INTRODUCTION:

Recent research worldwide regarding COVID-19 has identified how the global economy was hugely affected due to consequences created by the policy measures during the pandemic and post-pandemic times. This pandemic not only changed the everyday lives of individuals but also harmed the economic growth of almost all nations across the globe.

Very soon after its emergence, it was declared a global pandemic. Since then, this pandemic has enormously disrupted workers, households, students, business persons, stock market players, households, bankers, and almost all parts of society. China, the USA, the U.K., Japan, Germany, Italy, India, Spain, and almost all economies were poorly affected by this pandemic. The COVID-19 outbreak in China also spread quickly to other nations. McKibbin (2021) highlighted that it became difficult for policymakers to formulate optimum policy measures due to rapid spread. Researchers worldwide have examined the impact on various macro and micro-economic indicators of the economy.

The pandemic brought massive disruptions that shocked almost every economy. It has not only harmed poor economies but also the most developed economies, which suffered a lot in terms of loss of human capital and economic output. Novy (2021) mentioned that the global economy had undergone the most significant economic slump after the World War and the Great Depression due to this pandemic. Zsolt (2021) highlighted that COVID-19 has adversely affected major economies' employment and growth rates. The large-scale initiatives taken by governments and policymakers have made it easier for the economies to cope with the disruptions (Udupa and Kotreshwar, 2010). Historical crises like depression, wars, and other pandemics have also transformed the economies. In any crisis, depression, or war-like situation, economies undergo remarkable disturbances, and thus, a similar transformation to COVID-19 can be expected (Vinod, 2021). Olakojo (2021) mentioned that the adverse consequences of the pandemic faced by major economies are equivalent to a considerable cost to the global markets.

OBJECTIVES:

The impact of COVID-19 on the globe has been studied by academicians from all over the world. Various recent studies have highlighted how the world has suffered in terms of loss of human capital and various socioeconomic aspects covered in various studies. Liu et al. (2020) argued that comprehensive evaluation can only be completed after the pandemic ends. This review aims to study the existing literature related to the Impact of COVID-19 on the global economy. It mainly focuses on reviewing the research papers highlighting how the pandemic has affected poverty, unemployment, stock markets, GDP (gross domestic product), the performance of tourism, and other industries (Ganesamoorthy and Baba, 2016).

RESEARCH METHODOLOGY:

This research paper reviews various studies published in 2019, 2020 and 2021. This study reviews secondary data collected through various sources, namely Scopus, Springer, Elsevier, Wiley, Taylor and Francis, JSTOR, SAGE, Science Direct, Proquest, and others. This study mainly focuses on reviewing the published work related to the impacts of the pandemic on unemployment, poverty, the stock market, gross domestic product (GDP), tourism, and other industries of various nations. This theoretical study highlights the pandemic's significant impacts on GDP, stock markets, unemployment, poverty, tourism, and other industries.

LITERATURE REVIEW:

Memon et al. (2021) stated that all the nations being developed or emerging were significantly affected by the COVID-19 pandemic. Published research articles showing the impact on different macroeconomic aspects of different economies have been reviewed.

Impact of COVID-19 on Stock Market:

With the emergence of COVID-19, the stock markets across different nations have suffered a lot due to significant uncertainty. It drastically impacted the world economy, and stock markets also faced massive disruptions due to the lockdowns imposed according to the rise and fall of daily cases (Chandra and He, 2021). Latif et al. (2021) found a negative impact of the pandemic on stock returns. The stock returns were declining throughout the period for various nations.

Youssef et al. (2021) studied the impact of the pandemic on the stock markets of different nations (namely China, Italy, France, Germany, Spain, Russia, the U.S., and the U.K.). A remarkable negative impact of the pandemic was found on the studied markets. It was also highlighted that maximum disruptions were experienced during the first quarter of 2020.

Alam et al. (2020) studied the pandemic's impact on Australia's stock market. The study adopted the event study methodology. After the official announcement of the pandemic, there were remarkable adverse movements in the stock indices of different industries. Chowdhury et al. (2022) also adopted an event study methodology for analysing the impacts on the European stock indices. This study also revealed a negative impact on the studied stock markets.

