Economic perspective of coronavirus (COVID‐19)

• Published date: 01 November 2020
• Author: Muhammad Usman,Yameen Ali,Aimon Riaz,Areej Riaz,Ahsan Zubair
• Date: 01 November 2020
• DOI: http://doi.org/10.1002/pa.2252

COMMENTARY

Economic perspective of coronavirus (COVID-19)

Muhammad Usman

1

|Yameen Ali

1

|Aimon Riaz

1

|Areej Riaz

1

|Ahsan Zubair

2

1

Department of Economics and Business

Administration, University of Education,

Lahore, Faisalabad Campus, Faisalabad,

Pakistan

2

Azman Hashim International Business School,

Universiti Teknologi Malaysia, Skudai, Johar

Bharu, Malaysia

Correspondence

Ahsan Zubair.

Azman Hashim International Business School,

Universiti Teknologi, Kuala Lumpur, Malaysia.

Email: ahsanzubair4002@gmail.com

This study aims to present a quick overview of the novel coronavirus (afterward

COVID-19) which triggers from Wuhan, spread approximately 213 countries and ter-

ritories around the globe, and still currently ongoing. Particularly, we are interested

to investigate the economic perspective of COVID-19. This paper uses data from

online published articles and current media sources, as the COVID-19 situation is

unfolding yet. To deeply explore the said matter, we divide the economic impact into

six dimensions that is, Chinese economy, Central Asian economies, South Asian econ-

omies, South East and West Asian economies, European economies, Northern Afri-

can, and Middle Eastern economies. The paper concludes that epidemic situations

like COVID-19 severely affect economies around the globe. The basic reasons behind

such severity are immobility of labor, reduction in productivity, discontinuation of

the supply chain, a decline in exports, uncertainty, and so on. This study is quite

important for businesses and policymakers to estimate and plan current and post-

COVID-19 situations.

1|OVERVIEW

COVID-19 belongs to the family of viruses that are found in animals

and can transfer in humans (Augustine, 2020). COVID-19 was origi-

nated from Wuhan, a city of 11 million people and a large industrial,

educational and scientific base in China (Ayittey, Ayittey, Chiwero,

Kamasah, & Dzuvor, 2020). This horrible story was started from the

market in which animals and birds are sold. The initial host of the virus

was bat which also contains other viruses of the same family such as

Ebola, AIDS, and rabies. But bats were not the only animals sold in

Wuhan. However, it is of thought that maybe it would have infected

other animals and birds too (Augustine, 2020). The first cases were

reported on December 31, 2019. Most of the death reported in the

Hubei province of China in which Wuhan is located (Baker, Bendix, &

Frias, 2020).

The virus spread so fast throughout China that the industries and

institutions of China were shut down immediately. The city of Wuhan

is being called the city of ghosts as millions of people remained

locked-up as a precaution not only in the outbreak city but also in

dozens of cities across the country. The business activities have been

shut down throughout China. The barrier to business activities has

caused a ruckus to the Chinese economy. This ruckus can cause a

huge gap toward China's goal of becoming the world's biggest

economy, besides, it can cause a downfall in the economy of the

countries having a business stake with China (Ayittey et al., 2020).

COVID-19 is not fully indicated until a person gets it. It takes at

least 5 days for a person to show the symptoms of the virus. Initial

symptoms consist of dry cough, fever, and feeling of being unwell. It

also includes dryness in the lungs and tiredness in other parts of the

body. The nature of the virus is that it spread very fast. Recently the

fatality rate of the virus recorded is 20% (Augustine, 2020).

So far, COVID-19 has killed over 446,522 people and infected

more than 8,282,815 people across the world. At least 213 countries

outside China have reported cases. The countries most affected after

China are South Korea, Italy, Japan, and Iran. Which are not suffering

only health problems but also a disturbance in the economy (Baker

et al., 2020). According to the date given by the Chinese doctors, the

20% of the cases are fatal and need hospitalization, whereas, the

other 80% are those that are mild and can be cured through their

immune system if strong. Mostly the fatal cases are of those of aged

or old people (Bizaer, 2020).

The virus spread from the contact of person to person. Like other

viruses namely flu and cough the virus spread easily by droplet and

carried from one place to another. When people get in touch with

them, they catch the virus. The only measure of protection of the

virus is keeping yourself clean through washing thoroughly with the

Received: 22 May 2020Revised: 18 June 2020Accepted: 25 June 2020

DOI: 10.1002/pa.2252

J Public Affairs. 2020;20:e2252.wileyonlinelibrary.com/journal/pa© 2020 John Wiley & Sons, Ltd1of5

https://doi.org/10.1002/pa.2252