









































Pa
ge

 
1



Pa
ge

 
61

American Journal of  Environmental
Economics (AJEE) 

Financial Contagion: The Corona Threat to the Global Economy
Ram Shepherd Bheenaveni1*, Srinivas Katherasala2, Vikas Daravath3, Shireesha Methri1

Volume 4 Issue 1, Year 2025
ISSN: 2833-7905 (Online)

DOI: https://doi.org/10.54536/ajee.v4i1.2982
https://journals.e-palli.com/home/index.php/ajee

Article Information ABSTRACT

Received: February 05, 2025

Accepted: March 08, 2025

Published: March 25, 2025

The unprecedented spread of  the COVID-19 pandemic compelled humankind to practice the 
social distance and lockdown of  all sorts of  business resulted not only in the global financial 
downturn but also brought unprecedented uncertainty ever seen in history. The different 
economical interventions are being widely discussed across the world to accelerate the safer 
economic system to diminish and control the current financial contagion. Policymakers have 
evolved different ideas and thoughts to protect the global economy from tackling various 
human and global crises. The study adopted an exploratory-cum-descriptive research design. 
Qualitative questions were addressed through discourse analysis, while quantitative data was 
analyzed and presented using simple statistical methods. With this background, this paper will 
emphasize the ramifications and ratifications of  financial contagion that took place due to the 
coronavirus lockdown worldwide. It also throws insights into some of  the initiatives taken 
up by the world’s voluntary associations, institutions, and governments to curtail the financial 
contagion of  the current global lockdown crisis. 

Keywords

COVID-19 Lockdown, Economic 
Crisis, Economical Interventions, 
Financial Contagion, Global 
Economy

1 Department of  Sociology, Osmania University, Hyderabad – 500007, TS, India
2 Department of  Social Work, Osmania University, Hyderabad – 500007, TS, India
3 Department of  Commerce, Osmania University, Hyderabad – 500007, TS, India
* Corresponding author’s e-mail: bheenaveni@osmania.ac.in

INTRODUCTION
The coronavirus disease (COVID-19) pandemic was 
noticed in late December 2019 in Wuhan, the capital of  
Hubei province in China (Yu et al., 2021). According to 
the world meter data as of  2022 May 22nd 2020 globally 
5,197,863 people have been infected and the total number 
of  deaths from the disease now stands at 5,681,747. 
The World Health Organisation (WHO) announced the 
Public Health Emergency of  International Concern and 
considered the pandemic as ‘the Public Enemy No. 1’ 
(Bheenaveni, 2020), and has been releasing daily reports, 
guidelines to the governments (WHO, 2020). 
To break the chain of  infection and slow down the 
spread of  the virus, most of  the countries announced a 
serious and intensive lockdown. Social distance and self-
quarantine have been strictly imposed on the people to 
prevent the exponential curve of  contagious disease; 
thus, lockdown has been seen across the world (Li et al., 
2020). The Coronavirus pandemic lockdown is first and 
foremost a humanitarian crisis and shows a direct impact 
on human health, social welfare, has a dramatic impact 
on economic activity, and also leading financial contagion 
(Abodunrin et al., 2020). In this chaotic situation, many 
businesses have been forced to reduce their everyday 
business operations or shut down the firm for a while 
causing an increasing number of  employees to lose 
their jobs (Rai et al., 2021). It has drastically hit both the 
service sector and manufacturing sectors, thereby, world 
trade volume could once again plunge this year. The 
world economy is now entering into recession in 2020, 
succeeding decade-low growth of  -3.9% in 2020. 
In this context, the present paper is aimed to examine 
how the corona lockdown led to financial contagion into 
major sectors of  the world economy, and how the efforts 

and interventions of  governments will curtail the financial 
crisis to save their economy by implementing these 
initiatives from present and future sudden stir: 1. Monetary 
policy, 2. Fiscal policy implications, 3. The people-centric 
economy-oriented, 4. Universal basic income concept, 
5. Supply chain management, and 6. Innovative financial 
services have to be considered. And, it is also aimed to 
examine the policy implications to curtail the Corona 
Financial Contagion in Global Economy.

