Economic Effects of COVID-19 Pandemic and Potential Solutions

Nteka Nikoletta

doi:doi:10.11648/j.ijefm.20210904.13

| Peer-Reviewed

Economic Effects of COVID-19 Pandemic and Potential Solutions

Nteka Nikoletta

Published in International Journal of Economics, Finance and Management Sciences (Volume 9, Issue 4)

Received: 14 June 2021 Accepted: 30 June 2021 Published: 13 August 2021

Views: Downloads:

Download PDF

Share This Article

Twitter
Linked In
Facebook

Abstract

Background: The pandemic scenario has existed for many years as a possibility by health scientists but was never taken seriously. The arrival of the virus about a year ago caught the whole world unprepared. The inability to tackle the virus with any medication has led many governments to quarantine so that the health crisis can be alleviated. However, the existence of this crisis has turned into an economic crisis, as many companies have stopped operating and many people do not have the income they had in previous years. Purpose: The purpose of this article is to describe the COVID-19 pandemic crisis, to analyze its effects on the world economy, but also to propose solutions. Method: This article is conducted as a literature review. Results: COVID-19 pandemic has dramatically affected all aspects of world economy. Conclusion: The World Bank is an international financial institution that provides financial and technical assistance to developing countries for development projects with the stated goal of reducing poverty. Nevertheless, it has played an important role in this pandemic with the funding of many governments as the World Bank has developed a new strategy that focuses on eradicating extreme poverty and promoting shared prosperity in a sustainable way. It is committed to helping countries achieve these goals with proven solutions that incorporate WBG knowledge and financial development services.

Published in	International Journal of Economics, Finance and Management Sciences (Volume 9, Issue 4)
DOI	10.11648/j.ijefm.20210904.13
Page(s)	159-164
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2021. Published by Science Publishing Group

Keywords

Pandemic, COVID-19, Crisis

References

[1]	European Center for Disease Prevention and Control. (2020). Q & A on COVID-19: https://www.ecdc.europa.eu/en/COVID-19/questions-answers
[2]	Bienkov, A. (2020). If you've lost your sense of smell or taste, you could be a 'hidden carrier' of the coronavirus.
[3]	Das's, U. N. (2020). Can bioactive lipids inactivate coronavirus (COVID-19)? Archives of Medical Research. doi: 10.1016/j.arcmed.2020.03.004.
[4]	A. J. Rodriguez-Morales D. K. Bonilla-Aldana G. J. Balbin-Ramon A. A. Rabaan R. Sah A. Paniz-Mondolfi P. Pagliano S. Esposito. (2020). History is repeating itself: Probable zoonotic spillover as the cause of the 2019 novel Coronavirus Epidemic, Le,. In Infezioni in Medicina, 28 (1), pp. 3-5.
[5]	Mackenzie, J. S. & Smith, D. W. (2020). COVID-19: A novel zoonotic disease caused by a coronavirus from China: What we know and what we don't. Microbiology Australia, 41 (1), σ. 45. doi: 10.1071/ma20013.
[6]	Cheng, V. C. C., Lau, S. K. P., Woo, P. C. Y. & Kwok, Y. Y. (2007). Severe acute respiratory syndrome coronavirus as an agent of emerging and reemerging infection. Clinical Microbiology Reviews, 20 (4), pp. 660-694. doi: 10.1128/CMR.00023-07 American Society for Microbiology (ASM).
[7]	Lu, J., Gu, J., Li, K., Xu, C., Su, W., Lai, Z., Zhou, D., Yu, C., Xu, B. & Yang, Zu. (2020). COVID-19 outbreak associated with air conditioning in restaurant, Guangzhou, China, 2020. Emerging Infectious Diseases, 26 (7). doi: 10.3201/eid2607.200764.
[8]	Jalava, K. (2020). first respiratory transmitted food borne outbreak? International Journal of Hygiene and Environmental Health (226), σ. 113490. doi: 10.1016/j.ijheh.2020.113490, Elsevier GmbH.
[9]	WHO Director. (2020). General’s opening remarks at the media briefing on COVID-19 - 15 April 2020.
[10]	Dong, E., Du, H. & Gardner, L. (2020). An interactive web-based dashboard to track COVID-19 in real time. The Lancet Infectious Diseases, 0 (0). doi: 10.1016/S1473-3099(20)30120-1. Lancet Publishing Group.
[11]	Kaplan, J. Frias, L. & McFall-Johnsen, M. (2020). Countries that are on lockdown because of coronavirus - Business Insider. Business Insider: https://www.businessinsider. com/countries-on-lockdown-coronavirus-italy-2020-3
[12]	Vassilopoulos N. Giergo S. Panagiotopoulos E. (2020). Thesis: The future of national economies and the world economy after the Korona pandemic. Recovery from University of Patras, Messolonghi.
[13]	Gabbatt, A. (2020). Steven Mnuchin warns coronavirus could bring 20% unemployment.
[14]	Abodunrin, O., Oloye, G. & Adesola, B. (2020). CORONAVIRUS PANDEMIC AND ITS IMPLICATION ON GLOBAL ECONOMY. International Journal of Arts, Languages and Business Studies (IJALBS), 4, pp. 13 – 23.
[15]	Taleb, N. N. (2007). The Black Swan: the impact of highly improbable. USA: Penguin Publishers. https://www.bloomberg.com/news/videos/2020-03-31/nassim-taleb-says-whiteswan-coronavirus-pandemic-was-preventable-video; 2020.
[16]	Market Business News. (2020). What is the failure rate? Definition and examples: https://marketbusinessnews.com/financial-glossary/failure-rate/ (in Greek).
[17]	Kentikelenis, A., Gabor, D., Ortiz, I., Stubbs, T., McKee, M. & Stuckler, D. (2020). Softening the blow of the pandemic: will the International Monetary Fund and World Bank make things worse? The Lancet Global Health. doi: 10.1016/S2214-109X(20)30135-2.

