The Effects of Pandemic Diseases on the World Economy (original) (raw)
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The economic effects of epidemics: from SARS and MERS to COVID-19
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Around the end of 2019 through to 2020, the world had to encounter an outbreak of the novel COVID-19, a globally devastating virus, leading to mass losses and socio-economic panic. The impacts of previous SARS-COV and MERS-COV on macro-economic conditions, income level and labour market composition of 26 selected countries were evaluated within this paper in order to make economic inferences for COVID-19. The evaluation signed that the more fatal SARS-COV had depreciating effects on all economies in the sample, while MERS-COV had affected a more limited number of countries. Yet, the past epidemics mostly affected the labour market and services sector, as emphasized by the literature on economics of epidemics. It can be foreseen that, the services sector will be affected negatively with supply and labour demand aspects even after the end of the COVID-19 pandemic. On the other hand, changing consumption attitudes and the rising tendency for online shopping may lead a closer correlatio...
International Journal of Financial Research , 2020
This paper examines the economic impact of the COVID-19 pandemic, which, according to the World Health Organization, has affected every country and has caused millions of deaths as well as huge financial losses. This paper, then, explores recent statistics documenting the disruption of the world economy. Of course, the blow at the level of business, market, employment, income, industries, companies, and so on is an issue that should be constantly investigated. The ongoing impact study proposal is based on the fact that each developing country has taken measures and enacted policies to reduce the direct impact of COVID-19. However, as research shows, each country has different records and sizes of impacts to their economies, and any government effort to reduce these effects should take into account national losses and impacts so the recovery measures are proportionate. Government measures should be adapted to the operational needs and difficulties of the country to effectively ensure resilience, security, reduction of economic losses and sustainable industrialization.
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The purpose of this chapter is to analyse the impact of the COVID-19 pandemic on global economic developments and outline the tendencies to which it led. The research is based on the assumption that the virus is likely to be as contagious economically as it is medically contagious. Studying the world's leading economies (the US, the European Union and China) from the beginning to the end of 2020, two groups of consequences emerge. First, the introduction of restrictive measures at the start of the pandemic imposed social distancing and reduced the movement of people and goods, which in turn had a major effect on the collapse of the services' sector and the supply chains. Second, the exponential growth of infected people and the speed of the spread of the virus forced the world's leading economies to apply more restrictive measures in the form of national lockdowns, curfews, and quarantines, resulting in the total paralysis of the economy and a rapid decline in GDP. Desk research has been applied in the analysis, based on available external and internal sources. Data from national statistical institutes and international organizations have been used. The results clearly indicate that the adopted economic measures became a determining factor for the world's leading economies not to enter a great recession and laid the foundations of the global economic trends. The beginning of immunization of the population opens the way to an
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The COVID-19 pandemic has affected the global economy in different ways. While some sectors such as aviation and tourism experienced a sharp decline in demand, others felt some growth. For example, the media and food retail industry are some of the sectors that have benefitted from the pandemic. They experienced a rise in demand for products and services as lockdowns and other measures to reduce the spread of the coronavirus forced people to remain at home and use online channels for entertainment and to order goods. Nevertheless, the COVID-19 pandemic has severely affected the globalization of consumption by lowering people's incomes and reducing the demand for goods and services. It indicates the need for governments to use a fiscal policy that involves changes to taxes and higher spending to boost people’s incomes and trigger growth through higher consumption. Thus, the economic challenges of the COVID-19 pandemic have caused a decline in the globalization of consumption but ...
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