Belaid et al. (2021) used daily index data of 22 developing and developed stock markets to analyse the impact of the crisis. The emerging markets were found to be affected by advanced ones. Moreover, the European markets were found to be the primary driver of contagion and uncertainty (Chadha, 2017). Brueckner et al. (2021) found a significant long-term impact of the pandemic on different sectors of Australia. He et al. (2020) used daily return data and applied different statistical tests to study the impact on the stock market of different nations. Negative impacts were found on the studied stock markets. Moreover, bidirectional spillovers were observed between the markets of Asia and America (Tanty and Patjoshi, 2016).

Liu et al. (2020), by imposing adequate containment policies, the disrupted stock markets can be reverted to normal. A study on the Chinese economy confirmed that COVID-19 negatively impacted the stock and the bond market. Accordingly, it is suggested that in the face of sudden risks, investors should invest the funds carefully to avoid sudden risks (Chen et al., 2021). According to (Kartal et al., 2022), almost all economies were severely affected by the pandemic. Hasan et al. (2021) suggested that policymakers remain more cautious while taking preventive measures to save the economy from the crisis.

Celik et al. (2020) found the pandemic to hurt stock markets, commodity markets, and bitcoin. Bora and Basistha (2021) mentioned that the financial markets of significant economies collapsed due to the pandemic. Singh and Shaik (2021) also observed remarkable adverse effects on the global stock markets. Furthermore, varied impacts were revealed on developing and developed nations.

Some researchers examined the responses of the Australian stock market to the pandemic. An adverse stock market reaction to the pandemic announcement was found. The cross-sectional results suggested that the small portfolios had faced more disruptions. Moreover, size and liquidity were significant drivers of abnormal returns (Rahman et al., 2021).

Due to the pandemic risks, Dertli and Eryuzlu (2020) found that investors' approaches changed. It was indicated that during the pandemic, investors started shaping their portfolios according to the case rates. Fernandes (2020) During this pandemic, major stock markets experienced the highest one-day fall records. Zhang et al. (2020) indicated that the global financial markets have suffered drastically due to the pandemic. The findings demonstrated that the crisis made the markets more volatile and unpredictable.

A study related to the financial markets of China and the USA revealed a positive significant relationship between COVID-19. Sansa (2020) also highlighted that the financial markets of major economies like China and the USA suffered massive disruptions due to the pandemic.

Impact of COVID-19 on Unemployment:

The pandemic-related lockdown policies played a massive role in increasing the unemployment rate in almost all world nations. This impact has been studied by various researchers all over the world. On 2^nd June 2021, U.N. labour experts said that the economic crisis caused by COVID-19 raised the unemployment level for significant economies, and female and young workers suffered the most (Rao, 2014).

Ahmad et al. (2023) mentioned that disruptions caused by the pandemic on the employment level have been severe for various economies (including France, Spain, Germany, and others). Houston (2020) found the unemployment rate before the lockdown imposition to be a significant source of unemployment during the lockdown. Moreover, regions with high visitor economies were also majorly affected. Chong and Yip (2021) found slow growth, slothful trade and economic spread of unemployment rate as the significant risk factors for the ASEAN nations.

Some researchers have shown that most economies are facing a considerable rise in the rate of unemployed people because of the crisis and policy measures taken (Manu and Menda, 2017). Unemployment has reached high levels because many employees have had their employment contracts suspended and lost their jobs (Bahnareanu, 2020). Sidhu et al. (2020) revealed that this pandemic led to a massive job loss for most industrial sectors. The impact was found to be more than the major recession of 2008. Industries like hotels, travel, transport, and real estate were observed to be majorly affected (Zirack et al., 2020).

Bottan (2020) studied the impact on the labour market in emerging economies. Similar to the findings of developed economies, the employment rate of the emerging economies was also majorly affected by this pandemic. Adams et al. (2020) found a massive negative impact on the employment rate of major economies like the UK, the USA and Germany. It was also indicated that the impacts varied significantly across the nations.

