HOW DOES THE PANDEMIC AFFECTED THE ECONOMY

COVID-19 is not only the worldwide pandemic and public health crisis but it also severely affected the
worldwide economy and financial markets. Insignificant reductions in income, a rise in unemployment,
and disruptions in the shipping, service, and industrialized industries are among the consequences of the
disease alleviation measures that have been implemented in many countries.

The infection has not only turned out to be a public health crisis but has also affected the worldwide
economy. Significant economic brunt has already occurred across the world which leads to condensed
productivity, loss of life, business closures, trade disruption, and decimation of the tourism industry.

When we look for globalization, urbanization, enormous change in environmental condition,

communicable disease outbreaks and epidemics became global threats requiring a collective response.
Although the bulk of urbanized countries, predominantly European and North American, have strapping
real-time surveillance and health systems to handle communicable disease extend, improvements
publicly health capacity in low-income and high-risk countries together with human and animal
inspection, workforce preparedness, and strengthening laboratory resources need to be supported by
using national resources supplemented with international donor funding.

Figure 1. (A) This show the number of confirmed registered cases of epicentres.
(B) Dynamics of the value of stock indices and oil futures relative to January 2, 2020.
Some of the major affected areas are Stock Markets, Impact on Big Industries, Manufacturing,
Automobiles, Recession, less productivity growth, Long term damage to potential output and there are
many more.

In addition to discernible health inequalities, especially in countries without universal healthcare

coverage, the economic impact of the COVID-19 pandemic are going to be assorted across the country's
income distribution.

CONCLUSION
As the spread of the virus is probably going to continue unsettling economic activity and negatively
impact manufacturing and repair industries, especially in developed countries, we expect that financial
markets will continue to be volatile. There is still an issue on whether this recitation crisis will have an
enduring structural impact on the worldwide economy or largely short-term financial and economic
consequences. In either case, it's evident that communicable diseases like COVID-19 have the potential
to inflict severe economic and financial costs on regional and global economies. Because of high
transportation connectivity, globalization, and economic interconnectedness, it's been extremely difficult
and dear to contain the virus and mitigate the importation risks once the disease started to spread in
multiple locations. This warrants international collective action and global speculation in vaccine
development and distribution, also as preventive measures including capacity building in real-time
surveillance and therefore the development of contact tracing capabilities at the national and
international levels. As outbreaks of novel infections aren't likely to disappear within the near future,
upbeat international actions are required not only to save lots of lives but also to picket economic
prosperity.
 REFERENCES
[1] https://www.frontiersin.org/

[2] https://www.bbc.com/news/business-51706225

[3] https://www.worldbank.org/en/news/feature/2020/06/08/the-global-economic-outlook-during-the-
covid-19-pandemic-a-changed-world

[4] https://www.investopedia.com/special-economic-impact-of-pandemics-4800597