<strong>COVID-19 Pandemic Burden on Global Economy: A Paradigm Shift</strong>

Abstract

The pandemic caused by SARS-CoV-2 virus obstructed the Chinese economy and has expanded to the rest of the world at a rapid pace affecting at least 215 countries, areas and territories. The advancement of the disease and its economic repercussions is profoundly ambiguous, making it challenging for policymakers to formulate suitable microeconomic and macroeconomic policy responses. The scenarios in this paper illustrate how an outbreak could significantly affect the global economy in the short run. It has been estimated that each additional month of crisis would cost from about 2.5-3% of the global GDP and that the GDP growth would take a blow, reaching about 3-6%, depending on the country. Scenarios also suggest that GDP can drop by more than 10% and even exceed 15% in some countries. Via addressing the economic consequence of COVID-19 in different industries and countries, the paper presents assessments of the likely global economic costs of COVID-19 and the GDP growth of different countries. Economies will be negatively affected because of the high number of jobs at risk. Countries highly dependent on foreign trade are more negatively affected. Given that disease and its economic influence are highly unpredictable in numerous aspects, the global economy at the moment is the most critically threatened in history.

Detection of SARS-CoV-2 Infection in Human Nasopharyngeal Samples by Combining MALDI-TOF MS and Artificial Intelligence

“…According to the most recent available report of the World Health Organization ( 1 ), the cumulative number of reported cases of SARS-CoV-2 infections worldwide has now reached over 98 million people and over 2 million people have died of the disease since the start of the COVID-19 pandemic in December 2019. Moreover, it has been estimated that the gross domestic product may drop by more than 10-15% in some countries ( 2 ). Taking into consideration how rapidly the COVID-19 pandemic has spread, often through the transmission of SARS-CoV-2 by asymptomatic individuals ( 3 ), fast and economic diagnostic tools are essential for the control of this devastating pandemic.…”

The unequal impact of the coronavirus pandemic: Evidence from seventeen developing countries

“…It is important to measure the economic impacts of the COVID-19 pandemic on households in Latin America and the Caribbean. [21], for example, describes the potential disruptive effects of the pandemic across a wide domain of the global economy, including on labor supply and the risks of small business closure and unemployment. This study complements this work by quantifying the short-term implications of the pandemic on job losses and business closures and shows that these impacts further aggravate inequality in the region.…”