The Impact of COVID-19 on Economic Development

Abstract

On December 29, 2019, the first cluster of COVID-19 patients was reported from Wuhan, China. The COVID-19 epidemic has since affected China. This essay mostly compiles and evaluates web data as well as certain articles. This essay examines the effects of the new coronavirus outbreak on several businesses and government responses. In the meantime, this article uses China as its main example to examine how the Chinese government manages the pandemic and prevents recurrent and significant negative effects on the economy and public health. Wechat and Sina Weibo, among other social media platforms, have been crucial in spreading government information and advancing public welfare during the epidemic. Contact tracing and population movement patterns are made possible by technology. Medical staff have been efficiently mobilized by the Chinese central government. Population migration patterns and contact tracing are made possible by technology. Wuhan has benefited from the effective mobilization of medical professionals, supplies, and other resources by the Chinese central government. Fiscal initiatives, such as specialized loans, extended tax breaks, and reduced tax rates, have been used by both the federal and municipal governments to boost the economy. China's economy nevertheless suffered greatly, particularly during the blockade.