IMPACT OF CORONA VIRUS COVID-19 ON THE GLOBAL ECONOMY

Abstract

The present article dealt with the impact of COVID-19 outbreak on the world economy. The study has covered the outbreak of corona virus along with its impact on agriculture, energy sector, space science and overall economy. Coronavirus posing serious, challenging and troublesome effects on the economy is believed to create sudden economic recession which will burst the estimated budget of the world in the very first quarter. The global economic recession is expected to make a loss of trillion dollars of global income. Due to this pandemic spread over all the world wide webinars and conferences across technology along with sports and fashions are being postponed or being cancelled and it also led to shutdown of shops and companies except pharmaceuticals and groceries etc. which shows that there will be negative impact on the economies of the countries. It has made numerous impacts in agricultural sector affecting income and profit of farmers as well as distributors and consumers. Hence, there is a urgent need of government action and advanced research labs so that the world with all its major affected countries could turn the situation over and make the economic growth could reach little far towards the target.