The COVID19 Pandemic and Its Impact on the Global Economy WELL RESEARCHED ESSAY AND 100% SCORE

The COVID19 Pandemic and Its Impact on the Global Economy WELL RESEARCHED ESSAY AND 100% SCORE Abstract The COVID-19 pandemic broke out at a time when there were heightened uncertainties in the global economy. Understanding these uncertainties provides an important background for analyzing the impact of the pandemic on the global economy, assessing the effectiveness of those policy measures in combating the pandemic and reviving the global economy, and predicting the trajectory of the economic recovery in postpandemic era. We analyze how COVID-19 would likely deepen some existing malaise in the global economy, and what could be done to redress these problems while managing economic recovery from the crisis and beyond. We argue that three fundamental factors which could lead to a solid recovery in the post pandemic era are structural reform, new technology and re-integration which could be managed through instituting a new “global social contract.” Supported by strong public policies at all levels especially at national levels, the tripartite could serve as salvation of the global economy recovering or re-emerging from this pandemic crisis. Key words: COVID-19, economic recovery, global recession, global social contract JEL codes: F01, F50, I18 I. Introduction On 31 December 2019, Wuhan Municipal Health Commission, China, reported a cluster of cases of pneumonia in Wuhan, Hubei Province. A novel coronavirus was eventually identified. On 11 March 2020, the World Health Organization (WHO) made the assessment that COVID-19 could be characterized as a pandemic (WHO, 2020). Up until recently, the pandemic hit Europe and Americas hardest measured by number of confirmed cases (Figure 1). The health crisis not only caused a tragically large number of human lives being lost,