Identify the most important effect of the current pandemic on the world economy and then explain how government lockdowns have affected domestic markets for goods and labor.

COVID-19 is a pandemic that is having a significant impact on the world. The illness not only has a negative impact on human health, but it also has an impact on the global market. To rescue people from the pandemic, the government would conduct a lockdown. In my opinion, these policies have an impact on all elements of humanity that influence all individuals on the globe. The economic wheel is a human and global society-propulsing issue. It is the gearwheel that continually drives other areas of society to develop relentlessly, but the recent situation of the global economy is disturbed by the epidemic that is occurring around the world. The basic factors of trade are communication and transportation, convincing people to exchange and purchase goods and services in the market. However, these are being disrupted by the pandemic. Economic effects influence all people, especially root-grass individuals who are similar to the bottom of the pyramid. When an economic problem arises, they are the first to be affected. In comparison to the pyramid, the economic system will fall if they are not strong enough to immunize challenges. For illustration, poor people in Thailand encounter unemployment while bearing the burden of debt and a lack of funding. These have an impact on their lives. They are not approached for resources. They lose the purchasing power necessary to turn the economic wheel. This condition causes not just non-approaching resource concerns, but also social issues such as criminality, insecurity, and danger in the community. Therefore, pandemics have had an impact on the global economy in terms of human living, wealth, and security. These are challenges that must be addressed and communicated to all stakeholders, private and public. Additionally, the result of the pandemic effect can be mortal. To prevent this, the authorities released countermeasures and a lockdown to decrease the interaction between people that can be the cause of the epidemic. It not only affects health but also impacts the economic system, being the gear that propels both social and political wheels. Meanwhile, some employees are being fired from their employment due to their employer's financial difficulties. This work is not supported by the government. In this situation, social welfare must be employed to empower and assist them in surviving sustainably. To prevent the monopoly will occur. Moreover, in economic theory, labor is one of the production factors. They are those who use their forces and wisdom to create goods and services in response to the social demands. Thereby, if they are unable to produce them, the market will not only be ruined, but goods and services will be scarce; as demand rises and supply declines, product prices will rise dramatically, affecting the majority of people. Finally, the pandemic affected people on various sides. It not only influences health but also impacts the world economy. Labor and goods are the relations that contribute to a driven market. These are the factors that should be realized. To prepare for world transformation in the post-pandemic era.