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      The Socio-Economic Implications of the Coronavirus and COVID-19 Pandemic: A Review

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          There is no author summary for this article yet. Authors can add summaries to their articles on ScienceOpen to make them more accessible to a non-specialist audience.

          Abstract

          The COVID-19 pandemic has resulted in over 1.4 million confirmed cases and over 83,000 deaths globally. It has also sparked fears of an impending economic crisis and recession. Social distancing, self-isolation and travel restrictions forced a decrease in the workforce across all economic sectors and caused many jobs to be lost. Schools have closed down, and the need of commodities and manufactured products has decreased. In contrast, the need for medical supplies has significantly increased. The food sector has also seen a great demand due to panic-buying and stockpiling of food products. In response to this global outbreak, we summarise the socio-economic effects of COVID-19 on individual aspects of the world economy.

          Highlights

          • •

            Central banks globally commit to a ‘Whatever it takes’ approach in an attempt to save the global economy.

          • •

            Europe pledges a €1.7tn rescue package.

          • •

            The road to economic recovery is predicted to be a long one, with a period of economic inactivity for years to come.

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          World Health Organization declares global emergency: A review of the 2019 novel coronavirus (COVID-19)

          Catrin Sohrabi, Zaid Alsafi, Niamh O'Neill … (2020)
          An unprecedented outbreak of pneumonia of unknown aetiology in Wuhan City, Hubei province in China emerged in December 2019. A novel coronavirus was identified as the causative agent and was subsequently termed COVID-19 by the World Health Organization (WHO). Considered a relative of severe acute respiratory syndrome (SARS) and Middle East respiratory syndrome (MERS), COVID-19 is caused by a betacoronavirus named SARS-CoV-2 that affects the lower respiratory tract and manifests as pneumonia in humans. Despite rigorous global containment and quarantine efforts, the incidence of COVID-19 continues to rise, with 90,870 laboratory-confirmed cases and over 3,000 deaths worldwide. In response to this global outbreak, we summarise the current state of knowledge surrounding COVID-19.
          Article 0 comments Cited 2166 times – based on 0 reviews     Review now
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            Evidence Based Management Guideline for the COVID-19 Pandemic - Review article

            Maria R.C. Nicola, Niamh O’Neill, Catrin Sohrabi … (2020)
            COVID-19 has now been declared a pandemic. To date, COVID-19 has affected over 944,181 people worldwide, resulting in over 47,312 reported deaths. Numerous preventative strategies and non-pharmaceutical interventions have been employed to mitigate the spread of disease including careful infection control, the isolation of patients, and social distancing. Management is predominantly focused on the provision of supportive care, with oxygen therapy representing the major treatment intervention. Medical therapy involving corticosteroids and antivirals have also been encouraged as part of critical management schemes. However, there is at present no specific antiviral recommended for the treatment of COVID-19, and no vaccine is currently available. Despite the strategic implementation of these measures, the number of new reported cases continues to rise at a profoundly alarming rate. As new findings emerge, there is an urgent need for up-to-date management guidelines. In response to this call, we review what is currently known regarding the management of COVID-19, and offer an evidence-based review of current practice.
            Article 0 comments Cited 167 times – based on 0 reviews     Review now
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              The possible macroeconomic impact on the UK of an influenza pandemic.

              Jeffrey Smith, Melinda Wren, M Keogh … (2010)
              Little is known about the possible impact of an influenza pandemic on a nation's economy. We applied the UK macroeconomic model 'COMPACT' to epidemiological data on previous UK influenza pandemics, and extrapolated a sensitivity analysis to cover more extreme disease scenarios. Analysis suggests that the economic impact of a repeat of the 1957 or 1968 pandemics, allowing for school closures, would be short-lived, constituting a loss of 3.35 and 0.58% of GDP in the first pandemic quarter and year, respectively. A more severe scenario (with more than 1% of the population dying) could yield impacts of 21 and 4.5%, respectively. The economic shockwave would be gravest when absenteeism (through school closures) increases beyond a few weeks, creating policy repercussions for influenza pandemic planning as the most severe economic impact is due to policies to contain the pandemic rather than the pandemic itself.Accounting for changes in consumption patterns made in an attempt to avoid infection worsens the potential impact. Our mild disease scenario then shows first quarter/first year reductions in GDP of 9.5/2.5%, compared with our severe scenario reductions of 29.5/6%. These results clearly indicate the significance of behavioural change over disease parameters. Copyright © 2009 John Wiley & Sons, Ltd.
              Article 0 comments Cited 43 times – based on 0 reviews     Review now
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                Author and article information

                Contributors
                Maria Nicola
                Zaid Alsafi
                Catrin Sohrabi
                Ahmed Kerwan
                Ahmed Al-Jabir
                Christos Iosifidis
                Maliha Agha
                Riaz Agha
                Journal
                Journal ID (nlm-ta): Int J Surg
                Journal ID (iso-abbrev): Int J Surg
                Title: International Journal of Surgery (London, England)
                Publisher: Published by Elsevier Ltd on behalf of IJS Publishing Group Ltd.
                ISSN (Print): 1743-9191
                ISSN (Electronic): 1743-9159
                Publication date PMC-release: 17 April 2020
                Publication date (Electronic): 17 April 2020
                Affiliations
                [a ]Imperial College Healthcare NHS Trust, London, United Kingdom
                [b ]UCL Medical School, University College London, United Kingdom
                [c ]Barts and The London School of Medicine and Dentistry, Queen Mary University of London, United Kingdom
                [d ]GKT School of Medical Education, King’s College London
                [e ]IJS Publishing Group
                [f ]Barts Health NHS Trust, London, United Kingdom
                Author notes
                [∗ ]Corresponding author. maria_n02@ 123456hotmail.com
                Article
                Publisher ID: S1743-9191(20)30316-2
                DOI: 10.1016/j.ijsu.2020.04.018
                PMC ID: 7162753
                PubMed ID: 32305533
                SO-VID: de845a78-4dcf-43d4-b5f7-9365dbd0784a
                Copyright © © 2020 Published by Elsevier Ltd on behalf of IJS Publishing Group Ltd.
                License:

                Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active.

                History
                Date received : 24 March 2020
                Date revision received : 9 April 2020
                Date accepted : 12 April 2020
                Categories
                Subject: Article

                ScienceOpen disciplines: Surgery
                Keywords: economy,economic impact,covid-19,sars-cov-2,coronavirus
                Data availability:
                ScienceOpen disciplines: Surgery
                Keywords: economy, economic impact, covid-19, sars-cov-2, coronavirus

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