Abstract
The recent COVID-19 pandemic has adversely affected the socio-economic and political ecosystem across the economies. The externalities can be observed in all dimensions such as in labor market, manufacturing and services, transportation, and tourism. It has been observed that the populated developing economies have been severely impacted due to spread of pandemic. The rising health expenditure, increasing debt, labor migration, increase in unemployment, prices, and the loss of output are the major factors to drag these economies into vulnerability. The present study attempts to identify the numerous adverse externalities generated due to COVID-19 pandemic in the developing economies. The macroeconomic effect of pandemic on Indian economy has been discussed in the later section of the study.
Highlights
The adverse externalities of pandemic is yet to prolong in the form of low economic growth, low productivity, low per capita income, low employment generation, high rates of inflation, high incidence of abject poverty, unplanned and unsettled migration, hunger, malnutrition, famine, low living standard, and failures of millennium development goals
As per World Economic outlook update for January 2021, the global GDP contracted by 3.5 percent in 2020, expected to grow by 5.5 percent in 2021 and 4.2 in 2022 (World Economic Outlook, 2021)
The spread of its adverse socio-economic externalities would be the challenging job for the politicians, policy makers and administrators across the countries. The populated countries such as India, Brazil, Pakistan, and Bangladesh have been drastically affected by the virus which has further affected health infrastructure
Summary
The direct impact of the COVID -19 fuelled pandemic has been mostly visualized in the highly populated countries such as India, China, Brazil, Bangladesh, and Pakistan. MPI Population vulnerable to multidimensional poverty, unemployment rate, and number of hungry people in these countries have been recorded extremely high as compared to developed countries.
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