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Impact of Covid-19 on Economy: A Critical Review

Harsimran Singh*, Santosh Kumar**, Muhammad Raheel***

* CGC College of Engineering Landran, Mohali, Punjab, India.

** Department of Mechanical Engineering, IKG Punjab Technical University Kapurthala, Punjab, India.

*** Department of Mechanical Engineering, Chandigarh University, Gharuan, Mohali, Punjab, India.

Periodicity:March - May'2020
DOI : https://doi.org/10.26634/jhss.1.3.17632

Abstract

Coronavirus is the category of viruses that mainly influence the respiratory tract of mammals which include human beings. It was first isolated in 1937 from an infectious bronchitis virus in birds. However, the COVID-19, zoonotic virus was first identified in Wuhan City, Hubei Province, China. It was increasing rapidly at a great speed. The aim of this paper is to give an overview of the current status of COVID-19. A brief overview on COVID-19 is discussed by summarizing the data present in literature. In addition, this review paper emphasizes on the history, origin, characteristics, and impacts of COVID-19 on economy. The world has confirmed 54,301,156 cases, which include 1,316,994 deaths as per the WHO till 16^th November 2020. COVID-19 is a life threatening virus. The most common symptoms of COVID-19 are fever, fatigue, soreness, breathlessness, and throat malaise among others. Scientists from all over the globe are trying their best to find a suitable antidote which could curb it, but till now have not been able to do so. This pandemic has shaken the entire global economy. The IMF predicted this COVID-19 situation to be the worst economic collapse. This pandemic situation has affected the economy mainly due to two reasons. Firstly, this pandemic persuaded social distancing, which led to the shutdown of markets, corporate sectors and schools etc. Secondly, the pace at which it was spreading led to the decline in consumption among consumers and investors.

Keywords

COVID-19, Economic Effect, Global Spread, Preventions.

How to Cite this Article?

Singh, H., Kumar, S., and Kumar, R. (2020). Impact of Covid-19 on Economy: A Critical Review. i-manager's Journal on Humanities & Social Sciences, 1(3), 39-45. https://doi.org/10.26634/jhss.1.3.17632

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