The Coronavirus (COVID-19) pandemic: economic implications and challenges

Abstract

The COVID-19 pandemic is an unstoppable worldwide epidemic. As of mid-September 2021, there have been more than 44 million confirmed cases of COVID-19. World Bank estimates show the deepest global recession since World War II, with millions out of work. Quarantines and other extreme restrictions cannot be sustained in the long term in the hope that there will be an effective vaccine or treatment for COVID-19. Rather, these restrictions give countries time to reduce disease incidence and take robust butsustainable measures to prevent and control transmission. When and how a country eases restrictions are common challenges facing governments around the world as they try to balance various health, social and economic challenges.