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Supply effects result from the loss of working hours, and the decline in aggregate demand results from the decline in income due to unemployment associated with lockdowns.
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The economic effects of the COVID-19 can be broadly categorized into supply and demand effects. Second, the exponential rate of transmission of this disease indicates that the COVID-19 will be much more severe than any other pandemic. However, the actual fatality rate of the COVID-19 remains unpredictable, owing to the absence of pharmaceutical inventions. This fatality risk can be compared with that of the 1857 influenza pandemic (0.6%) and of the 1918 Spanish flu (2%). First, the fatality risk associated with the COVID-19 is 1%, which is more miserable than that of typical influenza, as it can kill healthy as well as elderly people. The COVID-19 is considered to be a “once-in-a-century pathogen” owing to the following reasons. 2020, the World Health Organization (WHO) declared the COVID-19 as a global outbreak of pandemic on March 11, 2020. The COVID-19 is a highly transmittable and pathogenic viral infection. At the beginning of December 2019, Wuhan City, China, witnessed the origin of the novel “coronavirus” (COVID-19 hereafter) at first. Our study is motivated by the ongoing coronavirus pandemic and its multifaceted effects on the economies worldwide. The effects of a pandemic remain uncertain owing to the lack of a predictive pattern of its occurrence, particularly in the absence of a pharmaceutical invention. Furthermore, a pandemic can result in socio-psychological disturbances to the society wherein the poor witness the burden of the crisis more than their richer counterparts. In addition to fatalities, a pandemic can lead to economic and health crises. For instance, the Spanish flu in 1918 killed 50 million people worldwide. The goal is to explore the economic effects of the COVID-19 and suggest policy directions to mitigate its magnitude.Ĭlark (2016) opined that a pandemic is a serial killer that can have devastating consequences on humans and the global economy. This paper undertakes a survey of literature on the economics of COVID-19 1