Researchers describe data about the effect of pandemic on households A large proportion of households in lower- and middle-income countries were suffering "dire economic conditions" and food insecurity within just three months of COVID-19 being declared a pandemic last March, a study says. Steep drops in employment and economic losses in many of the countries surveyed rivalled or exceeded those experienced by rich nations, the report says. This contrasts with the assertion by some analysts that poorer countries experienced a milder initial impact because of their relatively young populations and fewer connections by trade and travel to the global economy.