VOlUME 04 ISSUE 09 SEPTEMBER 2021
1Saptorshi Gupta,2 Manjistha Saha
1International Institute for Population Sciences (IIPS), Mumbai, India
2Delhi Schools of Economics
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Abstract
Just like any other directly quantifiable natural or man-made disasters, contagious diseases have had long lasting effects on the economics and politics of the world throughout history. The COVID-19 pandemic, apparently, has led to a substantial upshot on the world economy, a complete tangible analysis of which still remains incomplete. In this light, it is essential to take a look back into the preceding pandemics and acquire knowledge on the subsequent socio-economic impacts. This research assesses some of the most infamous diseases and their impacts on economics through a systematic review of literature. Thereafter we evaluate the potential impacts of COVID-19 till date and probable ways of overcoming these impacts. In order to escape the vicious cycle of economic instability, it is essential to prevent scores of unemployment across various sectors through government support and policy interventions.
KEYWORDS:COVID-19, economy, depression, labour, pandemics, epidemics, unemployment.
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