Cite This Article

Plain Text BibTeX RIS

APA Style

Nteka Nikoletta. (2021). Economic Effects of COVID-19 Pandemic and Potential Solutions. International Journal of Economics, Finance and Management Sciences, 9(4), 159-164. https://doi.org/10.11648/j.ijefm.20210904.13

Copy | Download

ACS Style

Nteka Nikoletta. Economic Effects of COVID-19 Pandemic and Potential Solutions. Int. J. Econ. Finance Manag. Sci. 2021, 9(4), 159-164. doi: 10.11648/j.ijefm.20210904.13

Copy | Download

AMA Style

Nteka Nikoletta. Economic Effects of COVID-19 Pandemic and Potential Solutions. Int J Econ Finance Manag Sci. 2021;9(4):159-164. doi: 10.11648/j.ijefm.20210904.13

Copy | Download

@article{10.11648/j.ijefm.20210904.13,
  author = {Nteka Nikoletta},
  title = {Economic Effects of COVID-19 Pandemic and Potential Solutions},
  journal = {International Journal of Economics, Finance and Management Sciences},
  volume = {9},
  number = {4},
  pages = {159-164},
  doi = {10.11648/j.ijefm.20210904.13},
  url = {https://doi.org/10.11648/j.ijefm.20210904.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijefm.20210904.13},
  abstract = {Background: The pandemic scenario has existed for many years as a possibility by health scientists but was never taken seriously. The arrival of the virus about a year ago caught the whole world unprepared. The inability to tackle the virus with any medication has led many governments to quarantine so that the health crisis can be alleviated. However, the existence of this crisis has turned into an economic crisis, as many companies have stopped operating and many people do not have the income they had in previous years. Purpose: The purpose of this article is to describe the COVID-19 pandemic crisis, to analyze its effects on the world economy, but also to propose solutions. Method: This article is conducted as a literature review. Results: COVID-19 pandemic has dramatically affected all aspects of world economy. Conclusion: The World Bank is an international financial institution that provides financial and technical assistance to developing countries for development projects with the stated goal of reducing poverty. Nevertheless, it has played an important role in this pandemic with the funding of many governments as the World Bank has developed a new strategy that focuses on eradicating extreme poverty and promoting shared prosperity in a sustainable way. It is committed to helping countries achieve these goals with proven solutions that incorporate WBG knowledge and financial development services.},
 year = {2021}
}

Copy | Download

TY  - JOUR
T1  - Economic Effects of COVID-19 Pandemic and Potential Solutions
AU  - Nteka Nikoletta
Y1  - 2021/08/13
PY  - 2021
N1  - https://doi.org/10.11648/j.ijefm.20210904.13
DO  - 10.11648/j.ijefm.20210904.13
T2  - International Journal of Economics, Finance and Management Sciences
JF  - International Journal of Economics, Finance and Management Sciences
JO  - International Journal of Economics, Finance and Management Sciences
SP  - 159
EP  - 164
PB  - Science Publishing Group
SN  - 2326-9561
UR  - https://doi.org/10.11648/j.ijefm.20210904.13
AB  - Background: The pandemic scenario has existed for many years as a possibility by health scientists but was never taken seriously. The arrival of the virus about a year ago caught the whole world unprepared. The inability to tackle the virus with any medication has led many governments to quarantine so that the health crisis can be alleviated. However, the existence of this crisis has turned into an economic crisis, as many companies have stopped operating and many people do not have the income they had in previous years. Purpose: The purpose of this article is to describe the COVID-19 pandemic crisis, to analyze its effects on the world economy, but also to propose solutions. Method: This article is conducted as a literature review. Results: COVID-19 pandemic has dramatically affected all aspects of world economy. Conclusion: The World Bank is an international financial institution that provides financial and technical assistance to developing countries for development projects with the stated goal of reducing poverty. Nevertheless, it has played an important role in this pandemic with the funding of many governments as the World Bank has developed a new strategy that focuses on eradicating extreme poverty and promoting shared prosperity in a sustainable way. It is committed to helping countries achieve these goals with proven solutions that incorporate WBG knowledge and financial development services.
VL  - 9
IS  - 4
ER  -

