ABSTRACT
The COVID-19 pandemic originated in China and quickly spread to practically every country on the planet. Because there is no cure for the virus, countries are taking steps to prevent it from spreading. Many sectors, particularly the service sector, have seen significant reductions in activities, if not a full halt, due to these policies aimed at restricting human interaction. As a result, I will statistically assess the pandemic that has a significant impact on economic growth rates in both developing as well as developed countries. Without a doubt, the economy's consequences will be determined by how long the pandemic lasts and when it returns to normal economic activity. The impacts of the COVID-19 pandemic on global economic growth are assessed in this paper. © 2022 IEEE.
ABSTRACT
Background: COVID-19 became pandemic in a short time and has spread affectingthe countries negatively in economic, social and political life all over the world.Governments and international organizationsare taking protective measures to decrease the effect of the pandemic on total economy and households. Aim: This study aims to investigate the growth rates of confirmed cases and deaths related to COVID-19 and analyse the health system infrastructure and economic effects of COVID-19 in OECD countries, the policy responses of nations and international organizations against pandemic. Methods: The data for the COVID-19 confirmed cases and deaths was gathered from European Centre for Disease Prevention and Control (ECDC) and was smoothed with Simple Moving Average process to remove trend and reduce volatility. The cumulative growth rates for COVID-19 confirmed cases and deaths were calculated by natural logarithmic values.In the study the health infrastructure and human resources and the impact of COVID-19 on the economy and foreign trade for the countries were also analysed. Results: In five months total confirmed cases and deaths exceeded five million and three hundred thousand respectively all over the world. Due to COVID-19 confirmed cases and deaths in some countries have increased rapidly due to insufficient health systems. Since the internal and external demand decreased and the supply chain was destructed the countries faced contracting GDP, foreign trade, tax revenues and employment where individuals had job and income loss. Conclusion: Rapidly spreading COVID-19 heavily affects human life and economies in countries. Governments and international organizations are taking protective measures and responses against the pandemic quickly. Staying at home, keeping social distance and taking lockdown decisions for settlements will change attitudes and behaviours. Pandemic will be destructive for some countries where it will be an opportunity for others who have strong infrastructure for health systems, medical products, food and online sales.
ABSTRACT
Purpose>International tourism and FDI inflows have generated detectable beneficial impacts on the economy of Estonia in the last decades. However, recently, poor international market conditions mostly caused by the trade war and COVID-19 pandemic have been a potential threat to these two factors. Besides, the poor performance of investments in recent years is behind the stagnation of productivity in Estonia. This study examines the dynamics of the effects of these factors on the rate of economic growth in Estonia and provides policy implications in line with sustained recovery.Design/methodology/approach>A nonlinear ARDL technique is employed in this study to investigate the long-run effects of FDI and the degree of tourism specialization on economic growth rate.Findings>Our findings indicate that the economic growth rate of Estonia in the long run has been positively affected by both the rate of FDI inflows and international tourism.Originality/value>This is the first study that employs a non-linear approach to investigate the dynamics of long-run effects of FDI and tourism specialization on the rate of economic growth in Estonia and provides policy implications in line with optimal growth strategy considering the economic structure, the current level of productivity and available potentials in this economy.
ABSTRACT
The COVID-19 pandemic has been going on for over one year until today. The government of Indonesia has issued various policies to break the chain of transmission of COVID-19, including the imposition of Large-Scale Social Restrictions and the Enforcement of Restrictions on Micro-scale Community Activities. However, in socio-economics dimension, especially on Economic Growth Rate (EGR), Human Development Index (HDI) and Poverty Percentage (PP), this pandemic has changed how they interact each other. This study presents anomaly correlation regarding those three socio-economics dimensions. The data for analysis was taken from Statistics Indonesia that consists of monthly report data in socio-economics fluctuation during two years period (2019-2020). For year 2019, the results of the Bivariate correlation test showed that the increasing of the Economic Growth Rate (EGR) would increase the Human Development Index (HDI) and decrease the Poverty Percentage (PP) in Indonesia. This correlation did not happen in 2020, because when the Economic Growth Rate (EGR) was increased, the Human Development Index (HDI) level was decreased and Poverty Percentage (PP) was increased. The 2020 result behaviour showed an opposite condition compared to normal correlation term. Some analysis has been discussed on the paper regarding this anomaly condition. The worst impact due to the COVID-19 pandemic in this analysis were shown in Bali-Nusa Tenggara region, where the Economic Growth Rate (EGR), Human Development Index (HDI) and Poverty Percentage (PP) values are below the national value. © 2021 IEEE.