Ethical Issues in regards to COVID-19’s impact on Economy and Society
The world today was shattered and still persecuted by the Corona Virus which we known as the COVID-19 that brought the Earth to a pandemic situation. According to the World Health Organization (WHO, 2021), a total of at least 263 million cases were recorded from the start of pandemic up until today. With these, it really has brought to light serious flaws in global health preparations and leadership. This also emphasizes social injustices including such inequity and insufficient support systems. These flaws are well-known by the general public. Ethical issues have been rampant to the society to which the authorities and government are ironically been accused of this matter most especially when pertaining to the subject of economy.
Economically, the unfair situation of how the COVID-19 unleash the true feature of reality which really brought the discrimination against the poor and the rich. Although COVID-19 has indeed been proposed as a great unifier, health outcomes are always widely dispersed in the richest and extremely poor of countries. This problem could be correct since COVID-19 affects both the rich and the poor, but we must describe throughout this issue. Regrettably, several organizations and individuals suffer as a result of the structured balance of power, funds, as well as assets. This problem results in preventable disparities in health, in which we know as the health inequities (Fares, Isfeedvajani, and et.al). As regards to United Nations Development Plan (UNDP, 2020), the effect of the COVID-19 crisis on communities, economies, and vulnerable populations must be assessed in intended to notify the government and huge organizations to the emergency and make sure nobody is left behind. Worldwide distress will worsen unless urgent socio-economic responses are taken, putting lives and livelihoods in jeopardy for years to come. Governments and society are at large despise putting a value on people’s lives. Avoid making such decisions is truly a must for it. However, one such choice is made possible by massive economic opening and implicit acknowledgement of additional casualties. The amount of money that societies are ready to spend on health has a restriction (Borders, Hilsenrath). The COVID-19 spread has had a major impact on global capital markets. The global banking and oil marketplaces decreased dramatically as the cases began to rise worldwide, primarily through the France, Iran, Italy, South Korea, Spain, the United States and more countries. Top United States and European stock market economic indicators have lost the majority of their price since the beginning of year, with oil prices down more than 65 percent as of April 24, 2020. The uncertainty and value movements of the stock market are strong indicators of business and consumer confidence in the economic system (Front. Public Health, 29 May 2020).
With that said, there are also various regulations and ordinances have been rampant through various countries that is very applicable in restricting virus from others but for others, it does concern the ethical issues for well-being. During the COVID-19 pandemic, these rather kind strategies implementations of ordinances may have a negative influence on individual well-being and public health. Suicide rates, for instance, may rise and these strategies have a negative economic impact, increasing community isolation, and reduce access to social channels. Such ordinances have also been linked to an increased risk of domestic abuse, lack of physical activity, alcoholism, and online games addiction among minors (Fares, Isfeedvajani, and et.al).
With that, the priority of health professionals and health specialists is often on healthcare outcomes, such as mortality risk, while economic effects are often overlooked. This necessitates of global cooperation and international investment in vaccine creation and distribution, and also protective methods such as domestic and international building capacity in actual monitoring and the development of interaction tracing capabilities (Front. Public Health, 29 May 2020). Because novel infectious disease diseases are unlikely to go away anytime soon, assertive worldwide action is necessary not just to focus on saving lives but to safeguard economic success.
REFERENCES:
China, P. U. N. D. P. (n.d.). Socio-economic impact of covid-19: United Nations Development Programme. UNDP. Retrieved December 5, 2021, from https://www.undp.org/coronavirus/socio-economic-impact-covid-19?utm_source=EN&utm_medium=GSR&utm_content=US_UNDP_PaidSearch_Brand_English&utm_campaign=CENTRAL&c_src=CENTRAL&c_src2=GSR&gclid=Cj0KCQiA47GNBhDrARIsAKfZ2rDvPQ65R7aVJZBCUwGAzOGi15ozQENu5rWTLOTKN6RYTOjpk5lPtb8aAgAwEALw_wcB.
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Peter Hilsenrath, T. B. (n.d.). Ethics and economics of the COVID-19 pandemic in the United States – Peter Hilsenrath, Tyrone borders, 2020. SAGE Journals. Retrieved December 5, 2021, from https://journals.sagepub.com/doi/full/10.1177/2333392820957661.
Saberi Isfeedvajani, M., Fares, F., & Ismaili Shahroudi Moqaddam, Z. (2020, December 1). Ethical issues in covid-19 pandemic. Hospital Practices and Research. Retrieved December 5, 2021, from http://www.jhpr.ir/article_120217.html.
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