sustainability

Review
Socio-Economic Impacts and Challenges of the Coronavirus
Pandemic (COVID-19): An Updated Review
Orestis Delardas 1 , Konstantinos S. Kechagias 2,3 , Pantelis N. Pontikos 4,5 and Panagiotis Giannos 2,6, *

1 UCL Energy Institute, University College London, London WC1E 6BT, UK

2 Society of Meta-Research and Biomedical Innovation, London W12 0BZ, UK
3 Department of Metabolism, Digestion and Reproduction, Faculty of Medicine, Imperial College London,
London SW7 2AZ, UK
4 Department of Maritime Studies, University of Piraeus, 18534 Athens, Greece
5 Department of History and Archaeology, School of Philosophy, University of Athens, 18534 Athens, Greece
6 Department of Life Sciences, Faculty of Natural Sciences, Imperial College London, London SW7 2AZ, UK
* Correspondence: [email protected]; Tel.: +44-7765071907

Abstract: The coronavirus disease 2019 (COVID-19) pandemic has shaken up the socio-economic
order on a global scale with interventions designed to curb the spread of the disease bearing multiple
and reinforcing impacts on several aspects of economic and social lives. The effects of COVID-19
were diverse and often spilled over different or interdependent industries. Economies were hit
top-down and bottom-up while businesses and individuals alike endured significant changes that
altered national and international supply and demand trends for products and services. The primary
and secondary sectors were especially influenced by supply shortages while services and education
were largely demand-driven. Monetary policies were specifically targeted to ease these disruptions
while protective measures for employees in many cases constrained business competitiveness. The
Citation: Delardas, O.; Kechagias,
present study provided a cross-sectoral (primary, secondary, tertiary, and quaternary sectors) outline
K.S.; Pontikos, P.N.; Giannos, P. of the implications and challenges since the start of the crisis, centralising important information and
Socio-Economic Impacts and offering a view of the current socio-economic situation.
Challenges of the Coronavirus
Pandemic (COVID-19): An Updated Keywords: economy; society; coronavirus; COVID-19; SARS-CoV-2; pandemic
Review. Sustainability 2022, 14, 9699.
https://doi.org/10.3390/su14159699

Academic Editors: Sebastian Saniuk,

Tomasz Rokicki and Dariusz
1. Introduction
Milewski At the beginning of 2020, the world was shaken as an unprecedented global pandemic
swept the planet. Since then, coronavirus disease 2019 (COVID-19) has spread to all
Received: 3 July 2022
continents throughout the world and has costed the lives of millions of people [1–4].
Accepted: 3 August 2022
At present and after the successful rollout of vaccination against Severe Acute Respi-
Published: 6 August 2022
ratory Syndrome Coronavirus 2 (SARS-CoV-2), the public discourse remains divided on
Publisher’s Note: MDPI stays neutral whether the pandemic is receding [5]. However, the economic implications caused in the
with regard to jurisdictional claims in last two years are undeniable [6]. Businesses and people across the economy have faced
published maps and institutional affil- radical changes, as mask mandates and restrictions on travel or mobility were established
iations. by authorities across the globe to fight the spread of the virus [7].
A few similar studies have captured the socio-economic impacts of COVID-19 amid
the initial stages of the emergency but with a marked scarcity of recent studies addressing
these in later notes [6,8,9]. Of those described, most have adopted a narrow scope in terms
Copyright: © 2022 by the authors.
of the countries, industries, or socio-economic context explored while others fell short
Licensee MDPI, Basel, Switzerland.
This article is an open access article
of addressing the spillover effects on physical and economic wellbeing, overlooking the
distributed under the terms and
feedback loops that economic systems or devised interventions may create [10–15]. Taken
conditions of the Creative Commons
together, the long-term interpretation of the implications and challenges of COVID-19
Attribution (CC BY) license (https:// becomes limited under these conditions.
creativecommons.org/licenses/by/ Capturing the impacts of a health emergency across multiple socio-economic facets
4.0/). is necessary to scope potential determinants and contributing factors that may influence

