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Impact of Covid-19 Pandemic on Global Economy

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  • Abba AHmed, Bello

Abstract

This paper examined the effect of Covid-19 pandemic on the global economy. The study employed an analytical approach reviewing the most recent literature Covid-19 global Statistics, oil price, policy responses and stock market. It was discovered that Covid-19 has spread to well over 200 countries and the economic cost may last longer than the health effect. The outbreak caused an unprecedented crash in oil price which devastated the economies of oil dependent countries. The impact of the shock of Covid-19 is likely to be less than the impact of the extreme measures taking to flatten the spread such as quarantine, lockdowns, traveling and movement restriction. The study recommends a coordinated action by all countries in implementing medical protocol of curtailing the spread and a fiscal response targeted at the productive sectors to fast-track kick starting of the economies. This will require more palliative measures to consumers and bailout to businesses

Suggested Citation

  • Abba AHmed, Bello, 2020. "Impact of Covid-19 Pandemic on Global Economy," MPRA Paper 103753, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:103753
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    File URL: https://mpra.ub.uni-muenchen.de/103753/1/MPRA_paper_103753.pdf
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    References listed on IDEAS

    as
    1. Zhang, Dayong & Hu, Min & Ji, Qiang, 2020. "Financial markets under the global pandemic of COVID-19," Finance Research Letters, Elsevier, vol. 36(C).
    2. Mike Brewer & Iva Valentinova Tasseva, 2021. "Did the UK policy response to Covid-19 protect household incomes?," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 19(3), pages 433-458, September.
    3. Ozili, Peterson & Arun, Thankom, 2020. "Spillover of COVID-19: Impact on the Global Economy," MPRA Paper 99317, University Library of Munich, Germany.
    4. Warwick McKibbin & Roshen Fernando, 2021. "The Global Macroeconomic Impacts of COVID-19: Seven Scenarios," Asian Economic Papers, MIT Press, vol. 20(2), pages 1-30, Summer.
    5. Warwick McKibbin & Roshen Fernando, 2020. "Global macroeconomic scenarios of the COVID-19 pandemic," CAMA Working Papers 2020-62, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    6. Alexis Akira Toda, 2020. "Susceptible-Infected-Recovered (SIR) Dynamics of COVID-19 and Economic Impact," Papers 2003.11221, arXiv.org, revised Mar 2020.
    7. Ashraf, Badar Nadeem, 2020. "Economic impact of government interventions during the COVID-19 pandemic: International evidence from financial markets," Journal of Behavioral and Experimental Finance, Elsevier, vol. 27(C).
    8. Salisu, Afees A. & Ebuh, Godday U. & Usman, Nuruddeen, 2020. "Revisiting oil-stock nexus during COVID-19 pandemic: Some preliminary results," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 280-294.
    9. Alexander F. Wagner, 2020. "What the stock market tells us about the post-COVID-19 world," Nature Human Behaviour, Nature, vol. 4(5), pages 440-440, May.
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    Full references (including those not matched with items on IDEAS)

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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.

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    More about this item

    Keywords

    Covid-19; Outbreak; Coronavirus; Policy response; Stock Market;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health

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