International Journal of Economics, Finance and Management Sciences
Volume 8, Issue 2, April 2020, Pages: 63-74
Received: Apr. 13, 2020;
Accepted: Apr. 30, 2020;
Published: May 27, 2020
Views 311 Downloads 342
Habtamu Legese Feyisa, Department of Economics, College of Business and Economics, Haramaya University, Dire Dawa (Harar), Ethiopia
Like the previous pandemics, Coronavirus (COVID-19) pandemic is first and foremost a public health threat, but it is also, and increasingly, an economic threat. On the other hand, the economic impact of a pandemic may not be long- lasting if the underlying cause is contained quickly. Currently the world is seriously affected by COVID-19 outbreak. Considering the evolving nature of the situation, it is too early to estimate the full impact of COVID-19 on the world economy, but many articles have been published and made available to the public on the actual and potential economic consequences of COVID-19. Most of them consider the partial economic effects of COVID-19 on different economic perspectives. Therefore, the general objective of this contemporary review is to prepare the bases for future solution by collecting and analyzing the results of previous articles and contextualization’s of their needs. The result of the review depicts the significant actual and projected impacts of COVID-19 on major macro-economic variables like: economic growth, unemployment and poverty level. Besides, the review also reflects the sectoral impacts of COVID-19 on manufacturing, service, trade, tourism & aviation and education sectors of the world economy.
Habtamu Legese Feyisa,
The World Economy at COVID-19 Quarantine: Contemporary Review, International Journal of Economics, Finance and Management Sciences.
Vol. 8, No. 2,
2020, pp. 63-74.
CDC (2020). What you need to know about coronavirus disease 2019 (COVID-19). https://www.cdc.gov/coronavirus/2019-ncov/
ADB BRIEFS. The Economic Impact of the COVID-19 Outbreak on Developing Asia. NO. 128 6 March 2020. ISBN 978-92-9262-064-6 (electronic) Publication Stock No. BRF200096. DOI: http://dx.doi.org/10.22617/BRF200096
Richard Baldwin and Beatrice Weder di Mauro (2020). Economics in the Time of COVID-19. A VoxEU.org Book. CEPR Press. Centre for Economic Policy Research 33 Great Sutton Street London, EC1V 0DX UK. ISBN: 978-1-912179-28-2.
Warwick McKibbin and Roshen Fernando‡ 2 March 2020. The Global Macroeconomic Impacts of COVID-19: Seven Scenarios
Investopedia (2020). The top 20 Economies in the World. https:///www.investopedia.com/insight/worlds-top-economies/
UNCTAD (2017). The role of the services economy and trade in structural transformation and inclusive development. United Nations Conference on Trade and Development. Geneva.
UNDP (2020). Social and Economic Impact of COVID-19 and Policy Options in Argentina. UNDP LAC C19 PDS NO. 6. www.latinameric.Undp.org
WEF (2020). A visual history of pandemics. www.weforum.org/agenda/2020/03/
EPRS (2020). Economic impact of pandemics and pandemics. European Parliamentary Research Service.
Martin Karlsson et al (2013). The Impact of the 1918 Spanish Flu Pandemic on Economic Performance in Sweden: An Investigation into the Consequences of an Extraordinary Mortality Shock
Milan Brahmbhatt and Arindam Dutta (2008). On SARS Type Economic Effects during Infectious Disease Outbreaks. The World Bank East Asia and Pacific Region Chief Economist's Office.
George Verikios etal (2011). The Global Economic Effects of Pandemic Influenza. Paper prepared for the 14th Annual Conference on Global Economic Analysis, Venice, June 16-18, 2011.
Paolo Malanima (2014). The Economic Consequences of the Black Death. Universita' degli Studi "Magna Græcia" di Catanzaro. https://www.researchgate.net/publication/25363373
Visual Capitalist (2020). Visualizing the History of Pandemics. https://www.visualcapitalist.com/history-of-pandemics-deadliest/
Marcus Keogh‐Brown et al (2020). The macroeconomic costs of a global influenza pandemic. 1London School of Hygiene and Tropical Medicine
Martin I. Meltzer etal. (1999). The Economic Impact of Pandemic Influenza in the United States: Priorities for Intervention. Emerging Infectious Diseases. Vol. 5, No. 5. https://dx.doi.org/10.3201/eid0505.990507
John Stover & Lori Bollinger (1999). The Economic Impact of AIDS. The Futures Group International in collaboration with: Research Triangle Institute (RTI), The Centre for Development and Population Activities (CEDPA).
UNDG (2015). Socio-Economic Impact of Ebola Virus: Disease in West African Countries. United Nations Development Group (UNDG) – Western and Central Africa.
IGC (2015). The Impact of The Ebola Outbreak on Firms in Liberia. The International Growth Centre (IGC). www.theigc.org/project/economics-of-ebola-initiative
UNECA (2015). Socio-Economic Impacts of Ebola On Africa. Revised Edition. United Nations Economic Commission for Africa, Addis Ababa, Ethiopia.
