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Socio-economic impacts of novel coronavirus: The policy solutions




Fear abounds regarding the novel coronavirus pandemic and the consequences. There are increasing numbers of confirmed deaths. These numbers are expected to surge when indirect costs due to lost productivity and comorbidities are taken into consideration. The economic implications are thus detrimental not only to public health systems but to trade and travel, food and agriculture industries, various market types and retail chains, among others. Among the suggested policy solutions are: proactive management approaches, health policy framework addressing many of the social determinants of health, education and health literacy, national and international shifts in investments, public and private partnerships and the establishment of the World Technical Council on Coronavirus. Effective implementation of these policy solutions will require full support of all stakeholders, including governments, the media, non-governmental organizations, health professionals, communities, and individuals.

Suggested Citation

  • Evans, Olaniyi, 2020. "Socio-economic impacts of novel coronavirus: The policy solutions," BizEcons Quarterly, Strides Educational Foundation, vol. 7, pages 3-12.
  • Handle: RePEc:ris:buecqu:0013

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    References listed on IDEAS

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    1. Andaregie, Adino & Astatkie, Tessema, 2021. "COVID-19 impact on jobs at private schools and colleges in Northern Ethiopia," International Journal of Educational Development, Elsevier, vol. 85(C).
    2. Hossain, Mohammad Rokibul & Akhter, Fahmida & Sultana, Mir Misnad, 2022. "SMEs in Covid-19 Crisis and Combating Strategies: A Systematic Literature Review (SLR) and A Case from Emerging Economy," Operations Research Perspectives, Elsevier, vol. 9(C).
    3. Hijrah Nasir & Valentin Navel & Julien S Baker & Rashmi Supriya & Alistair Cole & Yang Gao & Frederic Dutheil, 2021. "COVID-19: An Economic or Social Disease? Implications for Disadvantaged Populations," JRFM, MDPI, vol. 14(12), pages 1-4, December.
    4. Wale-Awe, Olawale Isaac, 2020. "The Covid-19 pandemic lockdown: Curtailing the negative economic impacts," BizEcons Quarterly, Strides Educational Foundation, vol. 8, pages 3-14.
    5. Publishers, KMF & Sarwan, Jyoti & Sharma, Heenu & Narang, Jasjeet & Uddin, Nazim & Chandra Bose K, Jagadeesh, 2021. "Microeconomics Impacts of COVID-19 Pandemic: Media Analysis," MPRA Paper 110399, University Library of Munich, Germany, revised 2021.
    6. Ndah Grimbald & Abdallah Ziraba & Abeja Ekure Martha & Jong Ketuma Henry, 2021. "The Economic Impact of the Covid-19 Pandemic on SMEs in Selected Sub - Saharan African Economies: An Empirical Approach," Business and Economic Research, Macrothink Institute, vol. 11(3), pages 43-57, December.
    7. Sharma, Piyush & Leung, T.Y. & Kingshott, Russel P.J. & Davcik, Nebojsa S. & Cardinali, Silvio, 2020. "Managing uncertainty during a global pandemic: An international business perspective," Journal of Business Research, Elsevier, vol. 116(C), pages 188-192.
    8. Jamiu Olamilekan Badmus & Sodiq Olaide Bisiriyu & Oluwadamilola Samuel Alawode, 2022. "Does COVID-19 shock endanger the flows of FDI in OECD? Empirical evidence based on AMG panel estimator," Future Business Journal, Springer, vol. 8(1), pages 1-14, December.
    9. Mukit Mohammad Mushfiqul Haque & Nabila Nusrat Jahan & Abdel-Razzaq Assim Ibrahim & Shaznin Kazi Fatema, 2021. "The Economic Influence on Consumers Buying Behavior in Islamic Countries: Evidence from the COVID-19 Economic Crisis," Economics, Sciendo, vol. 9(1), pages 179-203, June.
    10. Pantano, Eleonora & Pizzi, Gabriele & Scarpi, Daniele & Dennis, Charles, 2020. "Competing during a pandemic? Retailers’ ups and downs during the COVID-19 outbreak," Journal of Business Research, Elsevier, vol. 116(C), pages 209-213.
    11. H Manjula Bai, 2020. "The Socio-Economic Implications of the Coronavirus Pandemic (COVID-19): A Review," ComFin Research, Shanlax Journals, vol. 8(4), pages 8-17, October.
    12. Jošić Hrvoje, 2020. "The socio-economic catalysers of COVID-19 pandemic," Croatian Review of Economic, Business and Social Statistics, Sciendo, vol. 6(2), pages 12-26, December.
    13. Tiberiu Foris & Alina Simona Tecău & Camelia-Cristina Dragomir & Diana Foris, 2022. "The Start-Up Manager in Times of Crisis: Challenges and Solutions for Increasing the Resilience of Companies and Sustainable Reconstruction," Sustainability, MDPI, vol. 14(15), pages 1-20, July.
    14. Md. Mokhlesur Rahman & Jean-Claude Thill & Kamal Chandra Paul, 2020. "COVID-19 Pandemic Severity, Lockdown Regimes, and People’s Mobility: Early Evidence from 88 Countries," Sustainability, MDPI, vol. 12(21), pages 1-17, November.
    15. Seyed Reza Mirnezami & Sajad Rajabi, 2021. "Changing Primary Energy Consumption Due to COVID-19: The Study 20 European Economies," International Journal of Energy Economics and Policy, Econjournals, vol. 11(1), pages 615-631.
    16. Augustin F. C. Chabossou & Gbêtondji Melaine Armel Nonvide & Boris O. K. Lokonon & Cocou Jaurès Amegnaglo & Laurent G. Akpo, 2022. "COVID-19 and the Performance of Exporting Companies in Benin," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 34(2), pages 828-842, April.
    17. Uddin, Godwin, 2020. "Prudential guidelines and financial system stability in Nigeria," MPRA Paper 104964, University Library of Munich, Germany.
    18. Uddin, Godwin, 2021. "Financial system regulation in a pandemic: Evidence from Nigeria," MPRA Paper 108052, University Library of Munich, Germany.
    19. Karolina Puławska, 2021. "Financial Stability of European Insurance Companies during the COVID-19 Pandemic," JRFM, MDPI, vol. 14(6), pages 1-16, June.
    20. Junxiong Li & Alan G. Hallsworth & J. Andres Coca‐Stefaniak, 2020. "Changing Grocery Shopping Behaviours Among Chinese Consumers At The Outset Of The COVID‐19 Outbreak," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 111(3), pages 574-583, July.
    21. Kovács, S. Z. & Koós, B. & Uzzoli, A. & Páger, B. & Egyed, I., 2020. "Regional effects of the COVID-19 pandemic and policy responses in Hungary," R-Economy, Ural Federal University, Graduate School of Economics and Management, vol. 6(3), pages 208-221.
    22. Irfan, Muhammad & Akram, Waqar & James Hooper, Vincent, 2020. "What factors can help COVID-19 patients to recover quickly in Pakistan," MPRA Paper 103053, University Library of Munich, Germany, revised 15 Sep 2020.

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    More about this item


    Socio-economic impacts; 2019 novel coronavirus; policy solutions;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G01 - Financial Economics - - General - - - Financial Crises
    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets


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