Impact of COVID-19 pandemic on global economy

Abstract

COVID-19 is an emerging global health concern. It is rapidly spreading all over the world. The transmission of COVID-19 is faster as compared to the SARS-CoV infection, and this has created a global emergency-like situation. To overcome the situation, many countries had locked down the states and sealed the country's borders. This resulted in reduced transmission of COVID-19 infection but deteriorated the world's economy. The lockdown effect can be very well seen in various sectors like education, industries, food, tourism, health, and jobs. Poor production levels, lack of connectivity, lack of import and export facilities, break in school education, and overstretched healthcare facilities placed an economic burden on the countries. This economic burden pulled back many countries in the crisis that will require several years to normalise. To overcome the situation, governments must take precautionary majors by focusing on healthcare facilities and providing financial support to reopen small businesses and industries.