The global economic cost of coronavirus pandemic: current and future implications
Purpose – The global economy is plagued by an unprecedented shock that has devastated economic growth under the coronavirus pandemic. The prolonged movement control orders, social distancing, and lockdowns have triggered the global economic downturn, disrupted the demand and supply chains, reduced t...
| Main Authors: | , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Emerald Publishing
2021-11-01
|
| Series: | Public Administration and Policy |
| Subjects: | |
| Online Access: | https://www.emerald.com/insight/content/doi/10.1108/PAP-10-2021-0054/full/pdf?title=the-global-economic-cost-of-coronavirus-pandemic-current-and-future-implications |
| _version_ | 1798029797115297792 |
|---|---|
| author | Mian M. Ajmal Mehmood Khan Muhammad Kashif Shad |
| author_facet | Mian M. Ajmal Mehmood Khan Muhammad Kashif Shad |
| author_sort | Mian M. Ajmal |
| collection | DOAJ |
| description | Purpose – The global economy is plagued by an unprecedented shock that has devastated economic growth under the coronavirus pandemic. The prolonged movement control orders, social distancing, and lockdowns have triggered the global economic downturn, disrupted the demand and supply chains, reduced the pool of workforce, and caused many jobs loss. This paper aims to analyze the global economic cost of the coronavirus pandemic, and its current and future implications. Design/methodology/approach – Based on contingency theory, this paper provides an in-depth analysis of the current situation on the global economic cost of the COVID-19 outbreak and gives insights from an organizational perspective. Findings – This paper found that the world has witnessed far-ranging economic consequences due to the coronavirus pandemic in four aspects: (i) decline in personal consumption; (ii) decline in the investments and stock prices in capital market; (iii) decline in government spending in developmental projects and increase in new borrowing; and (iv) decline of exports of goods to international markets. Originality/value – The novelty lies in investigating the effects of the COVID-19 pandemic on micro and macroeconomic levels — the components of GDP, consumer behavior, business investments, government spending, and global exports. The paper suggests the need for urgent actions by the world leaders to oversee, anticipate, and manage the risks and cushion the economic consequences. It concludes that the flexibility and adaptability of leaders, effectiveness, workforce protection, efficient use of modern technology, including automation and artificial intelligence, would enhance the resilience of supply chains which will support organizations to sustain in this critical time. |
| first_indexed | 2024-04-11T19:30:07Z |
| format | Article |
| id | doaj.art-bc0c4ab7b80042179f5f934c687e5e9d |
| institution | Directory Open Access Journal |
| issn | 1727-2645 2517-679X |
| language | English |
| last_indexed | 2024-04-11T19:30:07Z |
| publishDate | 2021-11-01 |
| publisher | Emerald Publishing |
| record_format | Article |
| series | Public Administration and Policy |
| spelling | doaj.art-bc0c4ab7b80042179f5f934c687e5e9d2022-12-22T04:07:01ZengEmerald PublishingPublic Administration and Policy1727-26452517-679X2021-11-0124329030510.1108/PAP-10-2021-0054675936The global economic cost of coronavirus pandemic: current and future implicationsMian M. Ajmal0Mehmood Khan1Muhammad Kashif Shad2College of Business, Abu Dhabi University, Abu Dhabi, United Arab EmiratesCollege of Business, Abu Dhabi University, Abu Dhabi, United Arab EmiratesManagement and Humanities Department, Universiti Teknologi Petronas, Perak, MalaysiaPurpose – The global economy is plagued by an unprecedented shock that has devastated economic growth under the coronavirus pandemic. The prolonged movement control orders, social distancing, and lockdowns have triggered the global economic downturn, disrupted the demand and supply chains, reduced the pool of workforce, and caused many jobs loss. This paper aims to analyze the global economic cost of the coronavirus pandemic, and its current and future implications. Design/methodology/approach – Based on contingency theory, this paper provides an in-depth analysis of the current situation on the global economic cost of the COVID-19 outbreak and gives insights from an organizational perspective. Findings – This paper found that the world has witnessed far-ranging economic consequences due to the coronavirus pandemic in four aspects: (i) decline in personal consumption; (ii) decline in the investments and stock prices in capital market; (iii) decline in government spending in developmental projects and increase in new borrowing; and (iv) decline of exports of goods to international markets. Originality/value – The novelty lies in investigating the effects of the COVID-19 pandemic on micro and macroeconomic levels — the components of GDP, consumer behavior, business investments, government spending, and global exports. The paper suggests the need for urgent actions by the world leaders to oversee, anticipate, and manage the risks and cushion the economic consequences. It concludes that the flexibility and adaptability of leaders, effectiveness, workforce protection, efficient use of modern technology, including automation and artificial intelligence, would enhance the resilience of supply chains which will support organizations to sustain in this critical time.https://www.emerald.com/insight/content/doi/10.1108/PAP-10-2021-0054/full/pdf?title=the-global-economic-cost-of-coronavirus-pandemic-current-and-future-implicationscovid-19pandemiccontingency theoryeconomic costglobal economy |
| spellingShingle | Mian M. Ajmal Mehmood Khan Muhammad Kashif Shad The global economic cost of coronavirus pandemic: current and future implications Public Administration and Policy covid-19 pandemic contingency theory economic cost global economy |
| title | The global economic cost of coronavirus pandemic: current and future implications |
| title_full | The global economic cost of coronavirus pandemic: current and future implications |
| title_fullStr | The global economic cost of coronavirus pandemic: current and future implications |
| title_full_unstemmed | The global economic cost of coronavirus pandemic: current and future implications |
| title_short | The global economic cost of coronavirus pandemic: current and future implications |
| title_sort | global economic cost of coronavirus pandemic current and future implications |
| topic | covid-19 pandemic contingency theory economic cost global economy |
| url | https://www.emerald.com/insight/content/doi/10.1108/PAP-10-2021-0054/full/pdf?title=the-global-economic-cost-of-coronavirus-pandemic-current-and-future-implications |
| work_keys_str_mv | AT mianmajmal theglobaleconomiccostofcoronaviruspandemiccurrentandfutureimplications AT mehmoodkhan theglobaleconomiccostofcoronaviruspandemiccurrentandfutureimplications AT muhammadkashifshad theglobaleconomiccostofcoronaviruspandemiccurrentandfutureimplications AT mianmajmal globaleconomiccostofcoronaviruspandemiccurrentandfutureimplications AT mehmoodkhan globaleconomiccostofcoronaviruspandemiccurrentandfutureimplications AT muhammadkashifshad globaleconomiccostofcoronaviruspandemiccurrentandfutureimplications |