Munich Personal RePEc Archive

Most Fatal Pandemic COVID-19 Outbreak: An Analysis of Economic Consequences

Mohajan, Haradhan (2020): Most Fatal Pandemic COVID-19 Outbreak: An Analysis of Economic Consequences. Published in: Annals of Spiru Haret University. Economic Series , Vol. 20, No. 2 (30 June 2020): pp. 127-146.

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Abstract

The novel (new) coronavirus (CoV) fatal disease (COVID-19) is an infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-COV- 2 or 2019-nCoV). It has been identified as the causative agent of the viral pneumonia outbreak in Wuhan, China, at the end of 2019. At present it becomes great global public health concern and as well as global economic depression. The International Monetary Fund (IMF) estimates that due to COVID-19 outbreak cost the world economy up to $9 trillion. After COVID-19 outbreak, home quarantines, lockdown, widespread restrictions on labor mobility and travel, border closings and closing of economic activities affect global supply chains, oil prices, travel and tourism, restaurants, conferences, sporting events, government budget, etc. The amount of the global economic damage is very uncertain at present, but it is estimated that it will be large depending on the length of COVID-19. The paper discusses the social, economic, and health impacts on the world’s poorest countries. The purpose of this study is to examine the economic impacts due to COVID-19 pandemic outbreak. An attempt has been taken here to discuss the current economic situation of the world and analyses the potential consequences on global economy in future.

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