children – more than one billion – have been out of school and could lose out, on average, half a year of schooling, adjusted for learning, translating into considerable monetary losses.

As stated in the report, the World Bank reported that as a result of the high impact and effect of the virus around the world, more than One billion children has been displaced out of schools and could also eventually lose out basically half a year of their respective schooling, modified for learning, which will led to considerable monetary losses which will definitely have huge impact m

According to the President of the World Bank Group President David Malpass, the pandemic puts at risk the decade’s progress in building human capital, including the improvements in health, survival rates, school enrollment, and reduced stunting. The economic impact of the pandemic has been particularly deep for women and for the most disadvantaged families, leaving many vulnerable to food insecurity and poverty. Protecting and investing in people is vital as countries work to lay the foundation for sustainable, inclusive recoveries and future growth.

 

According to him, through the information acquired, it’s been revealed that obvious disruptions to important and essential health services for women and Children, it’s been recorded that both the women and the children are sorely missing out on adequate health care services especially important and crucial vaccinations

 

It’s revealed that the outbreak of the Covid-19 pandemic across the world threatens and put into serious jeopardy the activities, achievements and hard won gains in health and education which has been struggled to achieve and bring into attainment over the last decade especially among the world’s poorest countries

Investments in human capital-the knowledge, skills, and health that people accumulate over their lives-are key to unlocking a child’s potential and to improving economic growth in every country.

It was also stated through the World Bank Group’s Capital Index which includes health and education data for 174 nation’s which in the long run covers 98 per cent of the population of the world up to the month of March 2020, providing pre-pandemic baseline on the health and education of children especially the less privileged. The survey and subsequent study revealed before the advent of the covid-19 pandemic, most nations of the World has already make quite a great significant efforts and steady progress in building human capital of children, with the biggest strides made in low income nations

Despite this progress, and even before the effects of the pandemic, a child born in a typical country could expect to achieve just 56 percent of their potential human capital, relative to a benchmark of complete education and full health.

Upon a careful cum objective examination of the report made by the World Bank on the realities of the Post Covid-19 on the health care, economy and education of the children who are way below the standard of living in the nation. There’s no doubt that the outbreak of Covid-19 has hugely affected the lots of most nations of the world.

The report of the World Bank revealed that major people who are suffering from this pathetic realities are the children, the women and the less privileged in the human society.

This is no different from the Nigerian situation as the government has itself taken stern and harsh policies to address this situation. The Nigerian economy has been badly hit as it saw to a decline in the second quarter of the year. Through the imposition of the various hikes in the country, there’s been a sharp increase in the cost price of everything both the local and federal government.

Furthermore while the nation battles it out to fix the nation’s economic woes, it is presently locked in another serious battle as the Residents Doctors who has gone on an industrial strike leaving the nation with reduced numbers of medical doctors in the State has greatly reduced the numbers of the doctors in the nation.

Also in the area of education, several children has left behind as the lockdown effects continue to hold sway. Many of them in the face of the closure of schools has no other means through which their children can be educated.

With this pathetic situation in most nationsnof the world including Nigeria, it’s quite imperative for the nation to adopt effective as well as proactive measures to  addressing this. Dwelling more on the dwindling economies of most countries of the world. This is the time when policies and reforms which when made will be to address the living and survival of the poor people who are the most hardest hit.

One of the best ways to ensure this is to bring about the ease of doing business for the people people and also creating an atmosphere or financial situation where the little money made by them has value.

Soft loans and grants must be afforded to small and medium scale enterprise to run their business while moribund industries are revamped by the government which in the long run will go a long way in ensuring that there is provision of labor for the unskilled as well as the skilled.

The report by the World Bank is a pointer to most Government of the world to ensure that they prioritise the poor in the society,as the world is preparing for a post covid-19 realities it is important and imperative for them to ensure that their economic policies are masses friendly, no nation of the World can grow it economy by tax imposition.

 

By Marcus Amudipe

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