DOI：http://dx.doi.org/10.26855/jhass.2021.01.001
Impact of Coronavirus (COVID-19) on the World Economy, 2020: A Conceptual Analysis
Nurul Mohammad Zayed1,*, Sunjida Khan2, Shahiduzzaman Khan Shahi1, Mithila Afrin3
1Department of Real Estate, Daffodil International University, Dhaka, Bangladesh.
2Department of Business Administration, Daffodil International University, Dhaka, Bangladesh.
3Department of English, East Delta University, Chattogram, Bangladesh.
*Corresponding author: Nurul Mohammad Zayed
Abstract
The outbreak of novel Coronavirus (COVID-19) has already disrupted the international economy in various ways and transformed into significant labor market shock. Both supply (production of goods and services) and demand (consumption and investment) are being affected by this pandemic. Both advanced and less advanced economies are seeking to cope with the pandemic, and all are facing limitations in their resource capacities; with the shortfall being more acute in the developing world. The purpose of this paper is to present some adverse impacts on global economy and to sketch out the economic scenario in different continents and forecast some suggestions to recover the situation of this crisis. The findings suggest that, the massive decline of world economy in 2020 could be recovered by the faster global and local recovery rates of economic activity in 2021 with the whole world awareness and cooperation.
References
African Union Report-2020: https://au.int/en/reports.
Clemens Breisinger, A. A. (2020). Economic impact of COVID-19 on tourism and remittances: Insights from Egypt. IFPRI.
Furman, J. (2020). Protecting people now, helping. VoxEU eBook.
Galí, J. (2020). Helicopter money: The time is. VoxEU eBook.
Gopinath, G. (2020). Limiting the economic fallout. VoxEU eBook.
Mauro, R. B. (2020). Economics in the Time of COVID-19. VoxEU eBook.
Statista Trend Compass-2020: https://www.statista.com/statistics/1102691/china-estimated-coronavirus-covid-19-impact -on-gdp-growth/
United Nations Department of Economic and Social Affairs: https://www.un.org/development/desa/en/.
U.S Bureau of Labor Statistics: https://www.bls.gov/.
How to cite this paper
Impact of Coronavirus (COVID-19) on the World Economy, 2020: A Conceptual Analysis
How to cite this paper: Nurul Mohammad Zayed, Sunjida Khan, Shahiduzzaman Khan Shahi, Mithila Afrin. (2021) Impact of Coronavirus (COVID-19) on the World Economy, 2020: A Conceptual Analysis. Journal of Humanities, Arts and Social Science, 5(1), 1-5.
DOI: http://dx.doi.org/10.26855/jhass.2021.01.001