MATERIALS AND METHODS
To address the research questions, an exploratory-
cum-descriptive research design was adopted for this 
review paper. This approach was chosen to explore and 
describe the conceptual issues and the specific situation 
of  financial contagion in the global economy triggered 
by the unprecedented onslaught of  COVID-19. The 
exploratory aspect of  the research design aimed to 
investigate and clarify the conceptual questions framed 
for the study. This involved identifying and examining 
various aspects and dimensions of  financial contagion 
during the pandemic. The descriptive aspect, on the 
other hand, focused on detailing the actual state of  the 
financial sector during the COVID-19 crisis, providing a 
comprehensive account of  how the pandemic affected 
financial markets and institutions globally.
To achieve these objectives, the study employed a 
combination of  discourse analysis, content analysis, 
and dialectical analysis. Discourse analysis was used to 
scrutinize the language and communication patterns 
related to financial contagion during the pandemic. 
Content analysis helped in systematically examining the 
existing literature and media reports to identify recurring 
themes and trends. Dialectical analysis facilitated the 



Pa
ge

 
62

https://journals.e-palli.com/home/index.php/ajee

Am. J. Environ Econ. 4(1) 61-66, 2025

exploration of  contradictory viewpoints and the synthesis 
of  different perspectives to gain a deeper understanding 
of  the phenomenon.
It is important to note that the scope of  this study is 
confined to the financial sector of  the global economy 
during the COVID-19 period. Therefore, while the 
findings provide valuable insights into the financial impact 
of  the pandemic, they may not be generalizable to other 
sectors or to financial conditions outside the specified 
timeframe. The unique context of  the COVID-19 crisis 
means that the results are specific to this period and 
may not apply universally to other instances of  financial 
contagion.

RESULTS AND DISCUSSIONS
At first, the term financial contagion was introduced in 
1997 during the currency crisis in East Asia to Russia and 
Brazil and it is the spread of  an economic crisis from 
one market to another market. Financial contagions are 
naturally related to the diffusion of  economic booms 
and occur both at the national and international levels 
(Ssenyonga, 2021). In history, many financial contagions 
happened, but the great depression and the financial 
recession were severe. The great depression crisis that 
began in 1929 and lasted in 1939 caused unemployment 
and acute deflation in most of  the country of  worldwide. 
The reasons for the 1929 financial contagion were 
considerable monumental deteriorations in spending, 
banking panics, and bank failures in the United States. 
Excessive stock market speculations in the United States, 
maintenance of  the international gold standard create 
several problems to the smoot-Hawley tariff  act and 
protectionist trade policies taken in the United States 
(Pells 2020). In the year 2008, the Great Recession was 
participated in the US and lasted until 2009 resulting 
in the longest and deepest financial contagion in many 
countries. The reasons for 2008 financial contagions were 
a mortgage, subprime mortgage, subprime lending, and 
austerity. The outcomes of  the financial contagion were 
millions of  people lost houses, jobs, and their savings; it 
leads an increase in deep poverty (Rasul et al., 2021).
All functional spheres in the world have dramatically 
been changed within a short period from January 2020 
as the Coronavirus Pandemic has taken an overwhelming 
number of  human lives. All over the world, Countries 
hurriedly implemented compulsory quarantines and social 
distancing practices to curb the corona pandemic, world 
is being made lockdown by this chaotic situation and was 
pushed to the brink of  a financial contagion which is 
more severe than the previous 2008 and 1929 recessions. 
This is the first human crisis, in all regards, happening in 
the world and it was ever witnessed before in the history 
of  humankind (Chirisa et al., 2021; Mirbabaie et al., 2020; 
Papadimos et al., 2020; Sivasundaram, 2020). 
The impact of  corona lockdown on large-scale economics 
causes a sudden rise in non-performing assets in the 
banking sector. Private sector banks get the highest hit 
and face maximum financial contagion exposure during 

