Impact of Covid-19 pandemic on global output, employment and prices: an assessment

Abstract

The effects on human health and life have been catastrophic and its adverse economic effects have been profound, as many countries are engaged in lockdowns, social distancing, mobility, and other restrictions. These have caused unprecedented disruptions in production, distribution, consumption, supply chains, tourism, trade, investments, among others. This paper utilises a simple conceptual framework to anticipate the potential adverse impacts of the pandemic on the economy focussing specifically on output, employment, and prices. The anticipated potential outcomes on the above-mentioned global indicators are assessed utilising publicly available data and information. Both qualitative and quantitative information are utilised which are obtained from various primary and secondary sources. Consistent with the potential outcomes, the paper finds and reports severe adverse impact of the pandemic on global production, employment, and prices. Finally, the paper discusses policy responses to combat the crisis by governments and international organisations and discusses some business implications.

Keywords:

• Covid-19 pandemic
• output
• employment
• prices
• public policy responses

JEL CLASSIFICATION:

• A10
• E20
• E30
• F00
• F30

Disclosure statement

No potential conflict of interest was reported by the author(s).

Correction Statement

This article has been republished with minor changes. These changes do not impact the academic content of the article.

Additional information

Notes on contributors

Anisul M. Islam

Dr. Anisul M. Islam is a tenured faculty member serving at the rank of full Professor at the University of Houston-Downtown, Houston, Texas, U.S.A. His primary research interests are in the area of International Economics, International Finance and Economic Development. He has published several books, a number of book chapters, and 70 plus articles in peer reviewed academic and professional journals in the U.S. and abroad. He has also received many awards and recognitions both within the University and outside the University for excellence in teaching, scholarship, and professional service activities and engagements. He has received all four top awards at the University of Houston-Downtown. He also serves as reviewer and editorial board member in a number of professional and academic journals in the U.S. and abroad.