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Growing inequalities in the Covid-19 pandemic and their effect on women entrepreneurship: A case of Vietnam

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Growing inequalities in the Covid-19 pandemic and their effect on women entrepreneurship: A case of Vietnam

Abstract

Objective: The objective of this study is to provide a general overview regarding the increased inequality due to Covid-19 in various areas and this all had an integrated effect on women-owned small and medium-sized enterprises (SMEs) across the globe and in Vietnam. Research Design & Methods: The data is collected using various research papers and the reports accessing the inequalities across the world and in Vietnam. The methodology used is compiling the various reports to provide general overview as how Covid-19 has fuelled existing inequalities and providing overview of the situation the women-owned SMEs are facing in this challenging time of pandemic. Findings: The results from the study suggest that the inequalities in various areas have increased such as inequality between and within different countries, employment sector inequalities, gender inequalities, educational inequalities, age-related inequalities and all these has created a wider gap between the barriers faced by men and women across the globe. The women-owned SMEs has found to have the higher challenges in Vietnam as compared to men-owned SMEs. Implications & Recommendations: The current literature identified the increasing inequalities of women in various countries and particular in SMEs in Vietnam. There are several studies conducted in developed countries to determine the challenges faced by women entrepreneurs, but there is dearth of studies conducted in Vietnam, especially to study the effect of Covid-19 on the women entrepreneurs. It is important to conduct this kind of study in Vietnam on women SMEs to study the impact of Covid-19 to understand the barriers the women might have faced and how the government can provide the appropriate support to women entrepreneurs in the future which further can help in empowering the women in Vietnam and helping the economy to grow. Contribution & Value Added: This paper provides the general overview of increased inequalities in various areas and in particular women-owned SMEs in Vietnam which is not summarized in earlier studies conducted in Vietnam and hence this study aims to contribute to fill this gap in the literature and provided an avenue for the future research.
2021, Vol. 7, No. 4 10.15678/IER.2021.0704.05
Growing inequalities in the Covid-19 pandemic and their effect
on women entrepreneurship: A case of Vietnam
Greeni Maheshwari, Anika Maheshwari
A B S T R A C T
Objective: The objective of this study is to provide a general overview regarding the increased inequality due
to Covid-19 in various areas and this all had an integrated effect on women-owned small and medium-sized
enterprises (SMEs) across the globe and in Vietnam.
Research Design & Methods: The data is collected using various research papers and the reports accessing
the inequalities across the world and in Vietnam. The methodology used is compiling the various reports to
provide general overview as how Covid-19 has fuelled existing inequalities and providing overview of the sit-
uation the women-owned SMEs are facing in this challenging time of pandemic.
Findings: The results from the study suggest that the inequalities in various areas have increased such as ine-
quality between and within different countries, employment sector inequalities, gender inequalities, educa-
tional inequalities, age-related inequalities and all these has created a wider gap between the barriers faced
by men and women across the globe. The women-owned SMEs has found to have the higher challenges in
Vietnam as compared to men-owned SMEs.
Implications & Recommendations: The current literature identified the increasing inequalities of women in var-
ious countries and particular in SMEs in Vietnam. There are several studies conducted in developed countries to
determine the challenges faced by women entrepreneurs, but there is dearth of studies conducted in Vietnam,
especially to study the effect of Covid-19 on the women entrepreneurs. It is important to conduct this kind of
study in Vietnam on women SMEs to study the impact of Covid-19 to understand the barriers the women might
have faced and how the government can provide the appropriate support to women entrepreneurs in the future
which further can help in empowering the women in Vietnam and helping the economy to grow.
Contribution & Value Added: This paper provides the general overview of increased inequalities in various areas
and in particular women-owned SMEs in Vietnam which is not summarized in earlier studies conducted in Vietnam
and hence this study aims to contribute to fill this gap in the literature and provided an avenue for the future
research.
