TITLE:
Coronavirus Disease 2019 (COVID-19): Its Ramifications on the Economy and Future Perspectives—A Review
AUTHORS:
Daniel Ofori, George Asumadu, Isaac Mensah, Bright Amponsem
KEYWORDS:
COVID-19, Coronaviruses, Economy, Non-Medical Nose Mask, Impact, Growth, Perspectives
JOURNAL NAME:
Modern Economy,
Vol.12 No.5,
May
18,
2021
ABSTRACT: The purpose of this paper is to review the existing
literature and updates on positive and negative impacts of the trend of the COVID-19
pandemic on the economy, since no permanent solution has been found. Data drawn
from various sources in the form of daily briefings of health and economic
experts, bulletins and reports from UN agencies and other agencies were
utilised. The study serves as a contribution to insight to enable policy makers
to brace for the unexpected as the world is unfolding to unprecedented in the
new millennial. It was found that measures such as lockdown, travel bans,
closure of schools, churches and Mosques, restaurants, and bars were adopted to
control the disease in the economy, as adopted in other parts of the world. The
disease harmed the economies enormously, including trade, investments, and the
fall in oil prices. The use of different types of nose masks, veronica buckets
and sanitizers has been found in the Ghanaian market. Nonetheless, the number
of cases is still on the rise due to improper usage and contamination of nose
masks by people and the discovery of new variants of COVID-19 in other places
has also exacerbated the problem. Currently, there is an approved vaccine to
curb the virus in the country, but only a few selected categories of citizens
have received first jab and many people do not follow the laid down protocols—a concern to surmount the spread of the pandemic in the country amidst
the fear of a third variant of the virus emerging.