this lockdown. Non-performing assets rose from loans 
issued to small and medium scale enterprises (SMEs), the 
tourism industry across the globe itself  experienced a loss 
of  $200 billion due to the travel restrictions (Grech et al., 
2020). The temporary ban on aviation leads to a $ 113 
billion loss to the aviation industry (Xuan et al., 2021). As 
per the GTBA report, the business travel sector will lose 
$820 billion in revenue (Phil Chibuikem, 2022a). To curb 
the spread of  the coronavirus rapid shutdowns in towns 
and cities have been taken the restaurants and hotels 
into sudden shock. Across the globe, the hotel industry 
witnessed cancellations of  booking worth billions of  
dollars, and this industry pursued a $ 150 billion bailout 
(Chenli et al., 2022). Estimates explain that around 24.3 
million jobs related to the hotel industry across the world 
have evaporated, and 3.9 million in the United States 
alone (Nhamo et al., 2020). The current pandemic has 
drastically hit Event Management Sector financially and 
experienced a huge number of  cancellations that cost 
400 million Euros. More than $ 1 billion worth of  losses 
were met by the E3 and SXSW tech events due to heavy 
cancellations. Meanwhile, the global film industry faced 
a great loss worth $5 billion. The film and entertainment 
industry in Italy alone has seen losses estimated to run 
into the millions of  euros (Phil Chibuikem, 2022b), and 
these were estimated 7.2 million euros in the theatre 
sector, 7.3 million euros in the film screening sector, 2.5 
million euros in the dance activities sector, 4.1 million 
euros in the live music sector and 1.8 million euros in the 
exhibition sector (Luonila et al., 2021). 
The lockdown of  COVID-19 carried a severe 
deterioration in the size of  bank transactions, a drastic 
fall in card payments, and a decline in the usage of  ATMs, 
POS terminals globally (Kapur et al., 2020). It resulted 
in the least fees collected by banks as part of  operating 
revenue costs and effected negatively on banks’ profits 
(Rachel, 2020). According to S&P Dow Jones Indices, 
the most discernible consequence of  the lockdown crisis 
on financial markets is the $6 trillion loss in the global 
stock markets as its 500 indices fell from 3.373 to 2.409 
points which constitutes 28% negative change. Similarly, 
the FTSE 250 index fell from 21,866 to 12,830 indicating 
a 41.3% of  downfall, and the Nikkei fell from 23,479 to 
16,552 which change to 29%. In the meantime, the major 
international banks have experienced a huge fall in their 
share price, the Citi group’s share price fell from $ 78.22 
to $ 39.64 which is the change of  49%, the share price of  
JP Morgan Chase fell by from $137.49 to $ 85.30 by 38% 
negative change, and the share price of  Barclays fell by 
from 181.32 to 86.45 euros by 52% of  downfall (Kourtit 
& Nijkamp, 2023; Xu et al., 2020). 
Irrespective of  their position in the size hierarchy of  the 
companies, whether it is a small and medium business or 
large invested business entity, are taking a big blow from 
the corona lockdown (Lobanova & Aminov, 2021).The 
sectors which are expected to take the hardest hits include 
aviation, hospitality, transportation, retail, entertainment, 
financial sector, and so on put immediate pressure on 



Pa
ge

 
63

https://journals.e-palli.com/home/index.php/ajee

Am. J. Environ Econ. 4(1) 61-66, 2025

companies’ profits along with downside impact on 
their ability to borrow money and keep their operations 
complete. This sort of  unpleasant situation causes both 
demand and supply-side surprises. Because of  lockdown, 
consumers are staying at home leads to a sudden shock 
towards the demand side, and a shock on the counterpart 
of  supply-side was also inevitable as the factories are shut 
down globally caused supply chain problem (Qunhui, 
2021).
According to International Labour Organization (ILO), 
both unemployment and underemployment including the 
people in low-paid jobs, women, and migrants too were 
impacted heavily due to the corona lockdown. In 2019, 
the baseline of  global unemployment was 188 million, and 
it rises to 24.7 million due to the current pandemic. By the 
end of  2020, heavy losses from USD 860 billion to USD 
3.4 trillion will be met by the workers in terms of  their 
incomes, this pushes around 35 million additional people 
into acute poverty globally. Consequently, unprecedented 
and drastic falls in terms of  consumption of  goods and 
services will hit the global business and economy as well 
(Yu et al., 2022).

