The Microeconomic Consequences of the Covid-19 Pandemic

Abstract

The Covid-19 pandemic resulted in quarantine measures, decreased consumer and investor confidence and a loss of workforce, which adversely affected the world economy. The resultant sharp decline in world stock markets and deteriorating supply chains negatively affected businesses. Since students are the employees of the future, the aim of this study was to examine the evaluations by students of the effects of Covid-19 on the micro economy, at individual, household and company levels. There were 60 participants in the study group, all of them African students at the University of Kyrenia, who were asked to evaluate the pandemic’s effects on microeconomic units in their home countries. Students who had enrolled in microeconomics courses in various disciplines were chosen because of knowing the topic better than other students. The snowball sampling method was employed in the selection of the participants. Semi-structured interviews were held one on one and the data was analysed. The findings show that individual poverty increased by at least two times, unemployment rose as a result of the pandemic, and people, families and companies faced financial hardship.