COVID-19 Effects on the Global Economy: An Overview

The scope and magnitude of the COVID-19 pandemic has made a lasting impact on the global economy, with the US, European and Asian emerging markets being the most affected. The pandemic that originated in China in late 2019 caused huge economic, financial, and human losses, with hundreds of millions of people lost their lives, hospitalized, lost their jobs and sources of income. Although the pandemic has officially ended, the repercussions of the public health crisis have left the global economy in turmoil, with global recession reaching a record high, unemployment reaching a peak, and disrupted global value chains negatively affecting the flow of factors of production, including goods, services, and capital worldwide. While providing an overview of the effects of the pandemic on the global economy, the analysis paves the way towards greater understanding of the economic consequences of the public health crisis on national economies and markets.