Abstract
Like the previous pandemics, Coronavirus (COVID-19) pandemic is first and foremost a public health threat, but it is also, and increasingly, an economic threat. On the other hand, the economic impact of a pandemic may not be long- lasting if the underlying cause is contained quickly. Currently the world is seriously affected by COVID-19 outbreak. Considering the evolving nature of the situation, it is too early to estimate the full impact of COVID-19 on the world economy, but many articles have been published and made available to the public on the actual and potential economic consequences of COVID-19. Most of them consider the partial economic effects of COVID-19 on different economic perspectives. Therefore, the general objective of this contemporary review is to prepare the bases for future solution by collecting and analyzing the results of previous articles and contextualization’s of their needs. The result of the review depicts the significant actual and projected impacts of COVID-19 on major macro-economic variables like: economic growth, unemployment and poverty level. Besides, the review also reflects the sectoral impacts of COVID-19 on manufacturing, service, trade, tourism & aviation and education sectors of the world economy.
Highlights
Coronavirus (COVID-19) is a respiratory illness that can spread from person to person
It was caused by the SARS-CoV-2 virus and 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
UNDP argue that the direct cost of non-pharmaceutical interventions (NPIs) could be significant: over 20% of gross domestic product (GDP) over the period in which NPIs are in place [23]
Summary
Coronavirus (COVID-19) is a respiratory illness that can spread from person to person It was caused by the SARS-CoV-2 virus and 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. This pandemic was triggered in in early January 2020 in Wuhan city in Hubei province of People’s Republic of China (PRC). Regions with more economic integration with the world economy will be affected more strongly than less integrated regions [9]
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