Economic Impacts of Covid-19 Pandemic (Country and Global Perspective)

Abstract

The pandemic of 2020 caught many by surprise. In spite of regional outbreaks of epidemics with lethal consequences such as SARS or Ebola, for about a century the mankind has not faced such a global pandemic as hit the globe during the first quarter of 2020. However, in the history, there have been other pandemics, which took the death toll of millions of people such as Black Death in 14th century, or the 1918 Fluxxxv, which probably killed more people than the World War I taking place at about the same time (Learn, 2020). The experience shows that during these pandemic periods, mistakes were also made, such as the failure of people to socially distance, which we can learn from even today. During the Spanish flu, the spread of the virus was also caused by the migration of solders during the war. Thus, the past experience also documents that the spread of the virus can be contained by reduced mobility of population, both within individual countries and internationally. However, it is also equally clear that the containment measures aimed to reduce the mobility are also very costly, have substantial consequences on the economy of the country and create recessionary pressures.