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Impact of COVID-19 on Global Economy

In: Coronavirus Outbreak and the Great Lockdown

Author

Listed:
  • Bhaskar Bagchi

    (University of Gour Banga)

  • Susmita Chatterjee

    (Maharaja Manindra Chandra College)

  • Raktim Ghosh

    (University of Gour Banga)

  • Dhrubaranjan Dandapat

    (University of Gour Banga)

Abstract

As the whole domain of our world struggles to encounter the COVID-19 pandemic, its effect on the global economy is increasing—with the OECD cautioning, the present pandemic poses the biggest threat to the international economy after great recession in 2008–2009. UNCTAD, the United Nation’s Trade and Development Agency, already cautioned of a depression of global growth rate to below 2% in 2020, which may eventually rub out USD 1 trillion off the total worth of the global economy ( https://news.un.org/en/story/2020/03/1059011 ). Richard Kozul–Wright, Director, Division on Globalization and Development Strategies, UNCTAD, commented—“We envisage a slowdown in the global economy to under two per cent for this year, and that will probably cost in the order of USD 1 trillion, compared with what people were forecasting back in September 2019”. On account of rising uncertainty regarding production and prices of crude oil, and by the way, the major stock indices collapsed above apprehensions regarding supply-chain disruptions that begun from China, Mr. Kozul–Wright also informed that some countries may likely to be left unharmed by the COVID-19 outbreak ( https://news.un.org/en/story/2020/03/1059011 ) (Exhibit 3.1).

Suggested Citation

  • Bhaskar Bagchi & Susmita Chatterjee & Raktim Ghosh & Dhrubaranjan Dandapat, 2020. "Impact of COVID-19 on Global Economy," SpringerBriefs in Economics, in: Coronavirus Outbreak and the Great Lockdown, chapter 3, pages 15-26, Springer.
    • Handle: RePEc:spr:spbchp:978-981-15-7782-6_3
    DOI: 10.1007/978-981-15-7782-6_3
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    Citations

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    Cited by:

    1. Arkadiusz J. Derkacz, 2020. "Fiscal, Investment and Export Multipliers and the COVID-19 Pandemic Slowdowns Uncertainty Factor in the First Half of 2020," Risks, MDPI, vol. 8(4), pages 1-21, November.
    2. Simeon Bernados & Lanndon Ocampo, 2022. "How Do People Decide on Getting Vaccinated? Evaluating the COVID-19 Vaccination Program through the Lens of Social Capital Theory," Social Sciences, MDPI, vol. 11(4), pages 1-11, March.
    3. Shuran Wen & Wei Cui & Guiying Wei, 2022. "The Impact of the Low-Carbon Energy Concept and Green Transition on Corporate Behaviour—A Perspective Based on a Contagion Model," Sustainability, MDPI, vol. 14(24), pages 1-16, December.
    4. Pollák František & Vavrek Roman & Váchal Jan & Markovič Peter & Konečný Michal, 2021. "Analysis of Digital Customer Communities in terms of their interactions during the first wave of the COVID-19 pandemic," Management & Marketing, Sciendo, vol. 16(2), pages 134-151, June.
    5. Ismail Mehmeti & Sokol Krasniqi, 2022. "Economic trends in times of pandemics: Kosovo case," International Journal of Business Ecosystem & Strategy (2687-2293), Bussecon International Academy, vol. 4(1), pages 77-86, January.
    6. Neeraj Kumar & Mohit Tyagi & Anish Sachdeva & Yigit Kazancoglu & Mangey Ram, 2022. "Impact analysis of COVID-19 outbreak on cold supply chains of perishable products using a SWARA based MULTIMOORA approach," Operations Management Research, Springer, vol. 15(3), pages 1290-1314, December.
    7. Rachel Shields & Samer Ajour El Zein & Neus Vila Brunet, 2021. "An Analysis on the NASDAQ’s Potential for Sustainable Investment Practices during the Financial Shock from COVID-19," Sustainability, MDPI, vol. 13(7), pages 1-20, March.
    8. Xiaoling Yuan & Caijuan Li & Kai Zhao & Xiaoyu Xu, 2021. "The Changing Patterns of Consumers’ Behavior in China: A Comparison during and after the COVID-19 Pandemic," IJERPH, MDPI, vol. 18(5), pages 1-21, March.

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