COVID-19 and Its Impacts on Global Economic Spheres

This is the era of globalization, called globalization of economic affairs. Due to economic globalization, along with economic issues, political, diplomatic, education, trade and investment factors have been globalized with the same speed. For the reason why, being originated from Wuhan city of China’s Hubei province, the COVID-19 has been spread rapidly throughout the whole world; has lockdown the world’s economic, political, educational, research and all important sectors. The world economy has shaken. Mills and industries have been closed. Airlines and tourism industries have been bankrupted. Millions of service holders have been unemployed. Low income, self-employed, micro and small scale businesses, daily wages labors and illegal immigrants are suffering most. The main purpose of the study is to analyze the socio-economic impacts of the pandemic and intergovernmental initiatives to tackle it. The study is based on basically secondary sources of data and information which includes scientific and academic journals, scholar articles, research papers, books and other relevant sources pertaining to the subject. The study recommended a wide range factors mainly global integrity, cooperation and coordination which are inevitable to confront the challenges the world is currently and gone vis-a-vis with. Engaging artificial intelligence, robot and changing patterns of technologies effectively in agricultural production, industrial output, transportation, hospital, healthcare, and other critical sectors is inevitable to survive in the extremely critical time.