COVID-19 Economic Impact on Developed and Developing Economies

Abstract

Although some countries around the world already started recovering from the COVID-19 pandemic, it is worth mentioning, as predicted by the World Bank’s respective modeling, that the full recovery may not take place before the year 2025 for some of the world’s regions. Consequently, it should be recognized that the world was, is, and will continue for quite some time, to be in a COVID-19 major recession, the worst global economic crisis since the US Great Depression. As of today, September 26, 2020 and in light of the aforementioned, especially the World Bank’s modeling, all developed and developing economies are in either economic recession or even economic depression.

It is noticeable that the pandemic hit almost every part of the world, reaching to almost all industries and economic areas. However, the economic effect resulted of the pandemic varies from industry to another and from country to another, depending on the resilience of the respective country, its economy, and/or its relevant industry. Economic growth has been declined in all the sample countries and GDP% change in 2020 are shown as GDP contractions in all of these countries though with different percentages.

Keywords: COVID-19, Economic Impact, Developed, Developing, Economies