COVID-19, Economic Recession, and the Environment

We can all agree that 2020 has seemingly started on the “wrong foot.” The past few months have been eventful, to say the least. As the Coronavirus, or COVID-19, is spreading across the world, putting political leaders on the edge of their seats, there have been two particular consequences we’ve started to see: one fortunate and the other- significantly less fortunate.

Regulations and policies by our decision-makers in response to the crisis have led to a decrease in human interference with the environment. So, on the bright side of things, we are seeing a remarkable improvement in terms of air and water pollution. Since the majority of the western world has been on lockdown, animals have reclaimed territories; one of the largest human polluting sources, tourism, has been almost eradicated; and carbon emissions are being cut due to the slowing down of the manufacturing sector. It is the sweetest dream coming true for all environmentalists; if it wasn’t tied to thousands of deaths and a global pandemic of course. 

On the other hand, and what has taken over headlines lately, is the negative consequence of Covid19: a looming economic recession. Although the U.S. was already experiencing a recession before the virus hit its shores, further speculations had been made about when (not if) the world would be hit by the next global recession. To many policymakers’ dismay, the answer came too soon. Last week, Kristalina Georgieva, the Director of the IMF declared a global recession. Now, political leaders not only have to deal with the exponentially increasing COVID-19 cases and deaths, but they must also manage their economies under the worsening global recession. Unemployment rates are increasing, all sectors are slowing down, and many governments are digging into their pockets to create enormous funds to manage both crises: the pandemic and its economic impact. 

In the next few weeks, this blog will aim to brighten up your day with the positive environmental implications of the lack of human interference with the environment. Moreover, the blog will bring a reality check on the severe economic implications we will all have to deal with in the upcoming months. Clearly this pandemic has no preferences; age, class, race, religion, etc, we are all going to feel the consequences of COVID-19 one way or another. Therefore, the blog will touch upon how different leaders around the world are implementing policies to save the economies and what consequences these policies have brought onto mother nature. As global leaders possibly face their toughest hurdle yet, our job at RAIA will be to keep you updated on how well they’re dealing with the situation, economically and environmentally.