COVID-19 Pandemic: Inflicted Costs and Some Emerging Global Issues

Abstract

The new coronavirus or COVID-19 that spread from China in early 2020 has become a global pandemic, infecting and killing millions worldwide. Besides the human cost, the economic and social costs of COVID-19 are turning out to be enormous to most of the societies on the planet. The lingering of the disease has raised concerns related to various economic and strategic issues that are likely to affect the global order per se profoundly. This article discusses the possibility of a worldwide economic recession or depression. The analysis indicates that the world may see more effort to reduce the overdependence on China for the functioning of a global supply chain and an attempt to revert globalization and reshape the industrialization policy. It finds the possibility of a tussle between a resurgent China’s state-centric national and global governance model versus the West-led rule-based global order where democracy and capitalism form the core. The article argues that various emergent developments will bring an increased focus on China. Indeed, all these changes have managerial implications as well. The article has followed a qualitative approach that collects and analyses data by the grounded theory research strategy to develop and explain those emerging global issues, both economic and strategic, of short- to long-term durability.