In December, 2019, the World Health Organization (WHO) received reports from China that there was an outbreak of a novel coronavirus which had never been seen in medical research. There were reports of death, recoveries and infections reported from the Chinese Province of Wuhan - the epicenter of the outbreak. Arising out of the novelty of the strand of coronavirus, the WHO decided to name the new virus the novel coronavirus 2019 (n-cov-19) and the disease it causes was also named Coronavirus disease– (COVID-19). Given the quick global spread of the disease, WHO declared it a global pandemic. In January, 2020, there were reports of the coronavirus outbreak across the globe especially in Asia, Europe, Africa, and America with horrid reports of massive deaths, infections, and recoveries. In an attempt to control the spread of the COVID-19, nations across the globe instituted measures notable among them imposition of restrictions on citizens movements also known as lockdowns either total lockdown as in Italy, US, France or partial lock down as happened in Ghana in April, 2020. Businesses, schools, offices, churches, mosques, markets etc were closed; others considered essential were restricted not to entertain mass gatherings beyond 25 persons at a time. These actions had dire impacts on the political, economic, social, technological, legal and environmental aspects of countries across the globe.
This paper examined the impacts of the COVID-19 pandemic on global economies using the PESTLE analytical framework and others. A major observation on the economic impacts of the COVID-19 pandemic was that the current and potential losses were immeasurable and could trigger economic recessions or meltdowns with job losses, salary cuts, business closures, diminished per capita income, GDP slumps, lower productivity, increased national and corporate indebtedness among others. On the socio-political front, countries had to terminate religious and political gatherings, and other social gatherings as meetings, conferences, funerals, weddings, parties, naming ceremonies etc.
This paper concluded that at the current rate of viral transmissions, the world needed to work fast to obtain a treatment or a vaccine, else world agencies have projected that the world could lose two billion people to the pandemic. This paper recommended the global population do our part and observe the WHO disease control protocols that is, washing of our hands regularly with soap under running water, use of alcohol based hand rubs, maintain of social and physical distances, and wear nose masks. At the institutional level, it was recommended nations fund research into vaccines, and treatments, procure PPEs for health workers, equip ICU’s and motivate health workers amid risks in the line of duty. Economically, this paper recommended governments provide stimulus packages for businesses and relief packages for citizens under lockdown.