COVID-19: Assessing Some Potential Global Economic, Business and Legal Impacts

13 Pages Posted: 31 May 2020 Last revised: 19 Aug 2020

See all articles by Rupert Macey-Dare

Rupert Macey-Dare

University of Oxford - Saint Cross College; Middle Temple; Minerva Chambers

Date Written: May 31, 2020


The new and fast evolving COVID-19 global pandemic has already caused, according to the IMF, 'the worst downturn since the great depression'. This paper considers what the history and scientific analysis of previous large scale economic and disease shocks and current economic modelling can tell us about the likely scale and location of the challenge to global business, which are likely to play out in due course through legal restructuring, bankruptcy and litigation channels.

Previous economic shocks briefly considered include: the (2007-8) financial crisis and its aftermath, WW1 (1914-18) and WW2 (1939-45), Wall Street Crash (1929) and Great Depression (1930-36), the collapse of the FSU and its aftermath (1990-97) and the 9-11 attacks (2001).

Previous epidemics and pandemics briefly considered include: Ebola, SARS, MERS, HIV/AIDS, Malaria, Asian flu (1957), Spanish flu (1918-19) and the Black Death (14th century).

Initial epidemiological, SIR, and global economic modelling results and uncertainties are also considered, and some of the most vulnerable business sectors identified.

Keywords: Covid, SIR models, pandemic, IMF, ILO, World Bank

Suggested Citation

Macey-Dare, Rupert, COVID-19: Assessing Some Potential Global Economic, Business and Legal Impacts (May 31, 2020). Available at SSRN: or

Rupert Macey-Dare (Contact Author)

University of Oxford - Saint Cross College ( email )

Saint Giles
United Kingdom

Middle Temple

Middle Temple Lane
London, EC4Y 9AT
United Kingdom

Minerva Chambers

United Kingdom

Here is the Coronavirus
related research on SSRN

Paper statistics

Abstract Views
PlumX Metrics