Table 1: Latest Growth Estimations and Projections of  
Global Economic Outlook
Real GDP, Annual 
Percentage Change

2019 2020 2021

Global Output 2.9 -3.0 5.8
Advanced Economies 1.7 -6.1 4.5
Emerging Markets and 
Developing Economies

3.7 -1.0 6.6

Low Income Developing 
Countries

5.1 0.4 5.6

(Source: International Monetary Fund (IMF), World Economic 
Outlook, April 2020)

It is clear from the data mentioned above that the 
recession invariably affected the economics of  both the 
advanced, developing, and underdeveloped countries due 
to the long stay of  corona lockdown. - 6.1% growth rate 
is projected for advanced economies for 2020 while it is 
-1.0% for emerging market and developing economies. 
However, this results in a longer duration of  contagion 
which much worsens the financial transactions, and 
further heavily breakdowns the global supply chains. In 
such cases, the Global GDP may fall to -3% (Rao et al., 
2021).

Policy Implications To Curtail The Corona Financial 
Contagion In Global Economy
The coronavirus pushed the world to the edge of  financial 
contagion is more severe than in the previous 1930 and 
2008. The depth and duration of  financial contagion 
depend on the economic interventions are discussed 
below;
Monetary policy measures by central banks of  
governments granting principal or interest moratorium 

to debtors affected by corona lockdown, regulatory 
forbearance to banks, and liquidity provision of  central 
banks to financial markets, purchase of  bonds and 
securities by the central banks that were dropping in 
value and interest rates, sustained flow of  credit to be 
continued to small, micro and medium industries, banks, 
public health sector, individuals and essential businesses. 
Fiscal measures by the Governments fetch and facilitate a 
viable number of  federal stimulus packages for different 
service sectors and industries that were mostly affected 
by the corona lockdown, provision of  income support 
for individuals, payments as part of  social welfare to be 
continued to support each household throughout the 
containment period to abate tenacious wounds that could 
emerge from subdued investment in this severe downturn 
(Amadeo & Brock, 2022).
People-centric economy concept: Globally money is the 
primary mode of  financial exchange, and it is essential 
for work payments. The concept of  a People-Centric 
Economy considers how essential work is important for 
the development of  the world’s socio-economic status 
(SES) and it is also equally important for the individuals 
who perform work for their growth at the individual 
level. However, meaningful work is sustaining the world 
economy and fulfilling the individual needs, thereby, 
the payment for the work allows people to support 
their families to participate in the economy rather than 
encouraging them to spend more. Nature of  work that 
promotes the health and overall wellbeing of  people and 
could help to boost up the productivity and strengthen 
the economy too (Moşteanu, 2020). 
Universal Basic income concept: In the lockdown of  
the coronavirus pandemic, nearly 30% unemployment 
rate has been witnessed and this new great recession 
demands several income supplementing programs. This 
situation made it desirable to consider the Universal basic 
income concept given by Martin Luther King Jr in 1967 
to provide everyone with a minimum living wage whether 
they were employed or not would abolish poverty. With 
the help of  Universal basic income, people can escape 
from the poverty trap. This unconditional income would 
enable workers to stabilize their economic condition 
during sudden economic crisis periods and to reduce 
income inequalities as well (Hasmath, 2015). 

Global Supply Chain Management
This sudden stir requires immediate and appropriate 
action diagonally from the end-to-end supply chain to 
deal with the issues and challenges in order to create sheer 
transparency on multitier supply chains, and to determine 
the origin of  supply by identifying the alternative sources, 
to estimate available inventory along with the value 
chains including spare parts and after-sales stocks for 
the optimum utilization as a medium to keep production 
running and enable delivery to customers, assess realistic 
final-customer demand and respond to the shortage 
buying behaviour of  customers. 
Optimizing the production and distribution capacity to 



Pa
ge

 
64

https://journals.e-palli.com/home/index.php/ajee

Am. J. Environ Econ. 4(1) 61-66, 2025

ensure employee safety, such as by providing individual 
safety equipment, appointing the protective and preventive 
communication teams to share infection-risk levels, and 
examining the work-from-home options. Identifying 
the secured logistics, estimating, and accelerating their 
capacities wherever possible, and making them flexible 
and movable for transportation, arranging and managing 
the cash for operations to conduct the stress tests to find 
out the issues that hinder the supply chain and cause a 
financial downfall (Biswas & Das, 2020). 
Innovative financial services are necessary for financial 
institutions and people, and this innovation can boost 
financial institutions. This financial service would be 
helpful to individuals, households, and unorganized 
small vendors to face sudden economic crises. Progress 
of  financial services in banking institutions, insurance 
institutions, non-banking financial services, and 
microfinance institutions required a new regulatory 
framework, and this progress is an essential element for 
economic growth (Murad & Idewele, 2017).