Sustainability 2022, 14, 9699. https://doi.org/10.3390/su14159699 https://www.mdpi.com/journal/sustainability

Sustainability 2022, 14, x FOR PEER REVIEW 2 of 14

Sustainability 2022, 14, 9699 2 of 13

Capturing the impacts of a health emergency across multiple socioeconomic facets is
necessary to scope potential determinants and contributing factors that may influence so-
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2. Primary
2. Primary Sectors
Sectors
2.1. Agriculture
2.1. Agriculture
Planting and harvesting activities suffered from limited worker mobility which re-
Planting and harvesting activities suffered from limited worker mobility which re-
duced the availability of seasonal workers [16]. Lockdown measures prevented the suf-
duced the availability of seasonal workers [16]. Lockdown measures prevented the suffi-
ficient cultivation of staple crops while some farmers were forced to dump crops due to
cient cultivation of staple crops while some farmers were forced to dump crops due to
overproduction and strict trade and travel restrictions [17]. Social distancing and labour
overproduction and strict trade and travel restrictions [17]. Social distancing and labour
shortages reduced the capacity of processing plants, especially in countries with less mod-
shortages reduced the capacity of processing plants, especially in countries with less mod-
ernised agricultural infrastructure, which exacerbated supply issues [16]. Additionally,
ernised agricultural infrastructure, which exacerbated supply issues [16]. Additionally,
significant uncertainties regarding the supply of fertiliser, pesticides, or seeds disrupted
significant uncertainties
food production, regardinginthe
while changes supply rates
exchange of fertiliser,
for all pesticides, or seeds
major currencies disrupted
affected the
food production,ofwhile
competitiveness changes
tradable in exchange
food and rates
agricultural for all major
products [18]. currencies affected the
competitiveness of tradable
The agricultural food
industry inand
the agricultural
European Union products
(EU)[18].
faced a decline of only 1.4%
The agricultural industry in the European Union
during 2020 [19]. By contrast, Asian countries experienced growth (EU) facedina agriculture
decline of only 1.4%
attributed
during 2020 [19]. By contrast, Asian countries experienced growth in agriculture
to the government’s response on intensive land use [20]. Although industries were affected at-
tributed to the government’s response on intensive land use [20]. Although
differently across regions, market actors and policymakers were able to adjust. In Europe industries
were affected
and North differently
America, across regions,
for example, retailersmarket
focusedactors and policymakers
on increasing were in
operating hours able to ad-
factories
just. In Europe and North America, for example, retailers focused on increasing
and reducing product variety while making use of alternative sources of supply [16]. operating
hours in factories
Additionally, and reducing
policymakers product
provided varietyorwhile
flexibility makingfrom
exemptions use of alternative
lockdown sources
restrictions
and loosened travel visa restrictions to attract foreign seasonal workers [16,19].
Sustainability 2022, 14, 9699 3 of 13

Overall, 2020 saw a moderate increase in most food product imports. Those of high-
income elasticity, such as fish and beverages, fell by 10% while dairy products remained sta-
ble [18]. Likewise, global production and supply of crops experienced minimal change [21].

