Research on the Impact of COVID19 on Global Economy

Abstract

Abstract With the development of cosmopolitanization and globalization, dense population and large-scale population flow not only make the economy more integrated, but also make the spread of the plague more rapidly. The impact is unprecedented. The outbreak of COVID-19 has disrupted the Chinese economy and is spreading globally. The evolution of the disease and its economic impact is highly uncertain. Because of its high infectivity, high mortality and incubation period, the main preventive measures are to control social distance and isolation, which makes many economic activities impossible. Global GDP will fall by as much as 3%, while developing countries will be the hardest hit, as much as 4% on average, but some were more than 6.5% and world merchandise trade will plummet by 13% in 2020 due to the COVID-19 pandemic. This paper analyzes the macro economic impact of new coronavirus on the world GDP, merchandise trade (taking China as an example with other countries), and various industries, and proposes some countermeasures.