Managerial Implications
The present study focuses on the financial contagion 
through corona lockdown and policy implications to 
curtail the COVID-19 financial contagion in Global 
Economy. Despite the availability of  several economy-
saving initiatives being implemented by the governments 
globally, many countries worldwide do not attain the 
maximum benefits to the people in this kind of  sudden 
economic crisis due to a lack of  funds to implement 
newly designed economic policies. In consonance with 
the present chaotic situation and economic vulnerability, 
this paper has highlighted how the coronavirus lockdown 
led to financial contagion into major sectors of  the global 
economy, and how governments will curtail the financial 
crisis to save their economy by taking and implementing 
special economic interventions to accelerate the large 
scale monetary and fiscal packages to increase in access 
and to offer the concessional financing to the needy, to 
initiate the people-centric economy to protect public life 
as well as the economy, adaptation, and implementation 
of  the Universal Basic Income will be taken into the 
consideration to protect unemployed and underemployed, 
to remove supply chain barriers to boost world trade, to 
implement innovative financial services to build more 
sustainable future. Eventually, measures of  this kind 
should complement the national and international future 
financial contagions.

CONCLUSIONS
The lockdown of  the coronavirus pandemic and the 
financial contagion to the global economy caused the 
global recession in 2020. Social distancing policies 
and lockdown restrictions to mitigate and militate 
the coronavirus outbreak trigger an economic crisis. 
Policymakers, particularly the economists, in many 
countries were/are under tremendous pressure to 
respond and address the economic crisis brought by the 

lockdown. These longest lockdown restrictions hurt the 
global economy through a reduction in various levels 
of  general economic transactions leading to financial 
contagion on the stock market, financial institution, 
travel industry, hospitality industry, event industry, film 
industry, labour market, and so forth. This sort of  
recession, since not happened in past, made it a difficult 
choice for policymakers whether to save the economy 
first before protecting the people or to protect the people 
first before saving the economy. Across the world, many 
countries have brought and implemented special policies 
with a volume of  intensives and concessions to curtail 
financial contagion on different sectors, and in different 
regions but these policies were insufficient or premature, 
and sometimes contradict with each other in some areas, 
nevertheless, this human and economic crisis needs lots 
of  brainstorming and new economic policies to mitigate 
the present economic crisis and in the coming near future.

REFERENCES
Abodunrin, O., Oloye, G., & Adesola, B. (2020). 

Coronavirus pandemic and its implication on global 
economy. International Journal of  Arts, Languages and 
Business Studies, 4(0), 13–23. https://www.ijalbs.
gojamss.net/index.php/IJALBS/article/view/2

Amadeo, K., & Brock, T. . J. (2022, August 7). 
What Is Universal Basic Income? Https://Www.
T h e b a l a n c e m o n e y. C o m / U n ive r s a l - B a s i c -
Income-4160668. https://www.thebalancemoney.
com/universal-basic-income-4160668

Bheenaveni, R. S. (2020). India’s indigenous idea of  herd 
immunity: The solution for COVID-19? Traditional 
Medicine Research, 5(4), 182–187. https://doi.
org/10.12032/TMR20200519181

Biswas, T. K., & Das, M. C. (2020). Selection of  the 
barriers of  supply chain management in Indian 
manufacturing sectors due to COVID-19 impacts. 
Operational Research in Engineering Sciences: Theory 
and Applications, 3(3), 1–12. https://doi.org/10.31181/
ORESTA2030301B

Chenli, M., Bannerman, S., & Abrokwah, E. (2022). 
Reviewing the global economic impacts and mitigating 
measures of  COVID-19. Total Quality Management & 
Business Excellence, 33(13–14), 1573–1587. https://doi.
org/10.1080/14783363.2021.1981130

Chirisa, I., Mavhima, B., Nyevera, T., Chigudu, 
A., Makochekanwa, A., Matai, J., Masunda, T., 
Chandaengerwa, E. K., Machingura, F., Moyo, S., 
Chirisa, H., Mhloyi, M., Murwira, A., Mhandara, L., 
Katsande, R., Muchena, K., Manjeya, E., Nyika, T., 
& Mundau, L. (2021). The impact and implications 
of  COVID-19: Reflections on the Zimbabwean 
society. Social Sciences & Humanities Open, 4(1), 100183. 
https://doi.org/10.1016/J.SSAHO.2021.100183

