Global Economic Crisis Due to Novel Coronavirus (COVID-19): Challenges and Overcome for Bangladesh Economy

Abstract

A genre of virus family is Coronavirus (COVID-19). In the contemporary world, there are multi-dimensional effects of disastrous COVID-19 pandemic. It may include social, economic and non-economic, cultural, physical (i.e. mortality & morbidity), mental effects and so on. Nonetheless, using mostly secondary data sources, this article as an immediate and quick response endeavor to analyze the unanticipated and awful economic impact only of Novel Coronavirus (COVID-19) -a pandemic around the globe in two major broad segments. In the first segment, the global economic adverse effects are meant to be covered thoroughly and in the later segment, the upshot Coronavirus outbreak in Bangladesh economy is explained with the probable shift of its linkage with other development partners. The last but not the least, some policy prescriptions made by both international and national authorities are critically stated on theoretical economic background. Finally, some plausible and relevant recommendations are made to overcome this war-like situation using limited available studies on the economic effects of this deadly virus. As this article is attempted in the time when the whole impacts are undergoing, only partial scenarios of effects can be pictured from this writing.  In conclusion, it is said that integrated and synchronized policy actions both internal and external stakeholders are the key factors to resist this unparalleled crisis.

Keywords: Novel Coronavirus, Quarantine, Economic Shock, World Economy, Bangladesh Economy, Economic Recovery.

DOI: 10.7176/JESD/11-10-10

Publication date:May 31^st 2020