Spillover effect of COVID-19 on the Global Economy

Abstract

The current pandemic of COVID-19 has disrupted every aspect of life. From groceries to medicines, travel to events, sports to funerals, economics to politics and religion to social rights has been shaken up by this infectious virus. The impact of this pandemic is deep and will last until very long. The situation is severe in some countries and it is soon to estimate the exact influence of COVID-19 on the economy worldwide. The paper highlights the different facets of this pandemic at the beginning which are very important to understand the impact on the economy. The paper examines the effect of this crisis on the financial market, banking, hospitality, and health care. The study gathered the data from various reports published by the various organizations and institutions worldwide and the recent limited research literature available on this topic. The bitter truth which can be mined from the study is that pandemic will have a substantial and extended negative impact on the global economy, especially on the financial and hospitality industry.

Keywords: COVID-19, Economy, hospitality, tourism, Coronavirus, finance, healthcare, economic, pandemic

JEL Classification: A11, B21, B26, F00