ECONOMIC ANALYSIS OF THE PERIOD'S SLOWING ECONOMIC GROWTH RATES IN THE LIGHT OF THE PANDEMIC BURDEN )2019-2021(

Abstract

Recently, a severe disease is known as COVID-19 has originated in a developed country with the world’s second-highest national income, and has spread globally at the end of the year (2019– 2021). The share of countries with very high and very high incomes from the spread of this pandemic was large, and possibly from the most important countries are Italy, Spain, the United States of America, Germany, and so on. Despite significant scientific breakthroughs in medicine and pharmacology, modern engineering technology in the medical field, and advanced medical laboratories, these countries were initially helpless in the face of the spread of this disease, which resulted in a slowdown in economic growth rates for all countries worldwide at the time its prevalence decreased. The global gross domestic product ranges between (87-84) trillion dollars. As a result, the research aims to bring about several objectives, including developing a theoretical and applied method of health economic analysis of pandemics for the World Health Organization to contribute to a group of countries’ health protection and maintaining the actual supply of work due to pandemic deaths. That, in turn, contributes to lower productivity and capital accumulation. It is more challenging to keep healthy population groups quickly because healthy labor forces tend to be more productive, incredibly healthy, and educated populations and healthy labor forces tend to control their fertility. Additionally, the research assumes that spending on fundamental requirements (health, education, and social capital development) is an international obligation in addition to a local one, as it results in a direct correlation between human health and economic growth rates. The research has come out with several conclusions. The most important of which is that the connections between pandemics and the economy are similar to the links between health and wealth in general. Prosperous civilizations have greater health and have a higher level of well-being and resistance to pandemics. At the same time, pandemics, like other health concerns, may hinder economic progress and create vicious cycles in which falling health diminishes wealth and protection against other health dangers, as seen by injury fatality rates. The research puts forward several recommendations, the most important of which is that the world’s countries particularly, those with high and extremely high incomes bear responsibility as most of them believe in economic globalization or a more contemporary concept known as “universal”. This is added to the fact that their economies have slowed down due to this dangerous health event.