Modelling the factors affecting global economy during COVID-19 using ISM approach

ABSTRACT

The global pandemic created by COVID-19 has affected the world economy. The global human assets have been compelled to be lockdown and were made to maintain social distancing by the order of governments. Even in some cases, people by themselves have started taking precautionary measures to safeguard themselves, their near ones and the world at large. These steps of governments and people have stressed various economic variables. To understand the interrelation among various distressed economic variables so identified through literature, interpretive structure modelling (ISM) was applied to understand the hierarchical relationship among the variables. The results of the model and MICMAC analysis indicate that heavy expenditure on social security, rise in unemployment, catastrophe containment and relief fund and emergency fund are the top-level economic variables. The findings of this work suggest how global policymakers are creating and using various funds to mitigate health and human assets of the world. © 2021 Inderscience Enterprises Ltd.