The impact of COVID-19 in Underdevelopment countries

The COVID-19 pandemic affects the whole world, especially the underdeveloped countries, we want to focus on Africa, Bangladesh and Venezuela.

Africa:

The impact of COVID-19 on the informal economy in Africa:

COVID-19 has had a devastating effect on informal workers in Africa. 325 million informal workers in Africa are significantly impacted by lockdown measures. No work means no income: contagion or starvation is the dilemma of informal economy workers. Without income support, lockdown measures cannot be implemented successfully. When sick, paying for health care will plunge many even more deeply into poverty. 9 out of 10 enterprises in Africa are informal and at risk of closure.

Source: International Labour organization / BBC news /Africa Renewal

Asia: Bangladesh

Bangladesh is also the only country in the world where coronavirus-related fatalities outstrip recoveries.

Currently, Bangladesh falls in the least developed country (LDC) category. The impact of the COVID-19 pandemic will be felt not just on the national economy but on the household economy of millions of Bangladeshis. Daily wage earners have been badly hit; many have nothing to live on now and are unable to buy food for their families. Hunger, malnutrition, and other problems that have always plagued Bangladesh are poised to intensify as a result of the lockdown.

Source: The Diplomat / Aljazeera

Latin America: Venezuela

Venezuela is particularly vulnerable to the wider effects of the pandemic because of its ongoing socioeconomic and political crisis causing massive shortages of food staples and basic necessities, including medical supplies. The mass emigration of Venezuelan doctors has also caused chronic staff shortages in hospitals.

More than 90 percent of Venezuela's export revenue comes from oil. The country risks generating less than $8bn this year, which is only a third of the $25bn it made in 2019, according to Caracas-based economic consultancy Ecoanalitica. Two other local consultants also projected the government would have less than half the funds it managed last year.

Source: The Washington Post.