Global Employment & Underemployment: COVID-19 Impact & Solutions - Essay Sample

Impact on Global Employment and Underemployment

According to Froes (2020), underemployment is expected to rise higher as a result of the Covid-19 pandemic and several measures need to be put in place to curb this deadly economic crisis. As compared to what has been experienced in the previous cases, the shock that this pandemic might create to the labor market is likely to translate into a downward adjustment mainly in the working hours and the total wage output (Fernandes, 2020). However much self-employment does not work or acts against the economic downtown it might come in as a default option for the maintenance of income within the informal economy. In several cases, the informal employment always tends to increase in the event of any kind of crisis. However, the movement restriction that is used by the Covid-19 both to the people and goods together with the services might restrict people from coping up with this kind of mechanism.

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Froes (2020) continues to argue that the decline of the economic activities globally and the constraints that have been put on the people's movement is having a negative impact both in the manufacturing and the private sectors. The recent research that has been carried out shows that the total value added to the industrial and manufacturing sector in China has generally declined by almost 13 percent and the regional and global supply has also been disrupted. Other sectors such as tourism, travel, and retail are also very vulnerable to the pandemic outcome in their economic performance.

The Implication of Labor Income and Working Poverty Because of the COVID-19 Pandemic

The labor supply is declining globally because of the fall in economic activities and the quarantine measures that hinder people from performing their day to day activities. The working poverty is also likely to increases because of the strain on income that will lead to a decline in economic activities. The growth impact of the Coronavirus suggests that over 8 million people will be working under poverty globally (Fernandes, 2020). A situation that might highly interfere with the performance and the growth of the world economy because it has now turned out to be world pandemic.

Connecting COVID-19 Pandemic to the 9/11 and the Financial Crisis of 2008

As per the previous pieces of literature that have been put down by various researchers, 9/11 and the financial crisis of 2008 summarise all the collapse that was realized by the United States Government. Despite the fact of the terrorist attack, the government of the United States and the economy did not give authorities and signatories time to cope up with the losses (Fernandes, 2020). The increase in the terrorist activities could redirect the economic activities government investing in spending and this particular scenario proceeded even after 9/11. A transition from the public and national investment is always one of the most undesirable scenarios because of the significant impacts of investment that they tend to have on the general economy of a nation. The procedure that the government decided to use to finance the conflict took a negative effect in regards to the financial of the United States economy. Historically military has been seen as a stimulant in the job creation, however, in the 2000s it was seen as the primary contributor to the United States' debts.

In connection to the Covid-19 pandemic, both the scenarios have generated an economic lockdown in regards to the reduction in economic activities and the reduction in job and employment in the country and the global at large. The extra cost that was used in financial the 9/11, the economic crisis of 2008 had a direct effect on the economic performance of the nation just as the amount that is being used to mitigate covid-19 spread will affect the economic stability of the United States and the entire world. During the rapid spread of the virus, most of the countries including the United States might be forced to borrow money to mitigate the spread, to control it and to treated the infected cases of the Covid-19 just as the United State borrowed a lot of money in mitigating the war against the terrorist and the economic crisis of 2008. The main problem with government borrowing is that it is likely to affect the country's economic progress even if it assists in solving the current problem.

Connecting the Impact of the Government Debt to COVID-19 and the 9/11, the Economic Crisis of 2008

The main effect of large federal debts is that the government is always inclined to invest in the economy as a result of the strained budget. In the event that the financial system of the United States of America collapse because of the credit double that the banks incurred, the government was forced to look on alternative ways of saving money and this leaves them with no option but enrolls economic ties to the citizens in regards to taxes being increased and other possible means that the government could have used to raise money locally. Therefore the government was forced to engage more in the market than it was willing. The basic fact remains that the resources that could rather have been used to in the investment to improve the economy were instead used to prevent any possibility of further attack and to control the terrorist activities within the country. The same effect is most likely to be realized with the Covid-19 pandemic that is heating the world because instead on the affected governments including the United States engaging in investment that could improve the economy of the country. They will be dwelling much in the depletion to control the fast-spreading pandemic and to look for several measures that can be put in place to ensure that they manage the virus. Therefore the public debt in both cases is used for services that are not improving the economy but instead derailing the economy.

Zika Wynwood 2017, and Red Tide Miami Beach 2018

The spread of the Zika virus affected several business activities in Wynwood and ends up by some of the most important business sectors in the state such as the hospitality sector realizing up to 40% loss. Just as the Covid-19 is spread through the contacted by the virus Zika virus was also being spread through the bite of the infected mosquito and other ways such as through sexual contact and mother to childbirth.

How the Hospitality Industry Manages the Economic Crisis of the Zika Wynwood 2017, the Economic Crisis of 2008, Red Tide Miami Beach 2018

The hospitality industry in the USA was one of the sectors that first felt the impact of the economic crisis in December 2008 just the same way through which the industry has been affected by the Covid-19 pandemic. The Eastern and Central European nations were the next to felt the crisis that showed the decline in revenue collection by the hotel industry. In the hotel and hospitality management sector, one of the most important aspects and strategies for profit maximization is the revenue management system (Swedberg, 2012). In the previous crisis, the hospitality revenue sectors did divide the hospitality industry into major and minor sectors to give weight on which sectors they did to put more effort to ensure that they maximize the revenue collection. This was brought forth because they realize that crisis was interfering with the revenue collection and the best solution to this to put in more effort into areas that they thought could enable them to maximize revenue collection.

Most of the hospitality industries such as the Hilton worldwide of family hotels form a global partnership and agreement with the global trading industry and online traveling agencies. This enables most of the hotel industry to operate in a direct link with the online trading industry in terms of the connectivity basis and this, therefore, provides access to the hospitality total inventory and public rates such as the chain-wide promotions. This enabled the hotel industry to curb the revenue collection dilemma and a similar approach might be very effective if applied in this Corona Pandemic outbreak when most of the industry together with the hosp...