Grech, V., Grech, P., & Fabri, S. (2020). A risk balancing 
act - Tourism competition using health leverage in the 
COVID-19 era. International Journal of  Risk and Safety 
in Medicine, 31(3), 121–130. https://doi.org/10.3233/



Pa
ge

 
65

https://journals.e-palli.com/home/index.php/ajee

Am. J. Environ Econ. 4(1) 61-66, 2025

JRS-200042
Hasmath, R. (2015). Inclusive growth, development and 

welfare policy: A critical assessment. Inclusive Growth, 
Development and Welfare Policy: A Critical Assessment, 
1–293. https://doi.org/10.4324/9781315732626

Kapur, M., Anand, T., & Banerjee, A. (2020). A Review of  
COVID-19 and Its Waterfall Effect on the Changed World. 
SSRN Electronic Journal. https://doi.org/10.2139/
SSRN.3688847

Kourtit, K., & Nijkamp, P. (2023). In Search of  an 
Integrated Corona Knowledge Ecosystem for 
Actionable Health Policy – A Mind Mapping Voyage 
and an Exploratory Decomposition in Spatial 
Pandemetrics. Transylvanian Review of  Administrative 
Sciences, 19(69), 64–88. https://doi.org/10.24193/
tras.69E.4

Li, H., Liu, S. M., Yu, X. H., Tang, S. L., & Tang, C. 
K. (2020). Coronavirus disease 2019 (COVID-19): 
current status and future perspectives. International 
Journal of  Antimicrobial Agents, 55(5), 105951. https://
doi.org/10.1016/J.IJANTIMICAG.2020.105951

Lobanova, Y., & Aminov, I. (2021). Financial and legal 
measures to support small and medium-sized 
businesses in the context of  pandemic turbulence. 
SHS Web of  Conferences, 128, 06006. https://doi.
org/10.1051/SHSCONF/202112806006

Luonila, M., Renko, V., Jakonen, O., Karttunen, S., & 
Kanerva, A. (2021). The COVID-19 pandemic 
and cultural industries in the EU and in the United 
Kingdom : A perfect storm 1. Cultural Industries 
and the COVID-19 Pandemic, 11–26. https://doi.
org/10.4324/9781003128274-3

Mirbabaie, M., Bunker, D., Stieglitz, S., Marx, J., 
& Ehnis, C. (2020). Social media in times of  
crisis: Learning from Hurricane Harvey for the 
coronavirus disease 2019 pandemic response. 
Journal of  Information Technology, 35(3), 195–213. 
https://doi.org/10.1177/0268396220929258/
A S S E T / 7 7 E 8 B 6 9 9 - 2 6 8 2 - 4 6 D 0 - A 8 5 1 -
D 2 5 E A 4 7 3 4 1 3 D / A S S E T S / I M A G E S /
LARGE/10.1177_0268396220929258-FIG5.JPG

Moşteanu, N. R. (2020). Green Sustainable Regional 
Development and Digital Era. Green Buildings 
and Renewable Energy, 181–197. https://doi.
org/10.1007/978-3-030-30841-4_13

Murad, A. B., & Idewele, I. E. O. (2017). The impact 
of  microfinance institution in economic growth 
of  a country: Nigeria in focus. International Journal 
of  Development and Management Review, 12(1), 1–17. 
https://www.ajol.info/index.php/ijdmr/article/
view/157831

Nhamo, G., Dube, K., & Chikodzi, D. (2020). COVID-19 
and the Stock Market: Impacts on Tourism-Related 
Companies. Counting the Cost of  COVID-19 on 
the Global Tourism Industry, 297–318. https://doi.
org/10.1007/978-3-030-56231-1_13

Papadimos, T., Soghoian, S., Nanayakkara, P., Singh, S., 
Miller, A., Saddikuti, V., Jayatilleke, A., Dubhashi, 

S., Firstenberg, M., Dutta, V., Chauhan, V., Sharma, 
P., Galwankar, S., Garg, M., Taylor, N., & Stawicki, 
S. P. (2020). COVID-19 blind spots: A consensus 
statement on the importance of  competent political 
leadership and the need for public health cognizance. 
Journal of  Global Infectious Diseases, 12(4), 167–190. 
https://doi.org/10.4103/JGID.JGID_397_20