2.2. Energy
Europe and the United States (US) experienced a 10% drop in energy demand during
2020, followed by Japan, Korea, other Asian countries, and Africa by 7.8%, 6.8%, 4.1%,
and 3%, respectively [22]. This had serious repercussions on oil demand which fell by
16 million barrels per day in the second quarter of 2020, taking over one and a half years to
recover [23]. West Texas Intermediate crude oil reached as low as 11.26 US dollar (USD)
per barrel in April 2020, closing the year below 50 USD while gaining 55% by the end of
2021 [24]. No impact on the oil demand was seen prior to 2022, which was set to grow after
the lifting of major restrictions [25].
Natural gas demand experienced a smaller contraction during the first wave compared
to fuels such as coal and oil [26]. International natural gas prices fell below 2 USD/Million
British Thermal Units in 2020, while US prices averaged at 21-year lows [27]. In 2021,
global gas consumption rebounded to 10-year highs in America and all-time highs in
Europe and Asia to 3.9 USD/Mega British Thermal Units (MBtu), 15.8 USD/MBtu, and
18 USD/MBtu, respectively, driven by post-lockdown economic rebound, cold weather,
and tight supplies [28].
In general terms, large energy exporters such as Russia, Norway, Kazakhstan, Saudi
Arabia, Iran, and North America experienced electricity rates of less than half the ones
of big energy importers such as Europe and Japan, during the latter half of 2021 [29,30].
Notable exceptions were India and China that currently have some of the world’s low-
est electricity tariffs. These trends were largely explained by the share of fossil fuels in
electricity production, which is generally higher for energy exporters [31].

2.3. Metals and Mining

While metal prices followed a downward trend in the first quarter of 2020, they rallied
during March on the prospect of the closure of the South African mining industry due to
COVID-19 and the increased demand for precious metals due to asset allocation [32,33].
The prices bottomed shortly afterwards due to reduced industrial activity. Mineral ex-
ploration along with feasibility and development works were disrupted. For example,
the European Lithium company reported significant delays for a lithium deposition in
Austria while the largest hard coking coal producer in the EU in production, sales, and
operational activities [34].
The reduced supplies worldwide created an upward price momentum as soon as
restrictions started lifting in the second half of 2020. Chinese demand for iron ore, copper,
and other industrial metals combined with European and US recovery measures drove
demand [33]. Thereafter, high demand continued for metals as the economy attempted to
reach pre-pandemic levels [35].
Overall, the prices of steel and iron ore peaked in 2021 (at 140% and 212%) while copper
and lithium peaked in early 2022 (at 150% and 450% of their 5-year average, respectively) [36].
Precious metals such as gold and silver reached 40-year highs in Q3 of 2020 of ap-
proximately USD 2200/ounce and USD 31.76/ounce, respectively, while they gradually
depreciated since, currently at approximately 10% higher than pre-pandemic levels [37].

3. Secondary Sectors
3.1. Manufacturing
Global manufacturing output dropped by 20% during the first and second quarters of
2020 due to reduced production and uncertainties around employment prospects caused
by protective measures [38]. Industrialised economies experienced a smaller contraction,
but output growth was limited due to renewed lockdowns in the last quarter of 2020 and
early 2021. Concurrently, China, the largest manufacturer globally, recovered by early
Sustainability 2022, 14, 9699 4 of 13

2021 with a 38.2% increase in output since 2020; however, Europe’s output growth did not
surpass 3% [38].
Supply chain disruptions prevented the transport of raw materials with spare parts
for other manufacturing sectors being impacted. Some firms saw a substantial increase
in demand that was challenged by logistics interruptions, financial or time constraints,
and safety and regulatory concerns [39,40]. Although demand for electronics, automo-
tive products, and fast-moving consumer goods decreased substantially, semiconductors
and imported daily necessities experienced supply shortages [39]. Firms with higher
technological capabilities were more effective in meeting increased needs [40].
At the onset of 2021, computer electronics, electrical equipment, and automobiles
experienced growth rates of over 50%, while petroleum products, basic metals, and food
products were among the lowest-performing industries with a growth below 20% [38].
In early 2022, manufacturing productivity and output recovered after a temporary drop
during the Omicron wave. The global purchasing managers’ index was at 51.9, still below
pre-pandemic levels while global manufacturing production grew under 2% annually [41].
Growth was led by the United Kingdom (UK) and Europe but limited by record numbers
of labour shortages, continuing material shortages, and delivery delays [41].