Ozili (2020) suggested that policymakers implement reformative legislation to mitigate the unemployment risks generated due to the pandemic. Such measures could help the citizens sustain their income and boost the overall economic growth of the nations. Chetty et al. (2024) found that initially, economic activities were disrupted due to a reduction in spending by high-income people due to safety concerns. It further led to a fall in income rates for the low-wage earners. The whole business cycle and the economic growth of the significant economies suffered in unending ways due to the pandemic.

Drake et al. (2021) highlighted that the disruptions caused by the pandemic on the employment level of the major economies have been more significant than any other previous crisis. Thus, more serious efforts are required to bring the economies back on track. After the pandemic, the financial markets of significant economies were severely affected. The stress exerted on the financial sectors of the major economies could only be reduced through comprehensive measures by the government and developmental institutions. Thus, the literature suggests massive disruptions caused by the pandemic on the employment rate of the developed and emerging nations of the world.

Impact of COVID-19 on Tourism and Other Industries:

The movement restrictions and the lockdown measures amidst the pandemic negatively affected the tourism industry and other related business sectors heavily. Various service industries have also suffered massive losses due to the global lockdown, leading to disruptions in national economic development. The global tourism industries and other associated secondary sectors suffered a projected loss of 2.4 trillion dollars in 2020. This number increased in the following years as the situation got more severe. A fall in tourist arrivals led to the poor economic growth of the respected nations (Purushottam, 2023). The extent to which the pandemic has affected the tourism industry has been studied by numerous researchers worldwide. Wu et al. (2021) studied the disruptions caused by the pandemic on the performance of the tourism sector of the Chinese economy during the pandemic. The study adopted different research techniques like quantile regression and event study methodology for the analysis.

Saha et al. (2021) also found the tourism sector of various economies, including Thailand, Spain, Philippines and others, to be majorly affected due to the pandemic-related measures and restrictions. Williams (2021) measured the impact on the tourism industries of 28 European nations. The study revealed high revenue loss for the tourism business units of the studied nations. It was also highlighted that various government measures had been implemented to cope with the loss. However, the benefit of such financial support could not reach the workers of the undeclared economy. Foo et al. (2021) examined the impact on the Malaysian tourism industry. The study revealed that people worldwide cancelled their travel plans due to the virus spread. Moreover, the movement restrictions and the bans catalysed the hindrance and affected the tourism sector's growth (Jain et al., 2020).

Pan and Yue (2022) studied the impact on eleven significant world economies. The study's findings confirmed the pandemic's negative influence on the tourism sector of the studied nations. Due to the revenue loss suffered by the tourism industry in the studied markets, the overall economic growth of the respective nations was also severely affected. Khan (2020) revealed a remarkable negative impact on Pakistan's tourism sector. Payne et al. (2022) used a fractional integration model to analyse the pandemic shocks in the tourism sector. The study mentioned that the negative influence exerted by the pandemic on the tourism sector may remain significant for extended periods. Farzanegan et al. (2021) used different tests, including correlation and regression, to analyse the impact on the tourism sector of 90 nations. The findings revealed that as the cases and deaths due to COVID-19 rose, the tourism sector’s growth rate fell significantly.

Hao et al. (2020) explored the pandemic's impact on China's different industries. The study found a significant negative impact on the economy's tourism and hotel industries. Researchers have observed that even the most famous tourist spots worldwide have encountered the highest revenue losses. Due to travel bans and movement restrictions, workers engaged in tourism and other related industries lost their jobs (Bullappa and Shivkumar, 2018). The pandemic led to a massive loss for the tourism industries of most of the economies. Lenzen et al. (2020) stated that Asia, Europe and the USA have been the most affected regions. The pandemic severely hit tourism and other related sectors in these regions. Varzaru et al. (2021) discovered that factors like job losses, reduced incomes, fear in people's minds, movement restrictions, and others led to a significant fall in the growth of tourism industries in major economies.

Aronica et al. (2022) mentioned the COVID-19 outbreak as the most devastating and tragic event in the modern era. The crisis has severely affected the economic growth of major nations. The findings indicated a significant threat to the tourism sector even in the post-pandemic era. Similarly, various other studies like Deb and Nafi (2020), Ho et al. (2021), Phaskus et al. (2021), Jones and Comfort (2020), Shaikh et al. (2021) have highlighted significant negative impacts on tourism and other related industries of different nations.

