The Covid-19 outbreak, a Failure of Social Protection System: A Policy Perspective of Energy and Economic Recovery
DOI:
https://doi.org/10.47067/reads.v7i2.348Keywords:
Social Protection System, Global Economy, Labor Market, Health, The Energy SectorAbstract
COVID-19 has proliferated personage suffering around the world. The virus is contagious medically and economically as well. The study's main aim is to examine the failure of the social protection system caused by the COVID-19 pandemic. Three major dimensions of the social protection system have been addressed in this research—a shock to the labor market, health emergency, and massive change in energy usage. Covid pandemic had cost the world economy more than $2 trillion. The labor market is badly affected significantly; workers engaged in the informal economy. The Director-General (WHO) has declared the COVID-19 pandemic as a public health emergency of international concern. It is one of the highest levels of alarm by WHO in history. Global Energy Review 2020 shows that those complete lockdowns have a 25% decline in the energy demand per week. As economic activity slowdown due to the closure of the industry, banned transportation, and lockdown. Conclusively, it is examined that the coronavirus pandemic has brought a worldwide failure of social protection system required a comprehensive policy and a firmed leadership to stand against the outbreak.
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