webinar 2: The social and Economic Implication of COVID-19
The COVID-19 pandemic has led to countries implementing prevention measures such as Large-scale quarantines, travel restrictions, and social-distancing. These measures automatically drives a sharp fall in consumer and business spending. The UN Conference on Trade and Development (UNCTAD) estimates the economic impact of Covid-19 at a minimum of $1 trillion in 2020. Britain unveiled a £330 billion (about $382 billion) stimulus package, and the US has committed $1 trillion, in addition to $50 billion in financial aid to states, cities and territories. What is the case of Cameroon?
There is uncertainty over the effectiveness of most social distancing measures as a means of controlling COVID-19. The cultural norms in Africa embraces social gatherings as a means of living together.
The big question is how the COVID-19 will affect the social relationships and the economic growth of Cameroon given that she has plans of emerging by 2035.
The purpose of this webinar is to discuss on the strategies which the government can implement in order to keep its social and economic environment growing amidst the preventive measures put in place against COVID-19
Economic impact. measures until the end of Q2, producing a recession. Although the outbreak comes under control in most parts of the world by late in Q2, the self-reinforcing dynamics of a recession kick in and prolong the slump until the end of Q3. Consumers stay home, businesses lose revenue and lay off workers, and unemployment levels rise sharply. Business investment contracts, and corporate bankruptcies soar, putting significant pressure on the banking and financial system.