Article type: conceptual article
Keywords: Covid-19, inequalities, women-owned SMEs, economic impact, entrepreneurship,
Vietnam
JEL codes: L26, M13
Received: 10 September 2021 Revised: 29 November 2021 Accepted: 30 November 2021
Suggested citation:
Maheshwari, G., & Maheshwari, A. (2021). Growing inequalities in the Covid-19 pandemic and their effect on
women entrepreneurship: A case of Vietnam. International Entrepreneurship Review, 7(4), 65-73.
https://doi.org/10.15678/IER.2021.0704.05
INTRODUCTION
Due to the outbreak of the global pandemic (the Covid-19 pandemic), several regions of the world were
or have still been under the lockdown. In the short run, what appears to be a health crisis could have
extensive impacts on economic growth and development in the long run, especially on small and me-
dium-sized enterprises (SMEs). Covid-19 has fuelled already existing economic inequalities in various as-
pects from education to gender to the ability to work remotely. Estimates from the World Bank show
International Entrepreneur ship Review
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E
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Greeni Maheshwari, Anika Maheshwari
that the pandemic could push up to 150 million more people into extreme poverty by the end of 2021
(World Bank, 2020a). Most countries in the world have been implementing various strategies preventing
the social and economic consequences of the Covid-19 pandemic. Early affected EU countries (such as
Italy and Spain) and large Asian countries (such as India and Indonesia) took moderate actions, while later
affected countries implemented more influential actions (Kinnunen et al., 2021).
The objective of this study is to provide a general overview regarding the increased inequality
due to Covid-19 in various areas and this all had an integrated effect on women owned SMEs across
the globe and in Vietnam.
The first part of literature review and theory development of the article provides an overview of
various already existed inequalities which has wider the gap even further in different areas due to the
Covid-19 pandemic. These inequalities will bring short run and long-run implications on the economy
of the countries. The second part of this article deals with the government initiative in Vietnam aiming
to reduce the impact of the Covid-19 pandemic on small and medium-sized enterprises (SMEs) and in
particular to reduce inequalities among women-owned SMEs in Vietnam.
LITERATURE REVIEW AND THEORY DEVELOPMENT
(a) Inequalities in the economies
Inequality between countries
The already fragile economies of developing countries are further shattered by compulsory lock-
downs imposed by governments. The reduction in aggregate demand and supply-side shocks arising
from the pandemic are creating tremendous difficulties for countries that rely on exporting goods,
creating inequality between countries (UNCTAD, 2020). According to the PrebischSinger hypoth-
esis, economies that rely strongly on agricultural goods enter into a vicious cycle of economic decline
because their low level of added value lowers the potential level of real GDP (Harvey et al., 2010).
This has been made worse by Covid-19 as the availability of skilled labour to produce them or to
develop agricultural systems has been reduced. Thus, there may be a long-run decline in the terms
of trade for countries that depend on natural resource exports. In addition, as migrant workers face
large-scale job losses without any compensation or unemployment benefits, remittance inflows
have shrunk significantly; they are projected to fall by more than 20%, cutting off a vital source of
income for many disadvantaged households (World Bank, 2020b).
Furthermore, less economically developed countries (LEDCs) are the most vulnerable to Covid-
19 due to having weak medical systems and an inadequate amount of protective gear. They also face
inequalities in terms of testing capacity, quarantine facilities and access to vaccinations (Jensen &
Molina, 2020). It can be harder to practice social distancing due to poor sanitation, overcrowded
urban slums and overwhelmed transportation services. Moreover, their underdeveloped welfare
systems also make it very difficult to support unemployed workers. On the other hand, more eco-
nomically developed countries (MEDCs) can afford to protect their economies by spending more on
healthcare, unemployment benefits, providing access to the internet and many more. Across coun-
tries, research has found that a 1% decrease in GDP is associated with a 1% increase in the Gini
coefficient, leading to high-income individuals receiving much larger percentages of the total income
of the population (Dasgupta & Emmerling, 2021).
Inequalities within countries
Inequalities between households are also increasing due to the poor getting poorer and the rich getting
richer (Wałęga & Wałęga, 2021). Low-paid workers have suffered considerable losses in income,
whereas middle and high-income earners remained almost unaffected (Gent, 2020). Due to the fact
that many people who work in industries like construction, manufacturing, retail, tourism and hospi-
tality are unable to work from home, significant barriers have been created between the rich and poor.
According to Sostero et al. (2020), it becomes more feasible to work remotely as one climbs up the
income ladder. Poor employees will therefore experience greater pressure, as pointed out by Tyson
Growing inequalities in the Covid
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and Lund (2021), to reallocate as they are over-represented in the sectors with less remote work po-
tential. The wealthy, on the other hand, have been less impacted by the pandemic’s economic shock
as they typically work in tertiary or quaternary industries, where they have been able to transition to
working from home, while saving money on commuting and leisure activities (France 24, 2021).
