Socio-economic impact of COVID-19 pandemic: evidence from India and Bangladesh

Abstract

ABSTRACT COVID-19 has destabilized economies, lives all over the globe with devastating impacts. Physical and mental health suffered hugely due to this pandemic. Moreover, educational institutes were forced to shift from offline to online mode. This study aims to identify critical societal constructs which got impacted due to the COVID-19 pandemic in India and Bangladesh. Further, a comparative analysis has been carried out to assess these impacts between these two countries from a social science point of view. A cross-sectional study has been conducted through a structured questionnaire based on pilot study. Google Survey form link of questionnaire was active from March 15, 2020 to July 14, 2020 in which 1023 responses were received with a response rate of 54%. After the elimination of missing responses, 802 complete responses were finally coded on 48 variables including demographic profile of the respondents. Factor analysis is used to identify critical constructs of the study whereas hypothesis testing to carry out for comparative understanding. The study found that COVID-19 pandemic has severely impact on psychological, educational, economic, and social aspects of both countries whereas Bangladesh has significant adverse impact than India. Economic stimulus program such as tax exemption, EMI moratoriums, mental health training, E-learning, low interest rate of soft loan disbursement are noteworthy requirement to overcome the adverse impact of COVID-19.