THE ECONOMIC ANDFINANCIAL EFFECT OFCOVID19 ON DEVELOPED ANDDEVELOPING COUNTRIES

An Academic presentation byDr. Nancy Agens, Head, Technical Operations, PhdassistanceGroup  www.phdassistance.comEmail: info@phdassistance.com

TODAY'S DISCUSSIONOutline

Introduction

Our Global Economy Hits Hard than Expected

General Financial Impact of a Virus in the Society

Prediction of the United Nations for 2020 Pandemic

Global Economic Effects of COVID – 19

Conclusion

IntroductionThe trending yet troublesome coronavirus pandemic (COVID – 19) is having a huge impact on the economic and financial status of countries.

The level of impact varies across the developmental strata of the nation.

We are not new to get financial damages from a virus:

Middle East Respiratory Syndrome coronavirus in 2012

Ebola virus disease from 2013 lasting till 2016

Zika virus in 2015Contd..

But then, when it comes to a novel disease like coronavirus, it deems to be a pandemic.

And hence, the demand for resources, food, medicines, insurance, etc. is much higher than usual.

FACTOID 1: Mandatory quarantine and closing the nation’s borders are some of the impactful strategies followed by poorest countries of the world such as Latin America, Asia and Africa.

Our Global Economy Hits Hard than Expected

With the immense count of efforts and dedication from several leaders and workers, almost the majority of the world nations have been Financially and Economically hit hard.

About 1,853,464 cases (ASN, 2020) of COVID – 19 has been estimated, as of now.

Out of which, 114,254 are the lost lives counted in the trajectory.

FACTOID 2: Spending money over resilient health system protocols is both cost- effective and also useful to fight back in the long-run through sustainability, instead of pinning cash over emergency resources.

General Financial Impact of a Virus in the Society

The effect on a country when a pandemic gets released, regardless of its developmental milestone, is adverse in results.

1. In the stance of quantifying the cost of inaction, government agencies spend a huge amount for experts and domain specialists to get accurate results.

2. There will be a reduction in the total trade revenue value.

3. High crisis in the form of liquidity along with financial market shocks are possible.

4. A large number of wages and loads get wasted, thus not benefiting both the seller or vendor and consumer or customer.

Prediction of the United Nations for 2020 Pandemic

According to the statistics of DESA, with International trade getting severely affected, the supply chain is greatly reduced due to the impact of coronavirus pandemic.

The experts there also gave a word of warning that without the support of enough fiscal responses, economic activities should not be extended.

If that is the case, then from the reversal of their earlier prediction and forecasting, countries might experience about 1% shrinkage in the total global economy!

FACTOID 3: Less than half of the population in African countries such as Sudan, South Africa, Uganda, Madagascar, Eswatini, etc. have access to modern healthcare.

Global Economic Effects of COVID – 19

Due to the rise of cases in coronavirus, world lockdown has come to a screeching a halt, thus reducing the overall economy.

Furthermore, the Organization for Economic Cooperation and Development (OECD) has estimates that:

There will be a less severe impact of coronavirus over countries that are domain in agriculture and mining areas.

Economic costs are adding to regular households of Americans.

The Bank of Canada has lower rates on their key interest value.

Low-income families in Singapore will get relative vouchers for buying their groceries.

Conclusion

Better research reviews with credible policies are needful to understand the severity and transmission rate of the coronavirus, at least to hold onto some financial backup before health adversities!

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