Employment sector inequalities
Service sector jobs such as personal care, retailing, food and beverage, and transport services with the
highest physical proximity are experiencing the most disruption as a result of the pandemic (Lund et al.,
2021). For example, in 2020 there were approximately 660,000 job losses in the UK’s hospitality sector
which accounts for 20% of total jobs (BBC News, 2020). Moreover, the informal sector, which is typically
found in emerging and developing countries, employs some of the most vulnerable workers. They have
suffered a disproportionate loss of income due to having limited social benefits and no ‘safety net’ to fall
back on. Since these workers have low productivity and a lack of human capital investment, they are
often excluded from short-term financial assistance schemes. According to ILO (2020a; 2020b), there are
more than 2 billion people working in the informal sector globally and it is estimated that lost labour
income will increase relative poverty for informal workers by almost 56% in LEDCs. Therefore, this could
cause a decrease in school enrolment rates, especially for girls, increasing gender inequality.
Gender inequalities
Women bear a disproportionate share of the burden as Covid-19 disrupts work and family life; they
are more likely to lose their jobs than men and are also expected to take care of children due to the
closure of schools and household roles at home (Fisher & Ryan, 2021). The effects of the economic
shock impacted the sectors that are predominately delivered by a female workforce and were scaled
back, suspended or abandoned during social distancing. However, services predominantly provided by
a male workforce, such as the delivery of food and goods, may have expanded and benefited by in-
creased demand as well as the availability of platform-based gig employment.
Education inequalities
As most schools and universities have shifted to online learning, the use of digital technologies has sig-
nificantly increased where lecturers conduct classes remotely and students submit their assignments
electronically. However, the pandemic has exposed dramatic inequalities in technology access because
almost half the world is still not online (Broom, 2020). This has caused the digital divide to widen, mean-
ing children in low-income families don’t have access to education; it is estimated that around 1.6 billion
students are not attending school (Scott, 2020). Thus, individuals and society may incur permanent long-
term consequences as a result of learning losses. If these disparities persist for a long time, the most
disadvantaged students will face significant obstacles to development, decreasing their social mobility
and hindering their skills development (Dabla-Norris et al., 2015; Ingraham, 2018).
Due to financial losses suffered by poor households in developing nations, some may not be able
to send their children back to school. This will consequently reduce the economy’s productive capacity
and long-term economic growth, further widening the gap between countries. Furthermore, Corak
(2013) finds that nations with more income inequality tend to have lower levels of intergenerational
mobility, with parent's earnings being a more important determinant of children’s incomes.
Age-factor inequalities
Younger people have been hit the hardest by this crisis as they are experiencing the brunt of the eco-
nomic devastation (Gould &Kassa, 2020). Many job-oriented learning and internships, that enable
smooth transitions from school to work, have been interrupted. This has caused joblessness among
people aged 15 to 29 in OECD countries to increase by 2.9% from the end of 2019 to the end of 2020
(OECD, 2021). Excluding young people from the labour market is one of the greatest risks, as in the
long run, the combined labour market and educational issue not only risks impairing jobs, but also
further exacerbating existing inequalities in and among countries.
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Greeni Maheshwari, Anika Maheshwari
There is a well-established link between prolonged durations of unemployment and reduced em-
ployment prospects (Blanchard & Summers, 1986; Meyer &Phelps, 1973). The unemployed people may
find it harder to find jobs in the future due to human capital depreciation and potential loss of experience.
The longer they remain unemployed, the more they will lose out on training in new methods and tech-
nology. Additionally, the pandemic has also spurred automation and digitisation, which requires more
skill-intensive labour. This has resulted in a mismatch between the supply of low-skilled workers and the
demand for high-skilled workers.
All the above inequalities have an integrated effect on Women-owned SMEs and this paper provided
a general overview of the situation and impact on SMEs in Vietnam which is discussed in the next section.
(b)Women-owned SMEs in Vietnam in the Covid-19 pandemic
Small and medium-sized enterprises are particularly vulnerable to economic crises, especially with the
unprecedented Covid-19 outbreak, and within the broader universe of SMEs, women-owned enter-
prises are even more exposed (Marjański& Sułkowski, 2021; Szostak & Sułkowski, 2021). There are
discrepancies in terms of support provided and loan granted to women owned SMEs and such discrep-
ancies are the product of documented biases, both conscious and unconscious. The government has
introduced various sound policies, supportive regulations, and incentives for women-owned busi-
nesses to overcome this crisis period and provide support to recover in the new normal.
