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Spillover of COVID-19: Impact on the Global Economy

Ozili, Peterson and Arun, Thankom (2020): Spillover of COVID-19: Impact on the Global Economy.

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Abstract

How did a health crisis translate to an economic crisis? Why did the spread of the coronavirus bring the global economy to its knees? The answer lies in two methods by which coronavirus stifled economic activities. First, the spread of the virus encouraged social distancing which led to the shutdown of financial markets, corporate offices, businesses and events. Second, the exponential rate at which the virus was spreading, and the heightened uncertainty about how bad the situation could get, led to flight to safety in consumption and investment among consumers, investors and international trade partners.

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