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Review
. 2023 Jan 30:10:1009393.
doi: 10.3389/fpubh.2022.1009393. eCollection 2022.

COVID-19 outbreak: Impact on global economy

Saira Naseer  1 , Sidra Khalid  2 , Summaira Parveen  3 , Kashif Abbass  1   4 , Huaming Song  1 , Monica Violeta Achim  5
Affiliations
Review

COVID-19 outbreak: Impact on global economy

Saira Naseer et al. Front Public Health. .

Abstract

COVID-19 has been considered the most significant threat since World War II and the greatest global health disaster of the century. Wuhan City, Hubei Province, China, reported a new infection affecting residents in December 2019. The Coronavirus Disease 2019 (COVID-19) has been named by the World Health Organization (WHO). Across the globe, it is spreading rapidly, posing significant health, economic, and social challenges for everyone. The content of this paper is solely intended to provide a visual overview of COVID-19 global economic impact. The Coronavirus outbreak is causing a global economic collapse. Most countries have implemented full or partial lockdown measures to slow the spread of disease. The lockdown has slowed global economic activity substantially, many companies have reduced operations or closed down, and people are losing their jobs at an increasing rate. Service providers are also affected, in addition to manufacturers, agriculture, the food industry, a decline in education, the sports industry, and of entertainment sector also observed. The world trade situation is expected to deteriorate substantially this year.

Keywords: COVID-19; global economy; mitigation strategies; pandemic; sectors.

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Conflict of interest statement

The authors declare that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest.

Figures

Figure 1
Figure 1
GDP growth in China and China's share of the global economy. Source: World Bank, OECD.
Figure 2
Figure 2
Growth deviation in percentage points from Q1 2020. Source: Bloomberg economics.
Figure 3
Figure 3
Methodology search for finalized articles for investigations. Source: Author's constructed.
Figure 4
Figure 4
Framework of the study. Source: Author's constructed.
Figure 5
Figure 5
Coronavirus padamic hit jobs. Source: Bureau of Labor Statistics of the U.S.; National Bureau of Statistics of China, Deutsche Bundesbank, Australian Bureau of Statistics, Statistics Korea, Refinitiv.
Figure 6
Figure 6
Plunge in retail sales. Source: U.S. Census Bureau, National Bureau of Statistics of China, Refinitiv.
Figure 7
Figure 7
Services activity in major economies. Source: IHS Market, Caixin, au Jibun Bank, Refinitiv.
Figure 8
Figure 8
Majority of countries in recession. Source: IMF.
Figure 9
Figure 9
Manufacturing in significant economies. Source: IHS Market, Caixin, au Jibun Bank, Refinitiv.
Figure 10
Figure 10
Coronavirus impact on factory output. Source: U.S. Federal Reserve, National Bureau of Statistics of China, Refinitiv.
Figure 11
Figure 11
Decline in merchandise trade. Source: World Trade Organization forecast.
Figure 12
Figure 12
Economic forecasts (2020). Source: IMF World Economic Outlook.
Figure 13
Figure 13
The proposed study framework for significant development. Source: Author's development.
Figure 14
Figure 14
Sectorial impacts of climate change with adaptation and mitigation measures. Source: Author's constructed.
See this image and copyright information in PMC

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