![]() McKibbin and Fernando ( 2021) found that COVID‐19 caused unprecedented shocks to, among other areas, the labor supply, the equity risk premia of economic sectors, the cost of production, consumption demand, and government expenditure. International institutions such as the International Monetary Fund ( 2021) reported a 3.1% drop in the world economic growth rate and an 8.2% drop in global trade volumes for 2020, a situation even worse than the Asian Financial Crisis (AFC) of 1997, the Severe acute respiratory syndrome (SARS) pandemic of 2002–2004, or the Global Financial Crisis (GFC) of 2007–2008. ![]() The ongoing Coronavirus disease (COVID‐19) pandemic and its worldwide impacts on virtually all areas, such as the healthcare system, international trading, capital and financial markets, and the banking industry, is an event that the world has never witnessed before (Elnahass et al., 2021).
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