Copy | Download

Author Information

Nteka Nikoletta

Faculty of Economics, South-West University “Neofit Rilsky”, Blagoevgrad, Bulgaria

Download PDF

Sections

Plain Text BibTeX RIS

APA Style

Nteka Nikoletta. (2021). Economic Effects of COVID-19 Pandemic and Potential Solutions. International Journal of Economics, Finance and Management Sciences, 9(4), 159-164. https://doi.org/10.11648/j.ijefm.20210904.13

Copy | Download

ACS Style

Nteka Nikoletta. Economic Effects of COVID-19 Pandemic and Potential Solutions. Int. J. Econ. Finance Manag. Sci. 2021, 9(4), 159-164. doi: 10.11648/j.ijefm.20210904.13

Copy | Download

AMA Style

Nteka Nikoletta. Economic Effects of COVID-19 Pandemic and Potential Solutions. Int J Econ Finance Manag Sci. 2021;9(4):159-164. doi: 10.11648/j.ijefm.20210904.13

Copy | Download

@article{10.11648/j.ijefm.20210904.13,
  author = {Nteka Nikoletta},
  title = {Economic Effects of COVID-19 Pandemic and Potential Solutions},
  journal = {International Journal of Economics, Finance and Management Sciences},
  volume = {9},
  number = {4},
  pages = {159-164},
  doi = {10.11648/j.ijefm.20210904.13},
  url = {https://doi.org/10.11648/j.ijefm.20210904.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijefm.20210904.13},
  abstract = {Background: The pandemic scenario has existed for many years as a possibility by health scientists but was never taken seriously. The arrival of the virus about a year ago caught the whole world unprepared. The inability to tackle the virus with any medication has led many governments to quarantine so that the health crisis can be alleviated. However, the existence of this crisis has turned into an economic crisis, as many companies have stopped operating and many people do not have the income they had in previous years. Purpose: The purpose of this article is to describe the COVID-19 pandemic crisis, to analyze its effects on the world economy, but also to propose solutions. Method: This article is conducted as a literature review. Results: COVID-19 pandemic has dramatically affected all aspects of world economy. Conclusion: The World Bank is an international financial institution that provides financial and technical assistance to developing countries for development projects with the stated goal of reducing poverty. Nevertheless, it has played an important role in this pandemic with the funding of many governments as the World Bank has developed a new strategy that focuses on eradicating extreme poverty and promoting shared prosperity in a sustainable way. It is committed to helping countries achieve these goals with proven solutions that incorporate WBG knowledge and financial development services.},
 year = {2021}
}

Copy | Download

TY  - JOUR
T1  - Economic Effects of COVID-19 Pandemic and Potential Solutions
AU  - Nteka Nikoletta
Y1  - 2021/08/13
PY  - 2021
N1  - https://doi.org/10.11648/j.ijefm.20210904.13
DO  - 10.11648/j.ijefm.20210904.13
T2  - International Journal of Economics, Finance and Management Sciences
JF  - International Journal of Economics, Finance and Management Sciences
JO  - International Journal of Economics, Finance and Management Sciences
SP  - 159
EP  - 164
PB  - Science Publishing Group
SN  - 2326-9561
UR  - https://doi.org/10.11648/j.ijefm.20210904.13
AB  - Background: The pandemic scenario has existed for many years as a possibility by health scientists but was never taken seriously. The arrival of the virus about a year ago caught the whole world unprepared. The inability to tackle the virus with any medication has led many governments to quarantine so that the health crisis can be alleviated. However, the existence of this crisis has turned into an economic crisis, as many companies have stopped operating and many people do not have the income they had in previous years. Purpose: The purpose of this article is to describe the COVID-19 pandemic crisis, to analyze its effects on the world economy, but also to propose solutions. Method: This article is conducted as a literature review. Results: COVID-19 pandemic has dramatically affected all aspects of world economy. Conclusion: The World Bank is an international financial institution that provides financial and technical assistance to developing countries for development projects with the stated goal of reducing poverty. Nevertheless, it has played an important role in this pandemic with the funding of many governments as the World Bank has developed a new strategy that focuses on eradicating extreme poverty and promoting shared prosperity in a sustainable way. It is committed to helping countries achieve these goals with proven solutions that incorporate WBG knowledge and financial development services.
VL  - 9
IS  - 4
ER  -

Copy | Download