Impact Of The COVID-19 Pandemic: A Changed World

Coronavirus disease-2019 (COVID-19) is predicted to have long-term consequences on the world's physical, mental and economic levels. June 2020 Global Economic Prospects describe the immediate and near-term impact of the pandemic, additionally the long-term injury to growth prospects. The baseline forecast predicts a 5.2% contraction in world GDP, despite the efforts made by governments to combat the downswing aided by business and financial support. Half the world's 3.3 billion personnel are threatened by the loss of their jobs. Moreover, workers within the informal economy are significantly vulnerable as a result of the lack of social protection, access to quality health care and productive assets. Individuals are finding it troublesome to survive through imprisonment as a result of a lack of resources to earn a living. According to Moody, the economic impact of the recent increase in COVID-19 cases is going to be restricted from April to June quarter, with a robust rebound within the last half of the year. The slower growth rate, on the other hand, can impede nearterm economic recovery and have an impression on long-term growth dynamics. This study is focused on determining the critical effects of a Coronavirus pandemic on the global economy and anticipating the scenario that would confront the global economy soon. This research examines the various elements of Coronavirus and its economic implications.