COVID-19 badly damaged health systems globally and even destroyed them completely in many countries. Besides being a health crisis, it is also an economic crisis, a social crisis, and a humanitarian crisis worldwide. The long-lasting impact of this pandemic will change the world completely and it will take time to fully recover. After more than two months of a global lockdown, the economic crisis is likely to dictate the new world order. All developed countries along with big multilateral organizations such as the World Bank and IMF have also focused on these new global challenges. It is estimated that about 15 trillion dollars will be lost during this crisis. Nonetheless, it is still too early to assess the economic impact of COVID-19. The pandemic is also estimated to have brought the growth rate down from 2-5% in different countries, in which the rural communities are the most severely affected.
This article was published in the Strategic Foresight For ASIA (strafasia) on June 07, 2020.