Multiple research findings on Global health, particularly the COVID-19 pandemic, have indicated significant impacts on societies and economies around the globe. The epidemic, which the World Health Organization classified as a pandemic in March 2020, caused millions of illnesses and deaths, overtaxed healthcare systems, and compelled governments to enact stringent regulations to stop spreading the virus. Researchers pointout that the pandemic has had diverse economic effects that have disrupted supply networks, companies, and sectors and destroyed whole economies (World Bank, 2020). This essay investigates how the COVID-19 epidemic has affected the global economy. Therefore, throughout the essay, we examine the findings of numerous pieces of research on the pandemic’s short- and long-term implications on the world economy and how governments and central banks have responded to lessen these effects. Based on the results of several studies, the COVID-19 pandemic has had numerous impacts on the global economy, presenting some difficulties and possibilities.
The COVID-19 epidemic has, according to findings presented by researchers, significantly and immediately affected the world economy in multiple ways. This section will look at the pandemic’s immediate impacts, such as how it has disrupted supply chains, global commerce, and tourism, as well as how lockdowns and other restrictions have impacted different economic sectors. As many nations have restricted the movement of people and products, the epidemic has disrupted international commerce and supply networks (Nechifor et al., 2020). Global business has decreased due to border closures, fewer international flights, and less demand for products and services. Economic activity has reduced as a result, and economic growth has slowed. The epidemic has also significantly affected the tourist sector, with numerous nations imposing travel restrictions and lockdowns. Researchers suggest that the shutdown of hotels, eateries, and other tourist attractions resulted in employment losses and lower income for several countries that strongly depend on tourism.
Order this paper