Small and medium-sized enterprises (SMEs) play a vital role in Vietnam’s economic development
and growth. SMEs accounts for 98% of all the enterprises in Vietnam as per estimation in 2015, which
also contributes to approximately 40% of GDP. The government has framed number of reforms to
support SMEs and especially women entrepreneurs. Vietnam has made an impressive progress in
terms of women-owned enterprises in recent years. As per the report from Vietnam chamber of Com-
merce and Industry (VCCI), the proportion of women-owned businesses in 2011 was 21% which signif-
icantly increases to 31.3% in 2018 as per Mastercard Index of Women entrepreneur report. Vietnam
was ranked 1
st
in Asia and 6
th
globally out of 53 economies. This certainly reflects the growth of women
entrepreneurs in Vietnam and thanks to the state policies which have been helpful to promote the
female entrepreneurship in Vietnam.
To narrow the gender gap in the economy, government had set to achieve the target of 35% of
female owned enterprises by 2020. Vietnam was making swift progress towards that, but the pan-
demic had hit the entire world, and Vietnam was not an exception. The women-owned enterprises in
Vietnam reduced to 26.3% in 2020, which was still second highest in the ASEAN region after Philippines
with 27.1% and higher than rest of the countries in the regions such as Singapore, Thailand, Indonesia
and Malaysia (Mastercard Index of Women Entrepreneur Report, 2020).
The Asian Development Bank (ADB) had received 20.2 million USD in 2019 from the Women
Entrepreneur Finance Initiative (We-fi) to support approximately 5,000 women-led SMEs in Asia and
the Pacific and recently in December 2020, ADB and Vietnamese government has signed a 5 million
USD grant agreement funded by We-fi to support women entrepreneurs whose finance access has
weakened due to the pandemic. This is a major initiative taken by the government to fully tap the
women’s capability as they contribute to a major part of workforce and this will enable to continue
the economic growth of the country.
Further, the government of Vietnam took the quick measures during pandemic and placed a number
of fiscal and monetary policies to support the SMEs such as delaying the tax collection, reducing the land
rent by 15%, reducing the government fees and charges, lowering the interest rates by 2%, cutting ad-
ministrative procedures and costs for entrepreneurs and credit limit expansion as per the report by the
United Nations Economic and Social Commission for Asia and the Pacific (2020). The businesses which
relied on cash flows found it most difficult to survive during the pandemic as they were short of finances
to cover the basic operational cost and faced the shortage of working capital. But a smaller proportion
of women-led SMEs surveys mentioned about shortage of working capital and most of their concerns
were related to order cancellations. This suggests that women-led SMEs are more robust which also was
supported by survey results of the report wherein women-led SMEs showed more optimism with 6%
Growing inequalities in the Covid
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saying that they believe that they will go bankrupt if Covid-19 lasted till the end of year 2020, while this
figure was 10.5% for men-led SMEs who were more concerned about going bankrupt.
Despite the government’s efforts in providing support to women-led businesses, the difficulties
faced by women-owned enterprises continues to be existing in terms of financial constraints, lack of
motivation, low levels of digital literacy, fear of failure, lack of family support as per the results found
from various research studies conducted in Vietnam on women entrepreneurs.
The pandemic had added further to these difficulties where the female-owned businesses were
more vulnerable than men-owned businesses which has been felt across Vietnam. As per the Master-
card Index of Women Entrepreneur report of 2020, 80% of the businesses owned by females were
exposed to most impacted sectors as compared to 60% of male-owned businesses in Vietnam. The
state support policies such as credit policy package, fiscal policy package, labour policy package was
provided by the government to support the enterprises impacted due to Covid-19 but very few enter-
prises accessed these support policies as reported in the report by United Nations Economic and Social
Commission for Asia and the Pacific (2020). It was reported that due to cumbersome procedures and
lack of clear instructions, SMEs were unsure as how to use these support policies and the views were
gender neutral for these issues.
