Economic Impact of COVID-19

Abstract

ABSTRACT The COVID-19 pandemic and the associated economic crisis are posing huge challenges, raising many unknowns, and imposing wrenching trade-offs. Both crises are global, but their impacts are deeply local. The policy response to both crises needs to be rapid, even if it is rough around the edges. But countries cannot pull this off on their own—the global crises require global solidarity and coordination. Governments must dramatically overhaul policies and invest in public health, economic stimulus, and social safety nets, to help countries recover faster from the COVID-19 pandemic. The economic report warns that a patchwork of preexisting solutions won’t work and points out those governments must coordinate with each other to hasten the recovery. This is a global crisis and working in silos is not an option, it says. The report `Position Note on the Social and Economic Impacts of COVID-19 in Asia-Pacific` calls on countries in the region to avoid returning to the pre-pandemic environmentally unsustainable development path, and to capitalize on the opportunity to build a better future. The study covers the primary data collected related to the topic and primary data was collected through Google forms sample size of 78. The collected primary data was analyzed by using Paired sample test, KMO and Bartlett`s Test, and Factor Analysis with the help of SPSS.