COVID-19 & the Global Economies

Coronavirus identified as COVID-19 (or SARS-CoV-2) had its outbreak in China’s Wuhan region, which has since then led to the deaths of thousands of people worldwide.

In Pakistan alone, the number of deaths has risen to more than 5,000. The novel virus believed to be transmitted through mouth, nose, eyes (primarily through touch) has drastically changed lifestyles. Be it businesses shifting from offices to home-based work, the virus has wrecked havoc including long term economic damage.

An almost 5.2% decrease in global GDP has been estimated for 2020. These losses are expected to affect productivity, supply and demand, trade and even personal income of the world population. Experts have hinted at the need to work out and implement policies to reduce instability at the macro level.

It is to be noted that countries like the United States (US) are already engaging in activities that would help them in making their economy susceptible to least damage.

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