Further, the report mentioned that despite all the challenges women entrepreneurs face, they have
shown better resilience and have displayed better leadership skills in this pandemic crisis. Women entre-
preneurs display better flexibility to adapt to changing business models, are willing to embrace technol-
ogy to shift to the new business model and have also established women-led platforms to share, monitor
and coach the young female entrepreneurs. Most of the women-owned SMEs operate in the service
sector and are facing various obstacles to engage with different business activities due to short of re-
sources such as lack of finance and inadequate knowledge and skill towards digital literacy. Women also
face gender stereotypes issues from friends and family (UNW, 2021).
Recognizing that greater participation and parity for women in business is vital not only to eco-
nomic recovery, but also to the societal and cultural advancement for all, hence it is important to un-
derstand the factors affecting women advancement in Vietnam (Maheshwari, 2021). Promoting
women entrepreneurship contributes to socio-economic development of countries (Jamali, 2009;
Verheul et al., 2006). The rate of increase of women entrepreneurship, especially in developing coun-
tries, has created a positive impact on overall household welfare and consumption (Minniti&Naudé,
2010). Women’s unique role in the household creates a network effect resulting in increased entre-
preneurial activities (Datta & Gailey, 2012; Minniti, 2010). Entrepreneurship offers economic security
to women (Itani et al., 2011), provides them a platform for self-expression and fulfilment (Eddleston
&Powell, 2008) and empowers them as individuals (Jamali, 2009). Despite the advantages identified
as how promoting women entrepreneurs can help towards the countries growth, women still face lot
of barriers towards their entrepreneurship journey. The study conducted in China by Ng and Fu (2018)
reported that the factors that motivate women entrepreneurs are based on pull and push theory. The
motivators identified are need for self-achievement, less job opportunities, desire for independence,
dissatisfaction from employment, family responsibilities, and family business (Ng & Fu, 2018). The chal-
lenges found were lack of skills, funding difficulties, gender stereotype, and cultural barriers (Ng & Fu,
2018).
Across the world, entrepreneurial-minded women are determined to break into, and become a
success in the competitive business landscape. However, the still dominant gender gap means these
women continue to face challenges of disproportionate number and scale when compared to their
male counterparts. According to the Mastercard Index of Women Entrepreneurs (2020), 31.3% of busi-
nesses in Vietnam are owned by women, placing Vietnam at the sixth position out of the 53 surveyed
economies. Despite the prevalence of female entrepreneurship in Vietnam, little is known about the
motivations, challenges, and success factors of those occupying this vibrant sector of the Vietnamese
economy. The purpose of this study was to provide a general overview regarding future studies on
female Vietnamese entrepreneurs’ perceptions regarding the barriers they have been facing while be-
ing an entrepreneur during the Covid-19 pandemic.
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DISCUSSION AND CONCLUSION
In conclusion, inequality leads to economic instability in various areas as discussed above. Previous stud-
ies have found that income inequality negatively affects growth and its sustainability (OECD, 2014). Be-
cause the wealthy spend a smaller percentage of their income, they save more money as compared to
middle and lower-income groups. Thus, increasing concentration of income leads to a fall in consumer
spending, decreasing aggregate demand and slowing down economic growth (Carvalho &Rezai, 2016).
This will lead to widespread, cyclical unemployment; globally around 200 million people are expected to
lose their job, in particular women and young, unskilled workers by 2022 (UN News, 2021).
Individuals with low incomes may face challenges in paying fixed expenses, such as rent, and
may be forced to borrow to maintain consumption. This may not be sustainable in the long run be-
cause they may not be able to repay their debt, leading to the inability to pay for basic necessities
(The Conversation, 2016). Previous disasters have shown that economic consequences on the poor-
est households is larger and recovery is slower due to the loss of assets and human capital (Hill &
Narayan, 2021). Consequently, welfare disparities are widened and the poor are trapped in a vicious
cycle of poverty in the long run. The study in Ukraine suggested that there is a link between gender
and the rights the entrepreneurs receive and it was found that women are not getting equal rights
in enterprises and they have to face gender discrimination which is a threat to social and economic
standing of a country (Bilan et al., 2020) and this discrimination might have widened during this
covid-19 era. Hence, it is important to focus on the case of Vietnam, especially when it is a growing
economy with more than 70% of women in labour force participation.
