The Impact of the Epidemic on the Economy

Abstract

In early 2020, COVID-19 swept the world, and the impact of the epidemic was very large all over the world. Through qualitative and quantitative investigation, this paper conducted an in-depth investigation on the impact of the epidemic on people. Through the comparison of GDP and Engel coefficient before and after the epidemic, it is found that the economy was in a declining stage after the outbreak of the epidemic, and people's living standards also declined with the spread of the epidemic, reversing the trend of continuous improvement in previous years. The questionnaire and interview summarized the views of different Chinese people on the epidemic and expressed their practical views. The impact of the pandemic on people's lives is mainly through both indirect effects on the economy and direct effects on people's lives. There is no denying that the epidemic has had a huge negative impact on people's lives. Only by controlling the development of the epidemic can the impact on people's lives be minimized in a real sense. Although the development trend of the epidemic is still not clear, it has been controlled in general, and the future economic development and people's living standards will also turn the decline into a rise.