3.2. Utilities
Electricity demand was curtailed due to reductions in services and industry. Early
2020 lockdowns reduced demand by 11% in China, 25% in India, and over 15% in several
European countries, while similar trends were evident during subsequent waves [42].
Renewables temporarily increased their share in electricity generation across all major
regions due to lockdown measures, depressing energy demand, and driving electricity
generation towards sources with lower operating costs [42]. In 2021, global electricity
demand grew by 6% following economic recovery and easing of restrictions [43].
Water experienced substantial changes due to lockdowns. Daily water demand shifted
from businesses to residential areas while water consumption reduced in big cities and
increased in small towns possibly due to unexpected patterns of emigration [44]. This
exacerbated water shortages, conservation efforts, wastewater services, and water quality
in some regions. An overall reduction in water demand was observed in several cases
following the relocation of public to household use [45].

3.3. Construction
Construction activity was affected during the second quarter of 2020 which put 25%
of projects on hold globally [46]. The Middle East and Africa were the most impacted
with 40% of activity paused [46]. The UK construction industry shrank by 40% during
the first lockdown, affecting over 5000 jobs [47]. In the US, the unemployment rate of
construction workers increased to 8.7% in 2020 from 4.5% with construction companies
experiencing delays and supply chain issues (Jeon, 2022). The EU experienced a 26%
decline in construction activity during the first wave before recovering some of its losses
later that year [48].
By the last quarter of 2021, construction activity rebounded with countries such as
Saudi Arabia, the Netherlands, New Zealand, and the USA seeing the largest improve-
ments while Malaysia, Qatar, and China still experienced reductions [49]. US construction
recovered in 2021 standing 23% higher, but material shortage and increased costs still
impacted the industry [27] with construction in Europe experiencing minimal growth [48].

4. Tertiary Sectors
4.1. Retail
Restrictions disrupted the movement of goods along supply chains by disrupting
airfreight, container, and truck transport globally. In the second quarter of 2020, Europe
and Latin America saw the greatest reductions with 80% declines in air cargo capacity
while road transport was 20% lower in North America, and truck trips were on average
Sustainability 2022, 14, 9699 5 of 13

24% below normal in European countries [50,51]. Additionally, limited production reduced
the prices of consumer goods which saw a 20% drop year-on-year in Europe [51].
Sales of edible groceries grew by over 40% globally since the onset of the pandemic [52].
Purchase and stocking behaviour was affected as seen by a reduction in grocery and
pharmacy shop visits, creating significant pressure on retailers [53]. While the initial
concern eased, the imposed measures shifted the purchasing behaviour of consumers from
eating out of home to household purchasing from food retailers. In the UK, the volume of
sales peaked at 43.6% higher than normal when the first lockdown was announced and
remained at 11% higher up until the end of it [54].

4.2. Financial Services

Fintech deals saw an increase from the start of the pandemic, spanning a wide range
of services from e-commerce to business service management or identity authentication
solutions [55]. Specifically, in 2020, the total deal value increased by 9% compared to the year
before while venture valuations doubled [56]. Interestingly, deals recorded in Pitchbook
for 2021 represented a 156% year-on-year increase in value while venture valuations
increased eightfold within a year, primarily driven by capital raising platforms, neobanks,
or digital assets [56].
The banking sector faced several challenges since the onset of the pandemic mainly in
terms of credit management, profitability, securitisation, commercial models, relationship
with customers, resilience, and business continuity as well as stock volatility [57]. Banks’
returns around the world underperformed local stock markets and non-financial firms in
the second quarter of 2020 [58]. Additionally, many banks were exposed to increased credit
risk from corporate and retail clients due to COVID-19 restrictions [57].
Banks with higher liquidity were able to absorb COVID-19 shocks better and lost less
stock value during the second quarter of 2020 while many governments intervened to
provide liquidity support, relaxation of supervisory and regulatory requirements, and bor-
rower assistance [58]. Historic data and recent evidence from the European banking sector
indicate that the fiscal support provided by governments as well as the immediate monetary
response by central banks was able to reduce the duration of market stress but may have
contributed to the higher levels of inflation observed over the following year [59–61].

