Impacts of Covid-19 on Global Inflation and Unemployment

Abstract

Objective: The COVID-19 virus disrupted the international system and trade patterns, resulting in panic and public health crises throughout the globe. The COVID-19 epidemic sparked a financial catastrophe with far-reaching consequences that outstripped the global financial crisis. The goal of this research is to see how the changes brought on by the COVID-19 epidemic affect global inflation and the jobs of individuals causing unemployment. This article is divided into two sections, considering inflation and unemployment the COVID-19 globally. Methodology: The methodology adopted for this study is empirical documentary research selecting first-hand research produced by international governmental and non-governmental organizations, newspapers, research articles of all categories as well as research published in scholarly journals available at online databases such as Taylor and Francis and JSTOR. The analysis has been done by applying the technique of content analysis.
 Findings: According to estimates, the virus slowed global economic growth in 2020 to roughly -3.2 percent on an annualised basis, with a recovery of 5.9 percent expected in 2021.
 Implications: According to consensus projections, the economic slump in 2020 will be less severe than previously anticipated, thanks in part to the fiscal and monetary policies implemented by governments in 2020.