Abstract
The global nature of the pandemic, along with its great intensity and prolonged duration, will fundamentally alter the business landscape through changing trade flows, asset prices and consumption patterns. The outpouring of whammy ‘Corona Bug’ a public health crunch, an undetectable foe, jolted the attention of the world population towards the strictness that postured the economic vulnerability in almost all the macroeconomic variables such as GDP growth, headline inflation, unemployment rate, investment, current account balance and a measure of political risk which affected nook-n-corner of the world clock in terms of its demand-supply dynamic disruptions.
 This exploratory study is an attempt to explore the need of the efforts is to put in place a comprehensive action plan and put in the best efforts to implement the plan.
Highlights
Economy dwindles as the world faces humanity’s biggest crisis since WWII- COVID-19! Across the world, almost every country is experiencing the wrath of the devastating Coronavirus disease (COVID-19)
The impact effect of business closures could result in reductions of 15% or more in the level of output throughout the advanced economies and major emerging-market economies; in the median economy, output would decline by 25%
A recent innovative solution has come up in the form of a Global Hackathon which itself focuses on providing solutions to fight the COVID-19 pandemic
Summary
Economy dwindles as the world faces humanity’s biggest crisis since WWII- COVID-19! Across the world, almost every country is experiencing the wrath of the devastating Coronavirus disease (COVID-19). According to Richard Kozul-Wright, UNCTAD director of globalization and development strategies, the world economy will most likely move into a recessionary phase due to the onset of the coronavirus pandemic and its potential impacts with a predicted loss of global income in the trillions of dollars that will spell serious trouble for developing countries, with the exception of India and China; this was reflected in the latest United Nations trade report. Four-Point Recovery Plan Faced with a “a looming financial tsunami” of the current year, UNCTAD has developed a fourpronged strategy This strategy initially calls for a $1 trillion investment injection for weaker economies. Apart from IMF and multilateral development banks, the Financial Stability Board (FSB), an international body that monitors the global financial system and makes regulations to ensure stability, released a statement on 20 March 2020 that its members are actively cooperating to maintain financial stability during market stress related to Covid-19
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