Effect of Coronavirus on Global Economy
CHAPTER ONE
Objective of the study
The objectives of the study are;
- To ascertain the threat of coronavirus on global economy
- To ascertain the effect of coronavirus on global economy
- To find whether is economic importance of coronavirus to the global economy
CHAPTER TWO
REVIEW OF RELATED LITERATURE
Coronavirus
Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus.
Most people infected with the COVID-19 virus will experience mild to moderate respiratory illness and recover without requiring special treatment. Older people, and those with underlying medical problems like cardiovascular disease, diabetes, chronic respiratory disease, and cancer are more likely to develop serious illness.
The best way to prevent and slow down transmission is be well informed about the COVID-19 virus, the disease it causes and how it spreads. Protect yourself and others from infection by washing your hands or using an alcohol based rub frequently and not touching your face.
The COVID-19 virus spreads primarily through droplets of saliva or discharge from the nose when an infected person coughs or sneezes, so it’s important that you also practice respiratory etiquette (for example, by coughing into a flexed elbow).
At this time, there are no specific vaccines or treatments for COVID-19. However, there are many ongoing clinical trials evaluating potential treatments. WHO will continue to provide updated information as soon as clinical findings become available
Mortality rates and economic impact are not correlated
There are many channels through which an infectious outbreak influences the economy. The traditional approach to evaluating the economic damages of an outbreak uses information on deaths and illness to estimate the loss of future income due to death and disability. Losses of time, income, and direct expenditure on medical care are also part of the traditional measures of economic costs. This traditional health economics approach underestimates the true costs of the current crisis. We have seen that in prior infectious diseases for which there is no vaccine (e.g., SARS, HIV/AIDS, and pandemic influenza). However, the available evidence from these prior outbreaks provides some information that can help us start thinking about the full implications of COVID-19. Data from SARS, as well as the Spanish Flu from 1918, provides us with some idea of the economic shocks posed by the current outbreak. However, it is important to highlight the differences. We are facing a different shock here. In the COVID-19 crisis, the evidence suggests there is no correlation between economic impact and mortality rates. The reaction of governments, companies, consumers and media, have all created a simultaneous demand and supply shock. At the date of this report, I believe the health risk is not necessarily correlated with the economic risk to the global economy.
CHAPTER THREE
RESEARCH METHODOLOGY
Research design
The researcher used descriptive research survey design in building up this project work the choice of this research design was considered appropriate because of its advantages of identifying attributes of a large population from a group of individuals. The design was suitable for the study as the study sought the effect of coronavirus on global economy.
Sources of data collection
Data were collected from two main sources namely:
- Primary source and
- Secondary source
Primary source:
These are materials of statistical investigation which were collected by the research for a particular purpose. They can be obtained through a survey, observation questionnaire or as experiment; the researcher has adopted the questionnaire method for this study.
Secondary source:
These are data from textbook Journal handset etc. they arise as byproducts of the same other purposes. Example administration, various other unpublished works and write ups were also used.
CHAPTER FOUR
PRESENTATION ANALYSIS INTERPRETATION OF DATA
Introduction
Efforts will be made at this stage to present, analyze and interpret the data collected during the field survey. This presentation will be based on the responses from the completed questionnaires. The result of this exercise will be summarized in tabular forms for easy references and analysis. It will also show answers to questions relating to the research questions for this research study. The researcher employed simple percentage in the analysis.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
Introduction
It is important to ascertain that the objective of this study was to ascertain effect of coronavirus on global economy. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of coronavirus on global economy.
Summary
This study was on Effect of coronavirus on global economy. Four objectives were raised which included: To ascertain the threat of coronavirus on global economy, to ascertain the effect of coronavirus on global economy and to find whether is economic importance of coronavirus to the global economy. In line with these objectives, two research hypotheses were formulated and two null hypotheses were posited. The total population for the study is 200 staffs of CBN in Abuja. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made administrative staffs, economists, senior staffs and junior staffs were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
Conclusion
We analysed the coronavirus outbreak and the spillover to the global economy which triggered the global recession in 2020. Policy makers in many countries were under pressure to respond to the coronavirus outbreak. As a result, many governments made fast policy decisions that had far-reaching positive and negative effects on their respective economy – many countries plunged into a recession. Social distancing policies and lockdown restrictions were imposed in many countries, and there have been arguments that such social policies can trigger a recession. Lawmakers in many countries supported an extended social distancing policy, damning the consequences of social distancing on the economy. The recession that followed, which many countries experienced, was a reflection of the difficult choice that policy makers had to make in choosing whether to save the economy before saving the people or to save the people before saving the economy; many countries chose the latter. There were criticisms that the policies were too fast, premature or insufficient, and that the policies contradicted one another in some areas, for instance, the accommodative monetary policy encouraged economic agents to engage in economic activities while the lockdowns and social-distancing (stay-at-home) policy prevented economic activities from taking place. On the bright side, the coronavirus-induced public health crisis created an opportunity for many governments to make lasting reforms in the public health sector. Countries like the UK and Spain repaired their public health care system, and fixed other shortcomings in public infrastructure such as the transition to online education, transportation systems and the disease detection systems in public hospitals. Some governments also used the crisis as an opportunity to fix the economic system and the financial system with the planned federal stimulus package. Our study has some limitations. The main limitation of this research paper is the short period of analysis due to limited dataset. A longer study period may capture the socioeconomic consequences of government policies during the coronavirus crisis.
Recommendation
Fighting against COVID-19 spreading, including sharing the information of the disease transmission and epidemiological knowledge, sharing the experiences on case management and treatment approaches both for severe cases or light symptoms, and sharing new technologies or strategies to contain the transmission.
References
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