Impact of COVID-19 Pandemic on Global Economy

14 Pages Posted: 1 Nov 2020

See all articles by Bello Abba Ahmed

Bello Abba Ahmed

Department of Economics and Development Studies, Federal University Dutse, Nigeria

Date Written: October 27, 2020

Abstract

This paper examined the effect of COVID-19 pandemic on the global economy. The study employed an analytical approach reviewing the most recent literature COVID-19 global Statistics, oil price, policy responses and stock market. It was discovered that COVID-19 has spread to well over 200 countries and the economic cost may last longer than the health effect. The outbreak caused an unprecedented crash in oil price which devastated the economies of oil dependent countries. The impact of the shock of COVID-19 is likely to be less than the impact of the extreme measures taking to flatten the spread such as quarantine, lockdowns, traveling and movement restriction. The study recommends a coordinated action by all countries in implementing medical protocol of curtailing the spread and a fiscal response targeted at the productive sectors to fast-track kick starting of the economies. This will require more palliative measures to consumers and bailout to businesses.

Keywords: COVID-19, Outbreak, Coronavirus, Policy response, Stock Market

JEL Classification: G14, G15, G18, H51, I18

Suggested Citation

Abba Ahmed, Bello, Impact of COVID-19 Pandemic on Global Economy (October 27, 2020). Available at SSRN: https://ssrn.com/abstract=3719949 or http://dx.doi.org/10.2139/ssrn.3719949

Bello Abba Ahmed (Contact Author)

Department of Economics and Development Studies, Federal University Dutse, Nigeria ( email )

Dutse, Jigawa 7156
Nigeria
+2348032327195 (Phone)

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