4.3. Financial and Stock Markets

The onset of the pandemic influenced several sectors and businesses. Unsurprisingly,
this translated into greater financial volatility and jumps in prices as higher-risk perceptions
and changing circumstances for consumers and businesses were incorporated into investor
valuations and future expectations [62,63].
The stock market saw significant and widespread stock value declines during the first
COVID-19 wave; however, by the end of Q3 of 2020, shareholder returns saw gains for
sectors such as logistics, chemicals, fashion, consumer durables, or healthcare supplies [63].
While economic recovery expectations grew by Q1 of 2021, shareholder gains increased
exponentially led by the highest-performing companies in the semiconductor, electric
vehicle, consumer demand, and technology sectors [63]. Market indices such as Standard
and Poor’s 500, Deutscher Aktien, Cotation Assistée en Continu, and Nihon Keizai Shimbun
followed similar growth patterns, while their recoveries were equally twice as fast as the
preceding 4-year trends [64].

4.4. Healthcare and Pharmaceutical Industry

Apart from the unprecedented pressures in frontline healthcare, major reductions
in the utilisation of healthcare services were reported in the first half of 2020. Visits
fell by 42% while admissions, diagnostics, and therapeutics dropped by 28%, 31%, and
30%, respectively, converging to a median reduction of 37% across all healthcare service
categories [65]. Several countries reported delays or cancellations of healthcare services due
to overburdened health systems during the first wave of the pandemic and postponement
Sustainability 2022, 14, 9699 6 of 13

of non-essential care such as vaccinations, laboratory testing, or cancer screening in the first
half of 2020 [66].
Disruptions were also evident in general practitioner (GP) referrals. In the UK, referrals
of children and young people fell by 85% in April 2020 and gradually increased until the
winter of 2021 when routine referrals dropped again as GP appointments were limited due
to renewed restrictions [67,68]. Similar trends were recorded across other countries, and it is
estimated that over a fifth of EU citizens missed a medical examination or treatment during
pandemic restrictions [68]. In France, certain cancer surgeries or ischemic heart disease
treatments fell by 6.2% and 7.8%, respectively, in 2020, while in the Netherlands, the health
system performed 23% fewer surgeries within one year since the start of the pandemic [68].
In the pharmaceutical sector, demand for medication surged with over-the-counter
medicines increasing by 11% in the Middle East and several European countries while
those related to COVID-19 in-patient management sevenfold in the US [69]. Pharmaceuti-
cals treating chronic disorders also increased by 8.9%, and many medicines experienced
shortages due to restrictions limiting production of key ingredients from suppliers such as
China and India [69].
As opposed to other sectors, pharmaceutical companies were positioned ideally to
see their profits increase during the pandemic due to the development of COVID-19-
related medication and vaccines driven by early COVID-19 research. Overall, sales for the
top 10 pharmaceutical companies increased by 20% on average in 2021 compared to the
year before [70], which indicates the necessary role of the sector during the evolution of
the pandemic.

5. Quaternary Sectors
Education and Research
The education sector was severely hit by the pandemic and the restrictions that were
put in place to limit the spread of the virus. COVID-19’s impacts on schools and educational
institutions were well documented across the world. According to the United Nations
Educational, Scientific and Cultural Organization, 185 countries established country-wide
school closures affecting over 1.5 billion learners and 89% of all enrolled learners during
the first wave in 2020 [71]. By the start of 2021, these figures dropped five times as schools
in countries including China, Russia, and France remained open.
These trends caused significant disruption to normal education processes in terms of
decreased engagement and class participation as well as limited opportunities for social
interaction. This resulted in learning loss, decreased motivation, anxiety, and aggravated
mental health challenges with long-term psychosocial, health, or developmental issues.
Teachers also experienced increased workload and stress due to the additional hurdles in
engaging with colleagues, students, and parents. These challenges primarily affected the
most vulnerable students while school dropout rates indicate that two decades of progress
in educational access are at risk of being nulled [72].
Higher education institutions were also heavily impacted. During the first wave, most
institutions stopped all face-to-face activities and introduced virtual modes of communi-
cation [73]. Disruptions in all research were also recorded mainly due to cancellation or
postponement of international travel and scientific conferences, while the risk of scientific
projects not being completed was significant [73]. International higher education was
equally impacted by travel restrictions and uncertainty. Students deferred or cancelled
studying overseas in 2021 which affected university budgeting [74]. Many institutions were
forced to reconsider their business model, international partnerships, programmes, and
reliance on revenues generated by foreign students [74].

