A socio-economic impact assessment of coronavirus in China: with focus on tourism and education sectors

Abstract

In early 2020, COVID-19 was declared as a pandemic by the World Health Organization. Coronavirus, which originated from Wuhan Province in China, has since spread throughout Asia, Europe, South America, and North America, with local transmission being the primary source of spreading the virus. The nature of the complications COVID-19 can cause in humans, and the mortality rate amongst older people, have posed and continue to pose a significant challenge to health specialists, international organizations, and governments alike. This study attempts to assess the socio-economic impact of COVID-19 on the global economy and the institutional response to offset the virus's impact, focusing on China's tourism and education sectors as a proxy for this study. The data's systematic depiction offered a platform for easy analysis of the various parameters that reflected education and tourism's impact. The most alarming adverse effects happened on the demand side, as most countries went into either complete or partial lockdown. Local consumption and export of services, along with flight services, came to a standstill. With more than eight months into the pandemic, the world is slowly getting accustomed to the new way of living.