COVID-19 and Its Global Economic Impact

Zahra Kolahchi, Manlio De Domenico, Lucina Q. Uddin, Valentina Cauda, Igor Grossmann, Lucas Lacasa, Giulia Grancini, Morteza Mahmoudi, Nima Rezaei

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

Pandemics are enormous threats to the world that impact all aspects of our lives, especially the global economy. The COVID-19 pandemic has emerged since December 2019 and has affected the global economy in many ways. As the world becomes more interconnected, the economic impacts of the pandemic become more serious. In addition to increased health expenditures and reduced labor force, the pandemic has hit the supply and demand chain massively and caused trouble for manufacturers who have to fire some of their employees or delay their economic activities to prevent more loss. With the closure of manufacturers and companies and reduced travel rates, usage of oil after the beginning of the pandemic has decreased significantly that was unprecedented in the last 30 years. The mining industry is a critical sector in several developing countries, and the COVID-19 pandemic has hit this industry too. Also, world stock markets declined as investors started to become concerned about the economic impacts of the COVID-19 pandemic. The tourism industry and airlines have also experienced an enormous loss too. The GDP has reduced, and this pandemic will cost the world more than 2 trillion at the end of 2020.

Original languageEnglish (US)
Title of host publicationAdvances in Experimental Medicine and Biology
PublisherSpringer
Pages825-837
Number of pages13
DOIs
StatePublished - 2021

Publication series

NameAdvances in Experimental Medicine and Biology
Volume1318
ISSN (Print)0065-2598
ISSN (Electronic)2214-8019

Keywords

  • COVID-19
  • Economic impacts
  • Global economy
  • Market
  • Oil
  • Pandemic

ASJC Scopus subject areas

  • Biochemistry, Genetics and Molecular Biology(all)

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