Pandemic novel corona virus and its long-run effects on world economy with special reference to GDP of India

Abstract

The aim was to study how corona virus outbreak has impacted the global economy and fluctuated world market due to restrictions over international trade and fall in GDP of India. Theoretical and numerical data were used from December 2019 to April 2020. The COVID-19 pandemic will shrink world output by 3% in 2020, IMF said in the April update of its world economic outlook (WEO) released in Washington DC the first after the magnitude of the outbreak became clear. India is a developing country whose GDP growth rate estimated for year 2020 is 1.9% by IMF which was estimated as 5.8% in January 2020, which was a sign of worst recession since great depression (1930s). It has been seen that 2.7 billion workers impacted by COVID-19 restrictions globally. Information is about the emergence of a deadly virus named novel corona virus and its spread to the whole world, how it affects the economy and human health. It is expected that if this virus cannot be controlled, then we have to face next great depression in near future.