COVID-2019 Locked down Effects on Oil Prices and Its Effects on the World Economy

50 Pages Posted: 5 May 2020

See all articles by Naushad Khan

Naushad Khan

University of Agriculture, Peshawar - Institute of Development Studies

Shah Fahad

University of Agriculture, Peshawar

Mahnoor Naushad

University of Agriculture, Peshawar

Shah Faisal

University of Agriculture, Peshawar

Date Written: April 29, 2020

Abstract

The study was carried out since 27th April, 2020. The universe of the study was the world. The major objective was to examine corona virus locked down effect on oil prices and its effect on the world economy. Secondary data was used for the present study. Total 20 papers were downloaded from the net and studies in depth and wrote the result. The result indicates that for COVID-2019 control the locked down was imposed in each country of the world. Majority vehicles were locked at their garages in the world. All industries of the world were closed. All aircrafts landing were banned. Majority people of the world were stayed at their houses. Only hospitals were opened for the treatment of sick people in the world because of this the consumption of the oil decreased which have declined the demand of the oil in the world. The price was reached to 2.175 dollars per gallon and it was the below level in the four decades from 1980-2020. Similarly majority people were become unemployed and the remittances from the foreign were stop into developing countries. The GDP growth was highly affected due to corona virus locked down. The corona virus killed many person in the world which increased the locked down period in the world while locked down has decreased the oil consumption of the world which has further wholly solely paralyzed the economic system of the world. Few governments have tried to finish the locked down in their countries but due to high spreading of corona virus infection the locked down period was enlarged. Few countries have controlled the situation while still the locked down have continued in their countries. So corona virus is the big issue of the world. Every country tries to discover the vaccine. China, Germany, UK and Pakistan claimed that they had prepared the vaccine but still the vaccine is not available in the market. The study recommends that Social distance among world community is required for corona virus controlling; Health and food is first requirement of the nation and then the security of others items of the world; Unity in the world for locked down is required; Positive thinking is required for protection of the world economy; Help those countries of the world whose economies are below poverty line in the world; WHO should mostly focus on corona virus in the world; At this time do not think for the economic development of a country; Focus on food only and medical facilities for controlling the corona virus. When the corona virus will be controlled, then automatically the locked down in the world will be ended and then the other business starting possibility is possible in the world; So the main target is the corona virus controlling, otherwise world economy protection is impossible; Strict action should be followed for locked down by all countries in the world; Locked down is the only sources for controlling the corona virus in the world; All world boundaries should be closed ; All airports of the world should be banned; Mostly stay at their home; One formula locked down should be used at world level for corona virus controlling; This is the corona virus which has disturbed the economy of the world, so first is the control of corona virus and then the economic development of the world. So corona virus controlling is first required for the protection of world economy.

Keywords: COVID-2019, Locked Down, Effects, Oil Price, World Economy

Suggested Citation

Khan, Naushad and Fahad, Shah and Naushad, Mahnoor and Faisal, Shah, COVID-2019 Locked down Effects on Oil Prices and Its Effects on the World Economy (April 29, 2020). Available at SSRN: https://ssrn.com/abstract=3588810 or http://dx.doi.org/10.2139/ssrn.3588810

Naushad Khan (Contact Author)

University of Agriculture, Peshawar - Institute of Development Studies ( email )

University Campus
Peshawar, khyber Pakhtunkhwa 25000
Pakistan

Shah Fahad

University of Agriculture, Peshawar

Pakistan

Mahnoor Naushad

University of Agriculture, Peshawar

Shah Faisal

University of Agriculture, Peshawar ( email )

Pakistan

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
414
Abstract Views
2,551
rank
90,662
PlumX Metrics