Recent studies have observed that the performance of significant sectors worldwide has debilitated due to the COVID-19 outbreak, which has been evident in the above-cited literature for COVID-19. A similar pandemic effect was recognised approximately 20 years back during the 'Plague' pandemic in most countries, spread by rats and insects.

Impact of Covid-19 on GDP:

GDP (Gross Domestic Product) has always been considered one of the essential macroeconomic indicators. The GDP growth of various nations has also been severely impacted after the emergence of COVID-19. According to a report by UNCTAD, the global GDP suffered an estimated loss of 4 trillion dollars. Verma et al. (2021) analysed the impact of the pandemic on the GDP of 10 major economies of the world. It was revealed that the average growth for all the studied economies fell due to the pandemic. Walmsley et al. (2021) analysed the impacts on the GDP of different world economies. The study found a notable fall in the GDP of the studied nations. The impacts were more severe for the US than the other economies. Gharehgozli et al. (2020) found that the output and the GDP growth of New York declined by 20 to 22 per cent.

Konig and Winkler (2021) studied the impact on the GDP of 42 nations. The GDP of the studied nations were found to be negatively affected during and after the epidemic. The declining GDP growth of the studied nations was observed to negatively affect the respective nations' overall economic growth. Malliet et al. (2020) discovered that France's economic output fell significantly by 5%. A massive fall in the nation's GDP adversely affected overall economic growth. Erero and Makananisa (2021) revealed a remarkable drop in the economic growth rate of South Africa. The GDP was observed to have declined by 7.10%. Furthermore, the exports and the overall consumption rate were also observed to decline. Haldar and Sethi (2020) discovered a significant negative impact of the pandemic on the GDP of ten different nations. Similarly, various other studies like Shafiullah et al. (2022), Martinho (2021), Pan et al. (2021), Saif et al. (2021), Aragie et al. (2021), Arkhipova et al. (2021) noted a remarkable negative impact on the GDP growth of different emerging and developed nations.

Impact of COVID-19 on Poverty:

Laborde et al. (2021) highlighted that around 150 million people fell into extreme poverty during the pandemic. Suryahadi et al. (2020) found that the number of people below the poverty line increased massively during and after the pandemic period in Indonesia. It was also suggested that policymakers design optimum policies to revive the economy. Researchers have found the poverty rate in China to be rising remarkably during and after COVID-19. Hasani and Shahwali (2020) and Anyanwu and Salami (2021) also found a significant rise in the number of people falling below the poverty line due to the pandemic for different developed and emerging economies. As the pandemic emerged, unemployment rose, income and expenditure levels were reduced, trading activities fell short, and other similar factors contributed to a significant rise in the poverty rate of the major economies (Balaji et al., 2013).

CONCLUSION:

The global pandemic created by COVID-19 can not only be considered a health crisis, but it has also been a financial epidemic, economic crisis, and employment crisis that made the entire global economy suffer. To compensate for the loss and to revive the significant sectors of the global economy, the need for more inflows of government funds and more adequate resources was felt. This review has tried to explore the impact of the pandemic on different economic and financial determinants of the major developed and emerging economies. The study's findings may provide valuable insights to policymakers, academicians, financial experts, investors, and other economic stakeholders.

A review of the existing published work has shown that the pandemic severely affected most nations' sectors and industries. It has been observed that countries with incomprehensive and coordinated financial systems, improper law and order systems, and improper social management found it even more challenging to handle the impacts created by the pandemic. Balanced policy measures and taking optimum care of job losses, declined GDP, falling incomes, and falling performance of the economy's significant sectors helped the economies revive well.

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Received on 23.05.2024 Revised on 10.07.2024

Accepted on 12.09.2024 Published on 19.03.2025

Available online from March 28, 2025

Res. J. of Humanities and Social Sciences. 2025;16(1):1-7.

DOI: 10.52711/2321-5828.2025.00001

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