ABSTRACT
Since the COVID-19 outbreak was first diagnosed, it has spread to over 215 countries including all US states, European, and Asian Countries. The pandemic is negatively affecting global economic growth beyond anything experienced in nearly a century. Projections so far suggest that the virus may affect the rate of global economic growth by more than 3.0–6.0% in 2020, with a partial recovery in 2021, assuming that there is not a second wave of infection. The economic fallout from the pandemic raises the risks of a global economic recession with levels of unemployment not experienced since the Great Depression of the 1930s. The human costs in terms of lives lost will permanently affect global economic growth in addition to the cost of rising levels of poverty, lives upended, careers derailed, and increased social unrest. Global trade could also fall by 13–32%, depending on the depth and extent of the global economic downturn, exacting an especially heavy economic toll on trade-dependent developing and emerging economies. The full impact will not be known until the effects of the pandemic peak. This chapter covers an overview of the global economic costs to date and the response by governments and international institutions to address these effects. In addition, this chapter focused on the computational tools and technique used to analysis the effect and forecast the coming impacts on the global economy.
