COVIDONOMICS by Nijil Jacobi, Asst.Professor of Department of Economics,SH college Chalakudy

The entire mankind is passing through a new phase of history. I think this would be an era of the pandemic. COVID 19 may be the most discussed utterance in the world. A virus originated in China, now spread all over the world. The pandemic becomes a nightmare to the whole of humanity. One may say, it is one of the negative externalities of globalisation but anyway we have to accept the reality that it's all around us. We play a cat and mouse game today. Actually, it's a game of life, a game of survival. The number of COVID cases are increasing sharply. Scientists are behind the vaccines. Doctors and nurses are sweating to save mankind,  the entire economy of the world has been crushed and Government officials are striving to save the economy. When we discuss the economic impact of this pandemic COVID-19, it may be a phase in the whole world history where each and every nation in the world together strive to survive.

The latest reports of the International Monetary Fund (IMF) says that the economic consequences of COVID-19 are more serious than previously thought, and the world economy is likely to collapse 4.9% this year. It has previously forecasted a 3% drop. Now it is 1.9% more than before. This year will be the biggest fall since the collapse of World War II. US economy will sink 8% and India will fall by 4.5%. The severe impacts of COVID on low-income groups would be a major blow to poverty alleviation. People lost their jobs, incomes and even lives. Government packages are not enough to uphold the welfare of the people.

What we are going to have will be unpredictable circumstances. Future of the world economy will be in trouble unless we curb the spreading of this pandemic. Saving the life of the people has to be the primary objective of every nation. We can't imagine an economy without people. So the research and development should be focused on medicine to cure this disease. But at the same time, governments should ensure that the basic needs of the people are satisfied and all are safe. Economic planning has to be made to mitigate the severe impacts. Let's wish to have a better future and a better world after this pandemic.

                            Nijil Jacobi 

                     Assistant Professor

               Department of Economics

          Sacred Heart College Chalakudy