THE COVID-19 PANDEMIC AND THE GLOBAL ECONOMY :A SYNOPSIS

Abstract

Several countries are affected by the coronavirus, causing panic across the globe. The coronavirus originated during late December,2019 and spread across borders in few months. The pandemic caused by the virus has resulted in intense social and economic disruptions. It has caused a severe global recession. Social distancing measures are undertaken to reduce the spread of the virus. According to the recent Global Financial Stability Report, further aggravation of the virus will affect global nancial security and if nancial conditions are tightened even further, the global nancial system will suffer more “cracks”. The prices of commodities and risk assets have begun to fall sharply, volatility of assets has increased, corporate credit markets are crumbling, and market liquidity is seen to be deteriorating. Country authorities are taking several scal measures, implementing social distancing and self-quarantine, supporting the corporate sector and providing unemployment benets for those affected. Few countries that have been hugely affected by the crisis are USA, Spain, Italy, Germany, France, United Kingdom, Turkey, Iran and China. The countries have been implementing various policies for the same. The following article briefs on the measures taken by countries to minimize the spread of the virus and its economic repercussions, the countries most affected and policies implemented in order to tackle COVID-19 repercussions.