Novel Corona Virus Covid-19: Impact on Economic Development and Mitigating Solution for Developing Countries
Humanities and Social Sciences
Volume 8, Issue 3, May 2020, Pages: 86-91
Received: May 23, 2020; Accepted: Jun. 8, 2020; Published: Jun. 20, 2020
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Author
Ephrem Ahadu, Department of Civic and Ethical Studies, Social Science, Wachemo University, Hossaena, Ethiopia
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Abstract
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.
Keywords
COVID-19, Corona Virus, Economic Development, Developing Countries, Business, Economic Development Scenario
To cite this article
Ephrem Ahadu, 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. doi: 10.11648/j.hss.20200803.11
Copyright
Copyright © 2020 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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