Phil Chibuikem, O. (2022a). COVID 19 impact on the 
global economy. ScienceOpen Preprints. https://doi.
org/10.14293/S2199-1006.1.SOR-.PPENFMX.V1

Phil Chibuikem, O. (2022b). COVID 19 impact on the 
global economy. ScienceOpen Preprints. https://doi.
org/10.14293/S2199-1006.1.SOR-.PPENFMX.V1

Qunhui, H. (2021). Impact of  the COVID-19 pandemic on 
the supply side and countermeasures. Economics of  
the Pandemic: Weathering the Storm and Restoring Growth, 
160–183. https://doi.org/10.4324/9781003184447-
8/IMPACT-COVID-19-PANDEMIC-SUPPLY-
S I D E - C O U N T E R M E A S U R E S - H UA N G -
QUNHUI

Rachel, C. (2020, May 16). Card payments in March fall 
24% in 2 months - Times of  India. Times of  India. 
https://timesofindia.indiatimes.com/business/
india-business/card-payments-in-march-fall-24-in-2-
months/articleshow/75767296.cms

Rai, S. S., Rai, S., & Singh, N. K. (2021). Organizational 
resilience and social-economic sustainability: 
COVID-19 perspective. Environment, Development 
and Sustainability, 23(8), 12006–12023. https://doi.
org/10.1007/S10668-020-01154-6/FIGURES/4

Rao, P., Goyal, N., Kumar, S., Hassan, M. K., & Shahimi, 
S. (2021). Vulnerability of  financial markets in India: 
The contagious effect of  COVID-19. Research in 
International Business and Finance, 58, 101462. https://
doi.org/10.1016/J.RIBAF.2021.101462

Rasul, G., Nepal, A. K., Hussain, A., Maharjan, 
A., Joshi, S., Lama, A., Gurung, P., Ahmad, F., 
Mishra, A., & Sharma, E. (2021). Socio-Economic 
Implications of  COVID-19 Pandemic in South Asia: 
Emerging Risks and Growing Challenges. Frontiers 
in Sociology, 6, 629693. https://doi.org/10.3389/
FSOC.2021.629693/BIBTEX

Sivasundaram, S. (2020). The Human, The Animal and the 
Prehistory of  COVID-19. Past & Present, 249(1), 295–
316. https://doi.org/10.1093/PASTJ/GTAA024

Ssenyonga, M. (2021). Imperatives for post COVID-19 
recovery of  Indonesia’s education, labor, and SME 
sectors. Cogent Economics & Finance, 9(1). https://doi.
org/10.1080/23322039.2021.1911439

Xu, Z., Elomri, A., Kerbache, L., & El Omri, A. (2020). 
Impacts of  COVID-19 on Global Supply Chains: 
Facts and Perspectives. IEEE Engineering Management 
Review, 48(3), 153–166. https://doi.org/10.1109/
EMR.2020.3018420

Xuan, X., Khan, K., Su, C. W., Khurshid, A., Xuan, C., 
Khan, X., Su, K., Khurshid, C. W., & Sayarshad, R. 
(2021). Will COVID-19 Threaten the Survival of  the 
Airline Industry? Sustainability, 13(21), 11666. https://



Pa
ge

 
66

https://journals.e-palli.com/home/index.php/ajee

Am. J. Environ Econ. 4(1) 61-66, 2025

doi.org/10.3390/SU132111666
Yu, B., Chen, X., Rich, S., Mo, Q., & Yan, H. (2021). 

Dynamics of  the coronavirus disease 2019 
(COVID-19) epidemic in Wuhan City, Hubei 
Province and China: a second derivative analysis of  
the cumulative daily diagnosed cases during the first 
85 days. Global Health Journal, 5(1), 4–11. https://doi.
org/10.1016/J.GLOHJ.2021.02.001

Yu, Z., Razzaq, A., Rehman, A., Shah, A., Jameel, K., & 
Mor, R. S. (2022). Disruption in global supply chain and 
socio-economic shocks: a lesson from COVID-19 for 
sustainable production and consumption. Operations 
Management Research, 15(1–2), 233–248. https://doi.
org/10.1007/S12063-021-00179-Y/FIGURES/9


