ABSTRACT
Pandemic COVID-19 is much more than a health shock as it has deteriorated various aspects of lives. These aspects include social, economic, and political setups, leaving deep damages. Concerning the economic aspects, the pandemic has caused a severe crash in crude oil and petroleum markets both on the demand and supply sides, deviated the pattern of external resource influxes (FDI, remittances, external debt, and foreign aid) from developed to underdeveloped economies. Furthermore, World Bank, IMF, and other international financial institutions have launched many debt relief programs for poor countries to offset the adverse impact of virus. . Public debt in developing and emerging markets has reached to levels not seen in the last five decades. COVID-19 has inevitably affected international trade due to the wide term closure of borders and airlines. The current pandemic has restricted the movement and trade to prevent the spread of the disease.
As an example, social distancing disrupted the labor supply, travel, and 2transport directly. Evidently, the medical equipment trade has been very high since the second quarter of 2020. The equipments specifically related to COVID-19 are traded most till the present date. In addition, global GDP has declined at the start of this decade. Home quarantine and the lockdowns have jammed construction, manufacturing, production, and service supply chains both locally and globally, which resulted in a significant rise in unemployment. World GDP shrunk by an unparalleled amount in 2020. However, the magnitude of the recovery is uncertain because the pandemic shock has brought severe value chain disruption. COVID-19 has embodied the greatest risk to the Global Health System (GHS) and economies in the 21st century. Overall, it is observed that no country was sufficiently prepared to confront the pandemic socially and economically. The outbreak of COVID-19 has awakened most of the world’s population to the broken and insufficient health and economic setups. The pandemic provided food for thought to policy-makers, governments, health institutions, such as WHO, financial institutions, employers, and individuals to step necessary actions to combat the spread of the virus and economic losses to mitigate the economic and health damages due to the outbreak of COVID-19.
