ISSN: 2998-7946
Modern society’s social and economic domains became severely distorted with the emergence of the Covid-19 pandemic in 2020. Although this was only one of the several epidemics faced by the world in the last two decades, its scale and severity were substantially more devastating compared to other pandemics such as the SARS-CoV in 2002, H1N1 influenza in 2009.
Emergance of Covid-19 has been one of the major global issues. Initially, it emerged from Wuhan city in China, and it rapidly spread all over the world (Donthu & Gustafsson, 2020, Ivanov & Dolgui, 2020; Verma & Gustafsson, 2020). Although, it has attracted much attention among practitioners, scholars, and researchers.
The COVID-19 pandemic has negatively influenced the global economy and public health. Despite governments having implemented nationwide quarantine policies and travel, the pandemic has resulted in higher mortality rates (Bou et al., 2021).Different studies have been conducted to address the impact of the COVID-19 pandemic.
The engine of growth of the contemporary world is driven by human productivity coupled with the government’s incentivisation policies for work. While rapidly growing technology-led industrialisation characterises the 21st century
The eruption of the coronavirus pandemic occurred in 2019 that has majorly affected the economies nationally and globally (Allam, Dey, and Jones, 2020). It has strictly impacted various organisations as they faced varying amounts of losses in the process (Sonobe et al., 2021). In addition, it is recognised that enterprises are facing numerous dilemmas which involve a decline in the consumer demand levels as well as other businesses,
In the past, it was the norm of companies doing unethical marketing by stating false facts and figures, exaggerating the qualities of their products and services, and claiming unverified facts like cigarette smoking gave an active lifestyle (Gupta and Srivastav, 2016).
The relationship between interest rates, inflation, and unemployment for a country has been one of the most important and highly debated subjects in policy making circles of macroeconomics (Burdeken et al., 2020). Interest rate is a key policy tool of central banks of all countries which depicts the cost of borrowing, and conversely it also represents the reward of saving capital (Agenor et al., 2018).
There have been several plagues and outbreaks throughout the world. The COVID-19 virus was responsible for the most recent deadly infection that has been spreading throughout society. This virus has been deemed unique due to its wide range of health effects and high infection rate. The current economic slump differs from prior ones such as Great Depression of the 1930s.
The COVID-19 pandemic is resulting in havoc among the international financial and economic sphere, as it develops as the massive test for financial systems across the globe after financial crisis of 2008 and 2009. It has been predicted by Asian Development Bank (ADB) that the international economic cost of the disease is probably to be amid $5.8 and USD8.8 trillion that is almost 6.4 to 7% of the total GDP of the World (Park et al., 2020).