6. Discussion
The spread of SARS-CoV-2 led to significant socio-economic implications worldwide.
The severity of the effects of COVID-19 in each sector was associated with many different
factors including the level of infrastructure modernisation, the urban culture in relation
 studying overseas in 2021 which affected university budgeting [74]. Many institutions
were forced to reconsider their business model, international partnerships, programmes,
and reliance on revenues generated by foreign students [74].

6. Discussion
Sustainability 2022, 14, 9699 The spread of SARS-CoV-2 led to significant socio-economic implications world-7 of 13
wide. The severity of the effects of COVID-19 in each sector was associated with many
different factors including the level of infrastructure modernisation, the urban culture in
relation to theof
to the value value of human
human life,level
life, the the level of digitisation
of digitisation of of eachstate
each stateand
and company,
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and the
the effectiveness and structure of healthcare systems (Figures 2 and 3).
effectiveness and structure of healthcare systems (Figures 2 and 3).

Figure 2.
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Sustainability 2022, 14, x FOR PEER REVIEW aswell as medical
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the pandemic. Other sectors including utilities and energy were highly impacted while financial
pandemic. Other sectors including utilities and energy were highly impacted while financial services,
services, stock markets, and agriculture saw modest and often positive effects.
stock markets, and agriculture saw modest and often positive effects.

Socio-economicrisks
Figure3.3.Socioeconomic
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The primary and secondary sectors primarily suffered from reduced productivity
and material shortages due to either supply chain bottlenecks or radical shifts in demand.
Overall, global food and agricultural imports proved resilient throughout the first year of
the pandemic, potentially due to modernisation of agricultural infrastructure which does
Sustainability 2022, 14, 9699 8 of 13

The primary and secondary sectors primarily suffered from reduced productivity
and material shortages due to either supply chain bottlenecks or radical shifts in demand.
Overall, global food and agricultural imports proved resilient throughout the first year of
the pandemic, potentially due to modernisation of agricultural infrastructure which does
not require congruence. At the same time, the energy sector was significantly hit in the first
stages with an aggressive recovery thereafter. On the other hand, material cost pressures
combined with labour shortages imposed a heavy burden on sectors such as construction.
The service and intellectual sectors, being diverse environments, were impacted
by supply disruptions; retail, real estate, healthcare, and telecommunications are some
examples of sectors that experienced inadequate or costly supply of products or necessary
equipment. Changes in demand, as well as the new socio-economic realities of consumers
during the pandemic, were much more evident too. Banking, hospitality, and higher
education were three areas that saw large decreases in their financial stability as a result of
the pandemic—the first in the form of reduced liquidity of customers, the second due to
the overwhelming decrease in bookings or visits as well as reduced operations, and the
latter as a combination of the above.
While the aforementioned sectors are firmly established and constitute an integral
part of most economic ecosystems, disruptions of such magnitude are once-in-a-generation
events and are bound to shake up foundations or shift the tectonic plates of socio-economic
activity. As anticipated, niche markets sprouted and innovative trends accelerated, finding
a “window of opportunity” among the shifting structure of socio-economic trends and
interactions, and closely following socio-technical transition theory as described by Geels’
multi-perspective model [75].
Sectors that experienced the most intensive innovative activity were mainly con-
centrated within the service economy. Retail, financial services, information technology
and telecommunications, and education accelerated their digital transitions and quickly
adapted to the new reality. Online shopping, novel ways of working, studying, and
consuming entertainment, and new modes of payment and financial institutions mate-
rialised, reshuffling markets and spurring waves of acquisitions, mergers, or company
expansions across the board. New business models and start-up ideas around the emerging
trends of digitalisation and automation are poised to attract significant investment in the
following years.

