COVID-19: Socio-Economic Impacts
Ms. Chea Muykim is a Research and Publication Coordinator at Cambodia Development Center.
According to the statement made by the IMF Managing Director, Kristalina Georgieva, after a conference call with finance ministers and central bankers of the G20, the global economic recession caused by the COVID-19 pandemic will be worse than that of the global financial crisis in 2008 and 2009. A similar finding by the Asian Development Bank (ADB) highlights that the COVID-19 pandemic could cost the globe between USD77 billion to USD347 billion, which translates into about 0.1 – 0.4 percent loss of global GDP. Unless there are proper measures to cushion the shock COVID-19. outbreak has on the economy, it will affect every level of the society where no one can be excluded and escape the consequences. While the economic impacts of COVID-19 is very big to tackle, we also cannot undermine the social consequences it has on people’s life and their well-being as well as social equality. The effect of COVID-19 will be felt at every part of the world and simply by everyone.
Please see the article below for more concrete details about the severity that COVID-19 has on global level, regional level and state level. Or you can download it from: