Volume 5, Number 4 (2020)
Year Launched: 2016
Journal Menu
Previous Issues
Why Us
-  Open Access
-  Peer-reviewed
-  Rapid publication
-  Lifetime hosting
-  Free indexing service
-  Free promotion service
-  More citations
-  Search engine friendly
Contact Us
Email:   service@scirea.org
Home > Journals > SCIREA Journal of Computer > Archive > Paper Information

Impact of COVID 19 on Global Economy- A study on Econometrics Model using R software

Volume 5, Issue 4, August 2020    |    PP. 90-109    |PDF (739 K)|    Pub. Date: September 25, 2020
103 Downloads     914 Views  

Mamatha H.K, Department of Health System Management Studies, JSS Academy of Higher Education & Research, Mysuru, Karnataka, India
Sushant, Faculty of Life Sciences, JSS Academy of Higher Education & Research, Mysuru, Karnataka, India
Ravikumar, Faculty of Life Sciences, JSS Academy of Higher Education & Research, Mysuru, Karnataka, India
Sridhar R, Sri Ramakrishna Mission Vidyalaya, Coimbatore, Tamilnadu, India
Suresh Bhojraj, JSS Academy of Higher Education & Research, Mysuru, Karnataka, India
Balasubramanian S, Faculty of Life sciences, JSS Academy of Higher Education & Research, Mysuru, Karnataka, India

Human health is the backbone for healthy nations and healthy economy of nations. But the new and emerging diseases like COVID-19 a global pandemic, posed health as well as economic challenges exposing the vulnerability of healthcare systems of all countries irrespective of their development status. Livelihood is affected because of inability to procure basic amenities impacting the national economy in terms of decrease in GDP.This study is an attempt to map the distribution of the COVID-19 cases across nations and its impact on the national GDP when compared to 2019 and the predicted GDP for 2020 using R software. 159 countries were considered for the study and a total of 190409 COVID-19 positive cases (19th March 2020). The GDP of each of the country in 2019 and 2020 are considered and the effect on economy in terms of GDP is displayed as maps in the software. (source: The World Bank). The overall effect is obtained as the difference in predicted GDP to actual post COVID reflecting the challenges before the system.

Pandemic, COVID-19, Health Econometrics, GDP, R software

Cite this paper
Mamatha H.K, Sushant, Ravikumar, Sridhar R, Suresh Bhojraj, Balasubramanian S, Impact of COVID 19 on Global Economy- A study on Econometrics Model using R software, SCIREA Journal of Computer. Vol. 5 , No. 4 , 2020 , pp. 90 - 109 .


[ 1 ] Bill Chappell, (2020), “Coronavirus: COVID-19 Is Now Officially A Pandemic, WHO Says,” National Public Radio, March 11, 2020, https://www.npr.org/sections/goatsandsoda/2020/03/11/814474930/coronavirus-covid-19-is-now-officially-apandemic-who-says.
[ 2 ] Mapping the Spread of the Coronavirus in the U.S. and Worldwide (2020) , Washington Post Staff (2020), The Washington Post, March 4, 2020. https://www.washingtonpost.com/world/2020/01/22/mapping-spread-new-coronavirus/?arc404=true.
[ 3 ] OECD Interim Economic Assessment (2020): Coronavirus: The World Economy at Risk, Organization for Economic Cooperation and Development. March 2, 2020. http://www.oecd.org/economic-outlook/#resources
[ 4 ] Samson, Adam and Hudson Lockett (2008), Stocks Fall Again in Worst Week Since 2008 Crisis, Financial Times, February 28. https://www.ft.com/content/4b23a140-59d3-11ea-a528-dd0f971febbc.
[ 5 ] Taylor, Adam, Teo Armus, and Rick Noak (2020), Live updates: Coronavirus Turmoil Widens as U.S. Death Toll Mounts; Xi Cancels Japan Trip. The Washington Post, March 5, 2020, https://www.washingtonpost.com/world/2020/03/05/coronavirus-live-updates/
[ 6 ] Shih, Gerry (2020), China is Subtly Stoking Coronavirus Conspiracy Theories That Blame the U.S. for Outbreak, The Washington Post, March 5, 2020. https://www.washingtonpost.com/world/2020/03/05/coronavirus-live-updates
[ 7 ] International Monetary Fund (2020), IMF Makes Available $50 Billion to Help Address Coronaviris, March 4, 2020.
[ 8 ] John Plender (2020), “The Seeds of the Next Debt Crisis,” Financial Times, March 4, 2020.
[ 9 ] Emre Tiftik, Khadija Mahmood, Jadranka Poljak, and Sonja Gibbs (2020), “Global Debt Monitor: Sustainability Matters,” Institute for International Finance, January 13, 2020.This includes debt held by governments, financial institutions, nonfinancial institutions, and households.
[ 10 ] McKibbin, W. and R. Fernando (2020) The Global Macroeconomic Impacts of COVID-19: Seven Scenarios. https://www.brookings.edu/research/the-global-macroeconomic-impacts-of-covid-19-seven-scenarios/
[ 11 ] OECD (2020), Interim Economic Outlook, March 2020
[ 12 ] International Labour Organization (ILO) Note (2020) COVID-19 and the world of work: Impact and policy responses. ilo.org/global/topics/coronavirus
[ 13 ] Angelos Delivorias and Nicole Scholz (2020), Economic impact of epidemics and pandemics. EPRS | European Parliamentary Research Service.
[ 14 ] CRS In Focus (2020) IF10112, Introduction to Financial Services: The International Foreign Exchange Market.
[ 15 ] Pritchett, L. and L. H. Summers, (1996). Wealthier Is Healthier. Journal of Human Resources 31(4), 841-868
[ 16 ] Bloom, D. E. and J. D. Sachs, (1998). Geography, Demography, and Economic Growth in Africa. Brookings Papers on Economic Activity 0(2), 207-73
[ 17 ] Bhargava, A. and et al., (2001). Modeling the Effects of Health on Economic Growth. Journal of Health Economics 20(3), 423-40.
[ 18 ] 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.
[ 19 ] Cuddington, J. T., (1993b). Modeling the macroeconomic effects of AIDS, with an application to Tanzania. World Bank Economic Review 7(2), 173-89.
[ 20 ] 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
[ 21 ] Haacker, M., Ed. (2004). The Macroeconomics of HIV/AIDS. IMF, Washington DC.
[ 22 ] WHO Commission on Macroeconomics and Health, Ed. 2001. Macroeconomics and Health: Investing in Health for Economic Development. World Health Organization.
[ 23 ] Schoenbaum, S. C., (1987). Economic impact of influenza. The individual's perspective. American Journal of Medicine 82(6A), 26-30.
[ 24 ] 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
[ 25 ] Bloom, E., V. d. Wit, et al., (2005). Potential economic impact of an Avian Flu pandemic on Asia. ERD Policy Brief Series No. 42. Asian Development Bank, Manila. http://www.adb.org/Documents/EDRC/Policy_Briefs/PB042.pdf
[ 26 ] The World Bank, (2006). Socioeconomic Impact of HIV/AIDS in Ukraine. The World Bank and The International HIV/AIDS Alliance in Ukraine, Washington D.C. . http://siteresources.worldbank.org/INTUKRAINE/Resources/3283351147812406770/ukr_aids_eng.pdf.
[ 27 ] World Bank Group, (2017), 'From panic and neglect to investing in health security: financing pandemic preparedness at a national level'.
[ 28 ] Lee J-W and W. McKibbin (2004) “Estimating the Global Economic Costs of SARS” in S. Knobler, A. Mahmoud, S. Lemon, A. Mack, L. Sivitz, and K. Oberholtzer (Editors), Learning from SARS: Preparing for the next Outbreak, The National Academies Press, Washington DC (0-309-09154-3)
[ 29 ] Chou, J., N.-F. Kuo, et al., (2004). Potential Impacts of the SARS Outbreak on Taiwan's Economy. Asian Economic Papers 3(1), 84-112.
[ 30 ] Hai, W., Z. Zhao, et al., (2004). The Short-Term Impact of SARS on the Chinese Economy. Asian Economic Papers 3(1), 57-61.
[ 31 ] Sui, A. and Y. C. R. Wong, (2004). Economic Impact of SARS: The Case of Hong-Kong. Asian Economic Papers 3(1), 62-83.
[ 32 ] Rowland, Christopher and Peter Whoriskey, (2020), U.S. Health System is Showing Why it’s Not Ready for a Coronavirus Pandemic, The Washington Post, March 4, 2020. https://www.washingtonpost.com/business/economy/the-us-healthsystem-is-showing-why-its-not-ready-for-a-coronavirus-pandemic/2020/03/04/7c307bb4-5d61-11ea-b29b9db42f7803a7_story.html
[ 33 ] Fan V. Y., Jamison D. T. & Summers L. H., (2018), Pandemic risk: how large are the expected losses? Bulletin of the World Health Organization.
[ 34 ] Kostova D., Cassell C.H., Redd J.T., Williams D.E., Singh T., Martel L.D., Bunnell R.E. (2019), 'Long‐distance effects of epidemics: Assessing the link between the 2014 West Africa Ebola outbreak and U.S. exports and employment', Health Economics.
[ 35 ] www.ourworldindata.org.