6.1. Monetary and Fiscal Policy

Excessive money printing was issued to support the various COVID-19 fiscal measures
during the pandemic. Narrow money (M1) which represents the main money supply of
a country’s economy, reached record levels. In the Euro area, M1 supply exponentially
increased since the start of the pandemic, peaking at an 11% increase year-over-year (y-o-y)
in January 2021 (the Global Financial Crisis of 2008 peaked at 6% y-o-y) coinciding with
record increases in broad money (M3) which were overwhelmingly driven by rises in
government debt [76,77]. Similar trends were evident in numerous countries around the
world where money supply and debt exponentially or gradually increased over the course
of the past 2 years [78,79]. Perhaps most notably, the US experienced a threefold increase in
M1 supply between April and May 2020, which has been rising ever since [78].
The positive effect of increased money supply on asset valuations, especially when
interest rates are generally low, has been well documented in the literature [80,81]. In
fact, interest rates for many economies were kept at historically low levels during the past
2 years [82,83]. Low interest rates combined with an additional monetary overhang that
emerged due to increases in money supply incentivised higher than normal spending and
investment and was associated with the exponential rise in the value of stocks and indices
after the March 2020 drop [84]. At the same time, strong price rises were observed for
gold and silver. These trends are normally associated with hedges against inflation in fiat
currencies while also linked to money supply changes [85].
Sustainability 2022, 14, 9699 9 of 13

This trend reinforces the argument that excessive money creation can potentially lead
to the depreciation of currencies and create consumer price inflation [84]. Indeed, annual
consumer price index (CPI) inflation for the Organisation for Economic Co-operation and
Development and Euro area countries with similar recorded M3 patterns surpassed 5% for
Germany, Belgium, Ireland, Greece, and the Netherlands and was over 6.5% for Norway,
the Czech Republic, Poland, Russia, and Spain. For the same year, the US saw a 7% increase
in annual CPI inflation, reaching 4.84% in Great Britain [86].
Inflation in energy prices, especially oil and gas, has been an important issue that
had strong spillovers to all other sectors and significantly increased headline inflation.
Energy price inflation largely was a by-product of oil-specific supply and demand “shocks”
that magnified over time; however, Eurozone evidence indicates that oil market shocks
have greater inflationary effects in core inflation during periods of overall high inflation.
Conversely, changes in global economic activity, such as during the pandemic, are not
sufficient to affect overall price levels as any shifts balance out [87]. Given the dire situation
that European and other energy markets have been facing during COVID-19 demand
recovery, money creation might have indirectly affected oil and gas price inflation.
Bringing this section together, the stimulus packages and debt issued by various
governments around the world contributed to the fast recovery and the perhaps unexpected
growth trends of asset values and several aspects of the economy. However, there is
evidence that the significant increase in money supply and persistent low interest rates
depreciated fiat currencies, reshaped exchange rates, and contributed to the widespread
price inflation experienced by consumers and other sectors.

