COVID-19 and Global Economic Outlook

Maria V. Petrovskaya, Vladimir Z. Chaplyuk, Raju Mohammad Kamrul Alam, Md. Nazmul Hossain and Ahmad S. Al Humssi

A chapter in Current Problems of the World Economy and International Trade, 2022, vol. 42, pp 127-139 from Emerald Group Publishing Limited

Abstract: The article investigates economic globalization under COVID-19 and global economic policies to curb the epidemic. The authors analyze the economic policies of most countries and the mechanism to respond to the changing circumstances in light of the epidemic. COVID-19 as an epidemic that appeared in October 2019 in the Chinese city of Wuhan (and it's a new version that appeared in the United Kingdom and India in 2021) harmed the world economy, as borders between countries and even within countries were closed, which affected the economic activities of countries and among the most important indicators that affected the national product of countries, foreign trade, foreign direct investment and that unemployment rates have increased significantly both in developing and developed countries. It is also noted that the poverty rate has increased dramatically for developing countries. The article found that there are trivial linked responses from one country to another, due to several factors, the most important of which are the capabilities of countries and the health infrastructure on the one hand, and the economic factor on the other. Recommendations were developed in the research in overcoming the economic crisis through a situation that can help countries mitigate the negative economic effects of the global pandemic COVID-19.

Keywords: COVID-19; globalization; world economy; world trade; foreign direct investment; unemployment; poverty rate; G21; G28; I11; I18 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eme:reanzz:s0190-128120220000042013

DOI: 10.1108/S0190-128120220000042013

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