The global commerce and development environment has been rocked to its core by

the COVID-19 epidemic. The immediate effects on global growth, international trade,
and foreign direct investment are examined and how the crisis has impacted global
production, employment, and, ultimately, individual livelihoods in core and periphery
countries. The fact that the pandemic's impact is asymmetric and tilted towards the
most vulnerable, both within and between countries, is underscored by a wide range
of measures that illustrate the pandemic's impact. One million+ death due to the
pandemic 4.3 percent worldwide GDP loss expected by 2020 130 million extra people
living in extreme poverty due to the pandemic. COVID-19's disruption has had
substantial and disproportionate effects on vulnerable and disadvantaged low-income
households, migrants, informal sector workers, and, in many cases, women. Many of
these communities, particularly in developing countries, are not covered by social
safety nets and are thus disproportionately affected by rising unemployment. The
pandemic's impact on these populations is being investigated to increase their
resilience through productive capacities, expanded social support, and gender-
sensitive policy solutions. The effects of COVID-19 on two sectors that have been
especially hard hit and employ many vulnerable individuals – tourism and
microenterprises and small and medium-sized companies – are also examined.