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The World after COVID-19 and its impact on Global Economy

Author

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  • Mishra, Mukesh Kumar

Abstract

Urgent and bold policy measures are needed, not only to contain the pandemic and save lives, but also to protect the most vulnerable in our societies from economic ruin and to sustain economic growth and financial stability. We are facing a global health crisis unlike any in the 100-year history, one that is killing people, spreading human suffering, and upending people’s lives. But this is much more than a health crisis. It is a human, economic and social crisis. The coronavirus disease (COVID-19), which has been characterized as a pandemic by the World Health Organization (WHO), is attacking societies at their core. The global economy could shrink by up to 1 per cent in 2020 due to the coronavirus pandemic, a reversal from the previous forecast of 2.5 per cent growth, the UN has said, warning that it may contract even further if restrictions on the economic activities are extended without adequate fiscal responses. The COVOD-19 pandemic will cause a dramatic drop in FDI flows. MNEs, local business and investment have been severely affected with far reaching social and economic repercussions. The coronavirus crisis is first and foremost a public health threat, but it is also, and increasingly, an economic threat. The so-called “Covid-19” shock will trigger a recession in some countries and a deceleration of global annual growth to below 2.5 per cent -- often taken as the recessionary threshold for the world economy . The world is being flooded with perhaps unfamiliar words and phrases in coverage of COVID-19, the newly discovered coronavirus — starting with the very word "coronavirus." The new coronavirus, which first emerged in the Chinese city of Wuhan last December, has infected more than 210,000 people in at least 171 countries and territories globally, according to the World Health Organization. The on-going spread of the new coronavirus has become one of the biggest threats to the global economy and financial markets.

Suggested Citation

  • Mishra, Mukesh Kumar, 2020. "The World after COVID-19 and its impact on Global Economy," EconStor Preprints 215931, ZBW - Leibniz Information Centre for Economics.
  • Handle: RePEc:zbw:esprep:215931
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    File URL: https://www.econstor.eu/bitstream/10419/215931/1/MKM%20PAPER%20FOR%20COVID.pdf
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    Cited by:

    1. Arielle Kaim & Tuvia Gering & Amiram Moshaiov & Bruria Adini, 2021. "Deciphering the COVID-19 Health Economic Dilemma (HED): A Scoping Review," IJERPH, MDPI, vol. 18(18), pages 1-13, September.
    2. Voskanyan, M. A., 2020. "Economic impact of COVID-19 pandemic in Armenia," R-Economy, Ural Federal University, Graduate School of Economics and Management, vol. 6(3), pages 183-195.
    3. Ali Madouni, 2022. "New patterns of learning during the Pandemic Crisis of 2019," Technium Social Sciences Journal, Technium Science, vol. 28(1), pages 630-644, February.
    4. Irena Lacka & Blazej Supron, 2021. "The Impact of COVID-19 on Road Freight Transport Evidence from Poland," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 3), pages 319-333.
    5. Bello, Kehinde Mary & Gidigbi, Matthew Oladapo, 2021. "The Effect of Trade on Economic Growth in Nigeria: Does Covid-19 Matters?," African Journal of Economic Review, African Journal of Economic Review, vol. 9(3), June.
    6. Maurizio Migliaccio & Andrea Buono & Ila Maltese & Margherita Migliaccio, 2021. "The 2020 Italian Spring Lockdown: A Multidisciplinary Analysis over the Milan Urban Area," World, MDPI, vol. 2(3), pages 1-24, August.

    More about this item

    Keywords

    Global Economy; International Organization;

    JEL classification:

    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts
    • F69 - International Economics - - Economic Impacts of Globalization - - - Other

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