Corona Virus (COVID-19) Pandemic: Economic and Educational Responses and Aftermath Effects in Developing and Developed Countries

Abstract

AbstractThe outbreak of novel infectious coronavirus pandemic is popularly known as COVID 2020-19; governments of many countries have taken several measures to curtail the spread of the virus among the populace. Since December 2019, the pandemic has spread rapidly (Wu and McGoogan 2020) propagating economic disruption globally and, in many cases, overwhelming health care resources (Grasselli et al. 2020). Among the measures suggested by World Health Organization (WHO) and implemented by governments include the total lockdown of number of cities across the globe. The total closure of business activities or some necessary physical distancing measures adopted to halt the wide spread of the disease has resulted to significant negative consequences on both businesses and workers (Anderson et al. 2020; Brenan 2020). Most of stock markets have recorded a more 50% decreases in stock prices, credit market activities were paralyzed, increased unemployment rate and decrease in the global GDP by at least 10%. In the United States of America (U.S.A), almost thirty percent of employment has been reduced the working circle, reduced working hours or frozen hiring because of the novel coronavirus outbreak, as par mid-March and part-time workers are more likely to be affected by these negative effects of the pandemic on their workplace (Brenan 2020).KeywordsCovid-19Developing countriesDeveloped countriesEducationEconomic