COVID19 pandemic and climate change impacts on world economy

Abstract EN

The world was hardly hit by one of the deadliest infectious diseases in history: the COVID-19 that originated in china Wuhan in December 2019, then widespread all over the globe.

yet the outbreak of the virus has sickened more than 400 million people and cost the lives of over 5 million and 800 thousand others (2022).

almost all countries took confinement measures to mitigate the coronavirus outbreak.

those measures and the loss of life, hit hardly the global economy.

ever since, the emergency has evolved into a global public health and economic crisis.

although countries continue to fight the COVID-19 pandemic, its threat still looms large.

moreover, climate change is already affecting the global economy through damage to property and infrastructure, lost productivity, mass migration and security threats.

the main aim of this study is to evaluate the momentous impacts caused by those two issue COVID-19 outbreak and climate change.

it turns out that the coronavirus pandemic has affected the nearly $90 trillion global economy, beyond anything it has experienced almost a century ago.

the virus reduced global economic growth in 2020 to an annual rate of about-3.2%, with a 5.9% recovery.

as 2020 passed as a bad dream and the global distribution of vaccines took place, the global economic recovery sprang back in 2021, nonetheless, the emergence of new variants such as delta and omicron has slowed it down.

global growth is expected to moderate from 5.9 in 2021 to 4.4 percent in 2022.supply chain disruptions have played a key role in stalling global recovery this year.

shipping snarls along with a shortage of shipping containers, and a steep rebound in demand once pandemic-related restrictions were eased, have left producers scampering for components and raw materials.

the raw material and input shortages, along with higher energy prices, have let to inflation soaring.

similarly, climate devastating disasters that happened in 2021, has caused a damage costing around $329 billion, making 2021 the third-costliest year on record (adjusted for inflation) for weather-related disasters, after those of 2017 ($519 billion) and 2005 ($351 billion), according to AON insurance company.