GPMB (2019). A World at Risk: Annual report on global preparedness for health emergencies. Global Preparedness Monitoring Board. www.who.int/GPMB
CGD (2020). The Economic Impact of COVID-19 in Low and Middle-income Countries. Center for global development. www.cgdev.org/blog/
UNDP (2020). A Conceptual Framework for Analyzing the Economic Impact of COVID-19 and its Policy Implications. UNDP Latin America and the Caribbean C19 PDS No. 1. www.latinamerica.undp.org
OECD (2020). OECD Interim Economic. Assessment Coronavirus: The world economy at risk. oecd.org/economic-outlook
Congressional Research Service (2020). Prepared for Members and Committees of Congress. IN11235 https://crsreports.congress.gov
IMF (2020). World Economic Outlook. Chapter One, The Great Lockdown (Full Report to Follow in May 2020). International Monetary Fund (IMF).
Kartik Jayaram etal (2020. Tackling COVID-19 in Africa: An unfolding health and economic crisis that demands bold action. McKinsey & Company.
UNECA (2020). Economic Impact of the COVID-19on Africa. United Nation Economic Commission for Africa.
UNICEF Ethiopia (2020). Socio-economic impacts of COVID-19.
ILO (2020). COVID-19 and the world of work: Impact and policy responses. ilo.org/global/topics/coronavirus
BLS (2020). The Employment Situation—March 2020. U.S. Bureau of Labor Statistics. Department of labor.
Trading Economics (2020). https://tradingeconomics.com
UNU-WIDER (2020). Estimates of the impact of COVID-19 on global poverty. WIDER Working Paper 2020/43. United Nations University World Institute for Development Economics-Research.https://doi.org/10.35188/UNU-WIDER/2020/800-9
UNIDO (2016). The importance of manufacturing in economic development: Has this changed? United Nations Industrial Development Organization, Department of Policy Research and Statistics, Working Paper 1/2016 Vienna.
WEF (2016). Manufacturing Our Future: Cases on the Future of Manufacturing. World Economic Forum. White paper, REF 010616, Case: 00020233. www.weforum.org
Statista (2020). Share of economic sectors in the global gross domestic product from 2007 to 2017. https://www.statista.com/statistics/256563/share-of-economic-sectors-in-the-global-gross-domestic-product/
IDCUK (2020). How the Coronavirus Outbreak is Impacting the Manufacturing Industry. https://blog-idcuk.com
Investopedia (2020). The top 20 Economies in the World. https:///www.investopedia.com/insight/worlds-top-economies
World Bank (2019). GDP (Current US $): World Bank national accounts data, and OECD National Accounts data files. https://data.worldbank.org/indicator/NY.GDP.MKP.CD
UNCTAD (2017). UNCTAD Survey of Infrastructure Regulator. United Nations Conference on Trade and Development. New York and Geneva. http://creativecommons.org/licenses/by/3.0/igo/.
Power Research Center (2020). Young workers likely to be hard hit a COVID-19 strikes a blow to restaurants and other service sector jobs. https://www.pewresearch.org
Makhmutova and Mustafin (2017). Impact of International Trade on Economic Growth. International Journal of Scientific Study, 5 (6): 140‑144. DOI: 10.17354/ijssSept/2017/029
WTO (2020). Trade Statistics and Outlook: Trade set to plunge as COVID-19 pandemic upends global economy. World Trade Organization, PRESS/855.
WTTC (2019). Travel & Tourism Economic Impact 2019 World. Word Travel & Tourism Council (WTTC).
UNTWTO (2020). COVID-19: Putting People First. Tourism and COVID-19. https://www.unwto.org/tourism-covid-19
ICAO (2020). Effects of Novel Coronavirus (COVID‐19) on Civil Aviation: Economic Impact Analysis. International Civil Aviation Organization. Montréal, Canada 7 April 2020
ECB (2007). Education, financial markets and economic growth. European Central Bank, Vienna. www.ecb.europa.eub
WEF (2015). The Global Competitiveness Report 2015–2016. World Economic Forum. www.weforum.org/gcr.
IIEP (2020). What price will education pay for COVID-19? International Institute for Educational Planning. www.iip.unesco.org/en/
World Bank (2020). Managing the impact of COVID-19 on education systems around the world: How countries are preparing, coping, and planning for recovery. World Bank Blogs.
UNESCO (2020). COVID-19 Educational Disruption and Response. https://en.unesco.org/COVID-19/
WEF (2020). Coronavirus could worsen hunger in the developing world. World Economic Forum. www.weforum.org/agenda/2020/04/coronavirus-worsen-hunger-developing-world/
FAO (2020). FAO warns the impact of COVID-19 on school feeding in Latin America and the Caribbean. www.fawo.org/americas/noticias/ver/en/c/126685/