COVID-19 – THE MOST FATAL PANDEMIC OUTBREAK: AN ANALYSIS OF ECONOMIC CONSEQUENCES

Dr Haradhan Mohajan ()

Annals of Spiru Haret University, Economic Series, 2020, vol. 20, issue 2, 127-145

Abstract: The novel (new) coronavirus (CoV) fatal disease (COVID-19) is an infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-COV2 or 2019-nCoV).It has been identified as the causative agent of the viral pneumonia outbreak in Wuhan, China, at the end of 2019.It is now becoming a major concern for global public health, as well as the cause of a possible global economic crisis.The International Monetary Fund (IMF) estimates that the outbreak of COVID-19 has cost the world economy up to $ 9 trillion. After COVID-19 outbreak, home quarantines, lockdown, widespread restrictions on labour mobility and travel, border closings and closing of economic activities has affected the 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 larger 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 made here to discuss the current economic situation of the world and analyses the potential consequences on global economy in future.

Keywords: SARS-CoV-2; COVID-19 outbreak; pandemic; lockdown; economic consequences. (search for similar items in EconPapers)
JEL-codes: I10 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (20)

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