There are several studies conducted in developed countries to determine the challenges faced by
women entrepreneurs, but there is dearth of studies conducted in developing countries. Hence, as a
theoretical contribution, this study will contribute towards the less explored region in order to under-
stand the barriers faced by women owned SMEs. Only based on thorough understanding of what drives
and inhibits women in business, as a practical contribution, the governments, policymakers, businesses
and individuals would be able to support, inspire and foster women to progress further. Understanding
the barriers might help the stakeholders to provide the appropriate support to women entrepreneurs
which further can help in empowering the women in Vietnam and helping the economy to grow.
There have been various studies conducted in the past to study the barriers faced by women SMEs
in Vietnam (Trang et al., 2020; Zhu et al., 2019) but rarely there are studies conducted to study the
impact of Covid-19 on women owned SMEs. Hence, based on this general overview of the paper, it is
an important research area to analyse the characteristics of women-owned SMEs and the obstacles
they face while operating SMEs in Vietnam and the impact they have on their entrepreneurs during
the Covid-19 pandemic. Assessing the situation and providing support to women entrepreneurs can
help the country in dismantling barriers for women-owned SMEs and in turn will help achieve gender
parity and also help in achieving sustainable development goals (SDG) #5 (Gender equality) and #8
(Decent work and economic growth). This study can be regarded as a stepping stone to such more
studies in the future and this overview can be lay the foundation of such future studies.
Similar to any other research article, this article also has some limitations and implications for
the future research. First, the article is about providing overview of impact of covid-19 on increased
inequalities and its impact of women-led SMEs in Vietnam and does not present any empirical re-
search. In future, the quantitative and qualitative research using survey or interviews can be carried
out to provide robust results on this topic. Next, the comparative empirical research can be con-
ducted either in different Asian countries or between developing and developed countries to see if
the impact of Covid-19 is similar on women-owned SMEs. Further, longitudinal study can be con-
ducted in the future after some years to see this post-Covid effect. Lastly, the exploratory study can
be conducted in Vietnam to identify the motivation and the barriers which women entrepreneurs
face towards their entrepreneurship journey.
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Authors
Contribution share of authors is equal and amounted to 50% for each of them.
Greeni Maheshwari
Lecturer at RMIT Vietnam in School of Business and Management since February 2008. She completed Doc-
torate in Business Administration (DBA) in Global Business and Leadership from California, USA. She teaches
and coordinates quantitative courses like Business Statistics, Quantitative Analysis, and Basic Econometrics.
Greeni has been the recipient of “Deputy Vice-Chancellor’s Award for Teaching Innovation” in 2020, “Vice
Chancellor’s Award for Outstanding Contributions to Learning and Teaching: Outstanding Contributions to
Student Learning, Higher Education” in 2018, “Excellence in Teaching Award” in 2017 at RMIT University and
“Award for excellence in Learning and Teaching” in 2016 at RMIT University, Vietnam. She has been awarded
two gold medals during the engineering studies. Greeni is the Fellow of Higher Education Academy (FHEA)
received in 2018 and Senior Fellow of Higher Education (SFHEA) received in 2020 from the Higher Education
Academy, UK. Her research interest lies in leadership, educational and finance related topics.
Correspondence to: Dr. Greeni Maheshwari, Economics and Finance Department, RMIT University, HCMC,
702 Nguyen Van Linh Blvd, District 7, Ho Chi Minh City, Vietnam; e-mail: greeni.maheshwari@rmit.edu.vn
ORCID http://orcid.org/0000-0003-4470-6040
Anika Maheshwari
Student at an international high school in Vietnam. A scholarship winner in IGCSE results. She holds a deep
interest in economics and business issues and would like to start the university career in economics and busi-
ness degree.
Correspondence to: Ms. Anika Maheshwari, e-mail: anikamaheshwari29@gmail.com
ORCID http://orcid.org/0000-0003-1712-6227
Conflict of Interest
The authors declare that the research was conducted in the absence of any commercial or financial relation-
ships that could be construed as a potential conflict of interest.
Copyright and License
This article is published under the terms of the Creative Commons
Attribution – NoDerivs (CC BY-ND 4.0) License
http://creativecommons.org/licenses/by-nd/4.0/
Published by Cracow University of Economics – Krakow, Poland
... Companies operating in these industries are cutting jobs to make up for the lost income, which result in a downturn. Consequently, it distributed to disturbances in social and economic development and increased of social inequalities (Maheshwari and Maheshwari, 2021). So, economists have to ponder upon a global recession as deep as the Great Depression that the COVID-19 pandemic can cause. ...
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