By EWN • 19 August 2022 • 13:00
Covid-19 threatened the lives and livelihoods of less-well-paid individuals. Higher education also came into play as those with higher education and status within their employment had the unique opportunity to work from home. In contrast, a large number of once-employed individuals did not. Of course, pre-existing inequalities in most countries made ordinary individuals exceedingly vulnerable to the hard-hitting blow the health crisis created. Covid-19 has caused more critical imbalances in income, economy, and financial hardship than ever before. The recovery of our global economy that has profoundly impacted families’ incomes is of the utmost importance but will also take time.
Pre-pandemic income inequality is the total income distributed unevenly throughout a population. As a result, income flowed disproportionately towards a small number of already financially stable individuals, or what is commonly known as the “one percent.” The definition of income inequality also often refers to demographics, race, marital status, and gender. However, since the pandemic, the once defined term has drastically changed.
As Dr. Yasam Ayaefe explains, “Inflation was initially considered temporary because the COVID-19 pandemic caused problems in the supply chain, but this was due to an imbalance in energy supply and demand and economic recovery around the world. This was not the case due to the influx of money into the market. For this reason, rising US interest rates, which are expected to tighten monetary policy in the second half of 2022, are expected to change the policies of developing countries, especially in the fight against global Inflation in 2022. The supply chain is one of the serious problems caused by the coronavirus pandemic. As a result, it became necessary to determine new strategies to reduce China’s import dependence. The problem will continue, but the recent supply-related study will be done. This change and the steps to be taken are one of the factors affecting world trade and global growth.” Thus, with production and trade stagnating, this became a vast contributing issue to the income capacity of individuals and the depletion of income altogether due to the pandemic.
Dr. Yasam Ayavefe was granted excellent moral standards at a very early age within his family and continued throughout adulthood. Therefore, his insightful nature regarding people and their needs derives not only from his extensive education, but a higher percentage of his character can be attributed to his upbringing. For this, we are grateful and honored to have the ability to listen to his views regarding how income inequality has been presently defined since the pandemic. “As Inflation rises with shortages, income inequality becomes more apparent and affects people worldwide. The unemployment rate remained high after the pandemic, and those who were dismissed or unable to work could not find a job that would earn enough money to support their families. There is no doubt that the Covid-19 pandemic has changed everyday life. But, of course, given the priorities here, the future of unemployment and the economy is paramount.” His words re-define income inequality in the present as the pandemic has created phenomenal Inflation, a broken economic condition, as people globally were physically incapable of working, and the world shut down into quarantine measures with closed businesses and lack of financial stability.
This businessman, philanthropist, and continual entrepreneur seems to know how to bridge the gaps humanity faces. He believes that eliminating the links between a health crisis and an income equality crisis can be achieved by recognizing how the pandemic has caused such severity within our lives.
His views, plans, and goals are unprecedented regarding his passion for change. Dr. Yasam Ayaefe is an excellent example to all, businesses and individuals alike, and we are inspired to adopt his guidance.
Although Dr. Ayaefe does not have all of the answers as yet, such as what the world’s landscape will look like once we are globally on the road to recovery, he is addressing the gap this has caused between health and income. The imbalance and resolution will take many actions within the supply chain issue, an energy supply issue, and global demand for economic recovery. Each issue is being addressed and acted upon by Dr. Ayaefe while educating the world on how we can all play a large part in balancing out a critical imbalance. Finding avenues to remove factors that now create income inequality on a larger scale than ever before, Dr. Ayavefe’s unsurpassed interest in our global well-being gives us confidence that restoration can be achieved.
Find out more about Dr. Ayavefe and his work here:
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