6.2. Employment under COVID-19

An important aspect of the pandemic has been the significant changes in employment
under the new health protocols and interventions in the daily lives of billions. Vast numbers
of workers have been made to work from home which has had significant impacts on the
private and professional lives of employees [88]. Additionally, replacing in-person presence
for several types of roles has been impossible, and thus health measures such as masking,
social distancing, hygiene regulations, and in some cases shift reduction and furloughs
were instituted.
Under this situation, many employers have had to reorganise management methods
and procedures to deal with the new challenges and find new ways to work with clients and
various partners to maintain their competitiveness. For many businesses within severely
affected sectors such as hospitality or retail, government interventions placed unviable
barriers to normal operations casting them effectively out of business or completely depen-
dent on government checks to survive financially. These considerations generate questions
about the right way to deal with business disruptions due to sickness, health measures,
and increased expenses whilst adequately protecting employee health and wellbeing.
It is important to recognise that long-term strategies must always take into consid-
eration the necessity of letting businesses and economic sectors maximise their potential
and increase the probabilities of technological innovation and productivity growth. It is of
immense significance, however, to acknowledge that these goals can never be achieved if in-
dividuals are not allowed to flourish in workplaces where they feel safe and valued. At this
point, it is worth noting the potential risks for the employees of developed/high-income
countries in the post-COVID-19 era. Legislations must take into account the differences
in labour force costs and create a framework that serves businesses and at the same time
protects their employees. Hence, it is in this light that business competitiveness and the
protection of employees meet, and this poses a right step towards answers.
Therefore, there is no shortage of uses for local authorities and other relevant parties.
Productive engagement can include administrative bodies acting as enablers and mediators.
The first could be achieved through offering guidance, support, and best practice principles
via training sessions or focus groups where businesses and individuals engaged with or
interested in developing protection measures can meet with public health experts and
Sustainability 2022, 14, 9699 10 of 13

consultants. This can act as a further mechanism to maximise the options offered to
employees whilst also allowing stakeholders the flexibility to create and maintain an
environment that does not conflict with the uniquely specified boundaries set by the needs
and responsibilities of the firm.
The role of a mediator would most likely invoke laws that differ across jurisdictions
and legal systems but would not necessarily require significant alterations in legislation. Its
main use could be in facilitating the resolution of disputes related to COVID-19 consider-
ations between employees and employers. This could ensure that difficult situations are
appropriately addressed and could provide the necessary incentives, advice, and time for
the two parties to come to an agreement. This has the potential to resolve issues and derive
good practices as people gradually adapt to the new post-COVID-19 realities.
Overall, handing decision making to many instead of a few will cultivate a true
spirit of acceptance and openness to discussion about the right solutions across the most
productive part of the society benefitting everybody in the long term. Acting in accordance
with that principle and keeping the interests of the parties involved in mind, governing
bodies, especially at the local level, can support action in productive ways.

7. Conclusions
The impacts of COVID-19 on the economy and society have been mixed and changes
were often radical. Restrictions in travel and mobility had severe effects on labour mar-
kets as well as consumer demand for products and services, while they also affected the
transport of materials that aggravated the inadequacy of companies to meet the production
requirements which affected all societies and have had rippling effects across the economy.
As fears of recession are mounting and the medium and long-term disruptions brought by
COVID-19 still permeate our societies and economies, collective efforts should focus on risk
mitigation while plans should address future priorities and ensure institutional continuity.
Looking back at the last two years and as the world gradually returns to normal, the
pandemic has definitely had detrimental impacts on people and societies and has revealed
the extent of economic interconnection at a global level as a result of economic globalisation.
While the tragic nature of such events can stain the pages of history, perhaps future
historical accounts will recognise the catalytic effects that this public health emergency had
on civilisation and progress, as individuals and communities coordinated and overcame
immense difficulties to step up to the challenge. Perhaps even, judging from the exquisite
accomplishments of businesses and sectors over the past years, “creative destruction”,
in the words of the famous economist Joseph Schumpeter, might be the most accurate
description of what came to pass. This obstacle and the experience we have gained tackling
it should feed our concerns with solutions for an optimal transition to a new era that seems
to be arising.

Funding: This research received no external funding. The article processing charges were funded by
the Imperial Open Access Fund.
Institutional Review Board Statement: Not applicable.
Informed Consent Statement: Not applicable.
Conflicts of Interest: The authors declare no conflict of interest.

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