Vol. 2 (S) Jun. 2020

Article ID. JHSSR-1051-2020[S]

COVID-19: Global Economic Impact of Novel Coronavirus with Special Reference to India

Sudhakar Patra, Kabita Kumari Sahu and Ashok Bhukta

Abstract:

The objective of the paper is to analyse the impact of coronavirus in major countries of the world with special reference to India. The outbreak of a novel human coronavirus has become a global health concern causing severe respiratory infections in humans. The virus is rapidly spreading and the number of persons infected across nations is significantly increasing as no specific therapies are available for the disease. Only isolation, containment and prevention of further spread are crucial to arrest the outbreak and to control infectious disease. There is direct disruption to global supply chains due to the outbreak of coronavirus. Lesser demand for goods and services which are imported and decrease of tourists around the globe are adverse effects of this disease. Higher public investment along with other fiscal support needs to be promoted and long term low interest rate is essential to push the global economy.

DOI: https://doi.org/10.37534/bp.jhssr.2020.v2.nS.id1051.p173