Novel Corona Virus Covid-19: Impact on Economic Development and Mitigating Solution for Developing Countries
The outbreak of coronavirus named COVID-19 has disrupted the developing countries economy highly. According to World Health Organization (WHO) there have been 4,660,658 confirmed cases of COVID 19, including 309,710 death till May 16, 2020 globally. And 78,280 Confirmed cases and 2,624 Number of deaths in Africa. Data for the study was generated from desk review of secondary materials, online blogs and interview through social media chat. Findings of the study reveal that the outbreak and spread of covid-19 disease led to rapid shutdowns in cities and states across the country, which greatly affected the economic development. The evolution of the disease and its economic impact is highly uncertain which makes it difficult for policymakers to formulate an appropriate macroeconomic policy response. The article describes the impact of the COVID-19 virus on the economic development of developing countries and its mitigating solution. The scenarios in this paper demonstrate that even a contained outbreak could significantly impact the developing countries economy in the short run. These scenarios demonstrate the scale of costs that might be avoided by greater investment in public health systems in all economies but particularly in less developed economies where health care systems are less developed and population density is high. Among the suggested policy solutions are: proactive management approaches, health policy framework addressing many of the social determinants of health, education and health literacy, national and international shifts in investments, public and private partnerships and the establishment of the Developing countries Technical Council on Coronavirus. Effective implementation of these policy solutions will require full support of all stakeholders, including governments, the media, non- governmental organizations, health professionals, communities, and individuals.
Novel Corona Virus Covid-19: Impact on Economic Development and Mitigating Solution for Developing Countries, Humanities and Social Sciences.
Vol. 8, No. 3,
2020, pp. 86-91.
Arndt, C. and J. D. Lewis (2001). The HIV/AIDS Pandemic in South Africa: Sectoral Impacts and Unemployment. Journal of International Development 13 (4): 427-49.
Bank, A. D. The Economic Impact of the COVID-19 Outbreak on Developing Asia., (2020).
Bell, C., S. Devarajan and H. Hersbach (2004). Thinking about the long-run economic costs of AIDS, in The Macroeconomics of HIV/AIDS, M. Haacker (eds). Washington DC, IMF: 96-144.
Bhargava, A. and et al., 2001. Modeling the Effects of Health on Economic Growth. Journal of Health Economics 20 (3), 423-40.
Bloom, D. E. and J. D. Sachs, 1998. Geography, Demography, and Economic Growth in Africa. Brookings Papers on Economic Activity 0 (2), 207-73.
Conteh, L., Engels, T., & Molyneux, D. H. (2010). Socioeconomic aspects of neglected tropical diseases. The Lancet, 375 (9710), 239-247.
Cuddington, J. T. and J. D. Hancock, 1994. Assessing the Impact of AIDS on the Growth Path of the Malawian Economy. Journal of Development Economics 43 (2), 363-68.
Cuddington, J. T., 1993a. Further results on the macroeconomic effects of AIDS: the dualistic, labour-surplus economy. World Bank Economic Review 7 (3), 403-17.
Cuddington, J. T., 1993b. Modeling the macroeconomic effects of AIDS, with an application to Tanzania. World Bank Economic Review 7 (2), 173-89.
Evans, O. (2020). B i z econs Q uarterly. BizEcons Quarterly, 7 (March), 3–12.
Freire, S., 2004. Impact of HIV/AIDS on saving behaviour in South Africa. African development and poverty reduction: the macro-micro linkage, Lord Charles Hotel, Somerset West, South Africa.
Groups, S., International, C., Guidance, P., Harm, D. N., Actions, I., All, F., … Ministry, N. (1991). Savings Group Risk Mitigation, Support, and Engagement in Relation to COVID-19.
Haacker, M., 2002a. The economic consequences of HIV/AIDS in Southern Africa. IMF Working Paper W/02/38, 41-95.
Haacker, M., 2002b. Modeling the macroeconomic impact of HIV/AIDS. IMF Working Paper W/02/195, 41-95.
Haacker, M., Ed. 2004. The Macroeconomics of HIV/AIDS. IMF, Washington DC.
Hotez, P. J., Fenwick, A., Savioli, L., & Molyneux, D. H. (2009). Rescuing the bottom billion through control of neglected tropical diseases. The Lancet, 373 (9674), 1570-1575.
ILO. (2020). A new decade for social changes. 6, 1–19.
McKibbin, W. J., & Fernando, R. (2020). The Global Macroeconomic Impacts of COVID-19: Seven Scenarios. SSRN Electronic Journal, (January). https://doi.org/10.2139/ssrn.3547729
Meltzer, M. I., N. J. Cox, et al., 1999. The economic impact of pandemic influenza in the United States: priorities for intervention. Emerging Infectious Diseases 5 (5), 659-71.
Molyneux, D. H., Hotez, P. J., & Fenwick, A. (2005). “Rapid-impact interventions”: how a policy of integrated control for Africa's neglected tropical diseases could benefit the poor. PLoS medicine, 2 (11).
Ngonghala, C. N., De Leo, G. A., Pascual, M. M., Keenan, D. C., Dobson, A. P., & Bonds, M. H. (2017). General ecological models for human subsistence, health and poverty. Nature ecology & evolution, 1 (8), 1153-1159.
Oruonye, E. D., & Ahmed, Y. M. (2020). An Appraisal of the Potential Impacts of Covid-19 on Tourism in Nigeria. Journal of Economics and Technology Research, 1 (1), 32–41. https://doi.org/10.22158/jetr.v1n1p32
Olivera, M. J., & Buitrago, G. (2020). Economic costs of Chagas disease in Colombia in 2017: a social perspective. International Journal of Infectious Diseases, 91, 196-201.
Over, M., 2002. The Macroeconomic Impact on HIV/AIDS in Sub-Saharan Africa. African Technical Working Paper No. 3 Population Health and Nutrition Division, Africa Technical Department, World Bank.
Peiris, J. S., Y. Guan, et al., 2004. Severe acute respiratory syndrome. Nature Medicine 10 (12 Suppl), S88-97.
Pritchett, L. and L. H. Summers, 1996. Wealthier Is Healthier. Journal of Human Resources 31 (4), 841-868.
Robalino, D. A., A. Voetberg, et al., 2002b. The Macroeconomic Impacts of AIDS in Kenya Estimating Optimal Reduction Targets for the HIV/AIDS Incidence Rate. Journal of Policy Modeling 24 (2), 195-218.
Robalino, D. A., C. Jenkins, et al., 2002a. The Risks and Macroeconomic Impact of HIV/AIDS in the Middle East and North Africa: Why Waiting to Intervene Can Be Costly. Policy Research Working Paper Series: 2874, 2002. The World Bank. [URL: http://econ.worldbank.org/files/16774_wps2874.pdf] URL.
Schoenbaum, S. C., 1987. Economic impact of influenza. The individual's perspective. American Journal of Medicine 82 (6A), 26-30.
Shannon, G. W. and J. Willoughby, 2004. Severe Acute Respiratory Syndrome (SARS) in Asia: A Medical Geographic Perspective. Eurasian Geography and Economics 45 (5), 359-81.
Stephany, F., Stoehr, N., Darius, P., & Braesemann, F. (2020). Which industries are most severely affected by the COVID-19 pandemic? A data-mining approach to identify industry-specific risks in real-time.
WHO Commission on Macroeconomics and Health, Ed. 2001. Macroeconomics and Health: Investing in Health for Economic Development. World Health Organization.