Abstract
The outbreak of coronavirus named COVID-19 has disrupted the developing countries economy highly. According to World Health Organization (WHO) there have been 4,660,658 confirmed cases of COVID 19, including 309,710 death till May 16, 2020 globally. And 78,280 Confirmed cases and 2,624 Number of deaths in Africa. Data for the study was generated from desk review of secondary materials, online blogs and interview through social media chat. Findings of the study reveal that the outbreak and spread of covid-19 disease led to rapid shutdowns in cities and states across the country, which greatly affected the economic development. The evolution of the disease and its economic impact is highly uncertain which makes it difficult for policymakers to formulate an appropriate macroeconomic policy response. The article describes the impact of the COVID-19 virus on the economic development of developing countries and its mitigating solution. The scenarios in this paper demonstrate that even a contained outbreak could significantly impact the developing countries economy in the short run. These scenarios demonstrate the scale of costs that might be avoided by greater investment in public health systems in all economies but particularly in less developed economies where health care systems are less developed and population density is high. Among the suggested policy solutions are: proactive management approaches, health policy framework addressing many of the social determinants of health, education and health literacy, national and international shifts in investments, public and private partnerships and the establishment of the Developing countries Technical Council on Coronavirus. Effective implementation of these policy solutions will require full support of all stakeholders, including governments, the media, non- governmental organizations, health professionals, communities, and individuals.
Highlights
A new coronavirus disease, known as COVID-19, was first identified in Wuhan, People’s Republic of China (PRC), in early January 2020
It belongs to the same family of coronaviruses that caused the Severe Acute Respiratory Syndrome (SARS) outbreak in 2003 and the Middle East Respiratory Syndrome (MERS) outbreak in 2012
To begin with the definition of the term, Economic development is a policy intervention aiming to improve the well-being of people, economic growth is a phenomenon of market productivity and increases in GDP; economist Amartya Sen describes economic growth as but "one aspect of the process of economic development"
Summary
A new coronavirus disease, known as COVID-19, was first identified in Wuhan, People’s Republic of China (PRC), in early January 2020. There are several channels through which the COVID-19 outbreak will affect economic activity in developing countries, the rest of developing Asia, and the world These include a sharp but temporary decline in domestic consumption and other outbreak-affected economies, and possibly investment if the outbreak affects views on future business activity; declines in tourism [22] and business travel; spillovers of weaker demand to other sectors and economies through trade and production linkages; supply-side disruptions to production and trade (which are distinct from demand-side shocks spilling over through trade and production linkages); and effects on health such as increased disease and mortality as well as shifts in health care spending. This paper uses the definition of IMF for the term ‘developing countries’, a developing country (or a low and middle income country, less developed country, less economically developed country, medium-industrialized country or underdeveloped country) is a country with a less developed industrial base and a low human development index relative to other countries
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