Global economic stagnation due to a worse coronavirus pandemic and massive lockdown, and humanitarian disaster!

Abstract

The novel Coronavirus was first commenced from an outbreak in Wuhan, China, in December 2019. Then the virus failed to control and quickly spread worldwide. On the one hand, the doctors and nurses provide day and night services to the patients. On the other hand, Scientists have been working day and night to prevent this epidemic and invent the vaccine. But in the meantime, the outbreak has caused the global economy to collapse, and the situation is evolving daily. Indeed, the calculation of actual losses depends on a few factors. Such as the dimension of coronavirus infections, how long they will last, and policymakers will take measures to minimise health risks and economic harm. The UN 1 estimates that the global currency will reduce by USD 2 trillion. Many people will lose jobs due to the coronavirus pandemic. During this catastrophic pandemic, people’s purchasing power will decrease, which will slow down the economy. Therefore, investment in the economy has to be reinforced to create employment. However, these investments need to be managed efficiently and bring transparency. It will have to increase government expenditure and protect the poor. Secretary-General of UN Mr António Guterres has launched a USD 2 billion2 global humanitarian response plan for the most vulnerable. According to the United Nations Conference on Trade and Development report, developing countries could lose at least USD 220 billion in income, and development has called for USD 2.5 trillion to support them. Also, World Bank has declared USD 14 billion3 for fast track package to strengthen the coronavirus pandemic response in developing countries, protect the poor andvulnerable, support businesses, and recover the economy. And, according to World Bank Group’s broader economic program revealed, provide up to USD 160 billion4 in support to client countries over the next 15 months. This article aims to present the deadly negative impact of Covid-19 on globalisation, global health, trade, travel and tourism, food-agriculture production, education system, social activities, supply-chain, workforce, and industrial development. So far, the pandemic has caused more than 502 million cases and 6.19 million deaths worldwide with a CFR5 of 1.2%, and in Bangladesh, 1.95 million total confirmed cases and 29,124 deaths, thus a mortality rate of 1.5%. This paper has discussed the social communities in the transmission of COVID19, the resulting economic catastrophe, and the struggle for life and livelihood. This paper may help raise awareness about the virus.