Covid-19 Pandemic and the Global Economy – A Study on its Negative Impact and Country Responses
This epidemic is not like any other crisis looking at the unprecedented time and the uncertainty of its outbreak and the impact it has caused globally. Coronavirus (COVID -19) has affected the global health and the economies adversely with limited options of saving lives and also saving the local and federal economies. Even COVID -19 was declared a pandemic there was a hint of a recession which left economists wondering how bad a COVID -19 recession would be? No single number can showcase the apparent magnitude of the impact due to two significant reasons – Short period of study as it is less than a year of detecting this pandemic and the lack of any significant study on its impact on economic growth. This paper reviews the available and most recent studies, newspapers, magazines, and reports issued by international organisations like WTO, UNCTAD, and OECD. It also highlights previous literature reviews and the empirical studies for SARS, Malaria, Spanish flu, etc., for an approximate picture of what might happen during any health crisis and the resultant impact on economic activities.
Keywords: Covid-19 (Coronavirus), Recession, Employment, GDP, Trade, global Economy.