Impact of COVID-19 Pandemic on Global Economy

This paper examined the effect of COVID-19 pandemic on the global economy. The study employed an analytical approach reviewing the most recent literature COVID-19 global Statistics, oil price, policy responses and stock market. It was discovered that COVID-19 has spread to well over 200 countries and the economic cost may last longer than the health effect. The outbreak caused an unprecedented crash in oil price which devastated the economies of oil dependent countries. The impact of the shock of COVID-19 is likely to be less than the impact of the extreme measures taking to flatten the spread such as quarantine, lockdowns, traveling and movement restriction. The study recommends a coordinated action by all countries in implementing medical protocol of curtailing the spread and a fiscal response targeted at the productive sectors to fast-track kick starting of the economies. This will require more palliative measures to consumers and bailout to businesses