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COVID-19 Pandemic: Inflicted Costs and Some Emerging Global Issues

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  • Munim K. Barai
  • Saikat Dhar

Abstract

The new coronavirus or COVID-19 that spread from China in early 2020 has become a global pandemic, infecting and killing millions worldwide. Besides the human cost, the economic and social costs of COVID-19 are turning out to be enormous to most of the societies on the planet. The lingering of the disease has raised concerns related to various economic and strategic issues that are likely to affect the global order per se profoundly. This article discusses the possibility of a worldwide economic recession or depression. The analysis indicates that the world may see more effort to reduce the overdependence on China for the functioning of a global supply chain and an attempt to revert globalization and reshape the industrialization policy. It finds the possibility of a tussle between a resurgent China’s state-centric national and global governance model versus the West-led rule-based global order where democracy and capitalism form the core. The article argues that various emergent developments will bring an increased focus on China. Indeed, all these changes have managerial implications as well. The article has followed a qualitative approach that collects and analyses data by the grounded theory research strategy to develop and explain those emerging global issues, both economic and strategic, of short- to long-term durability.

Suggested Citation

  • Munim K. Barai & Saikat Dhar, 2024. "COVID-19 Pandemic: Inflicted Costs and Some Emerging Global Issues," Global Business Review, International Management Institute, vol. 25(3), pages 812-831, June.
    • Handle: RePEc:sae:globus:v:25:y:2024:i:3:p:812-831
    DOI: 10.1177/0972150921991499
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    References listed on IDEAS

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    1. Pravakar Sahoo & Ashwani, 2020. "COVID-19 and Indian Economy: Impact on Growth, Manufacturing, Trade and MSME Sector," Global Business Review, International Management Institute, vol. 21(5), pages 1159-1183, October.
    2. Arindam Banik & Tirthankar Nag & Sahana Roy Chowdhury & Rajashri Chatterjee, 2020. "Why Do COVID-19 Fatality Rates Differ Across Countries? An Explorative Cross-country Study Based on Select Indicators," Global Business Review, International Management Institute, vol. 21(3), pages 607-625, June.
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