BUFT Journal of Business and Economics

Socioeconomic and Psychological Impacts of the COVID-19 Pandemic on Various Occupational Groups in Bangladesh

University of Barishal, Bangladesh University of Textiles, Islamic University
Email: djoysk@mgt.iu.ac.bd

Abstract

Purpose: The study examined how the pandemic-caused change in lifestyle had an impact on the working class in terms of the economy, social structure, psychology, and spirituality.Methodology: The descriptive statistics, chi-square test, and other methods were used to pinpoint important factors that contribute significantly to the variation in response factors as well as statistically significant outcomes.Findings: Being at home was challenging for the workers and left them feeling stressed, bored, and constrained, requiring them to leave their homes in order to feel free. In general, workers experience socioeconomic hardships and psychological pressure as a result of losing their jobs, losing their incomes, remaining at home, and having fewer mobility options. It also has an unforeseen negative impact on their family, social, and economic standing.Practical Implications: This study sheds light on the kinds of lockdown tactics that should be used at times of unprecedented crisis, and it is very helpful in deciding what kinds of curfews should be put in place.Value: Through increased production, cost-venture reserves, and staying at home to avoid the pandemic from a position of wealth and wellbeing, this research has significantly contributed to handling the socioeconomic and psychological concerns in a pandemic situation, as well as time management.Research Limitations: A larger study with a large sample from the same population is advised in order to generalize the results because the sample size for this research was small, modern statistical tools and procedures were not applied.