Review
The socio-economic implications of the coronavirus pandemic (COVID-19): A review

https://doi.org/10.1016/j.ijsu.2020.04.018Get rights and content
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Highlights

  • Central banks globally commit to a ‘Whatever it takes’ approach in an attempt to save the global economy.

  • Europe pledges a €1.7tn rescue package.

  • The road to economic recovery is predicted to be a long one, with a period of economic inactivity for years to come.

Abstract

The COVID-19 pandemic has resulted in over 4.3 million confirmed cases and over 290,000 deaths globally. It has also sparked fears of an impending economic crisis and recession. Social distancing, self-isolation and travel restrictions have lead to a reduced workforce across all economic sectors and caused many jobs to be lost. Schools have closed down, and the need for commodities and manufactured products has decreased. In contrast, the need for medical supplies has significantly increased. The food sector is also facing increased demand due to panic-buying and stockpiling of food products. In response to this global outbreak, we summarise the socio-economic effects of COVID-19 on individual aspects of the world economy.

Keywords

Economy
Economic impact
COVID-19
SARS-CoV-2
Coronavirus

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