Advances in Economics, Management and Political Sciences

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Proceedings of the 2nd International Conference on Financial Technology and Business Analysis

Series Vol. 58 , 20 November 2023


Open Access | Article

An Analysis of the Impact of the Epidemic on the Economy

Yuxuan Wang * 1
1 High School Attached to Northeast Normal School International Division

* Author to whom correspondence should be addressed.

Advances in Economics, Management and Political Sciences, Vol. 58, 15-19
Published 20 November 2023. © 20 November 2023 The Author(s). Published by EWA Publishing
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Citation Yuxuan Wang. An Analysis of the Impact of the Epidemic on the Economy. AEMPS (2023) Vol. 58: 15-19.

Abstract

COVID-19 has been a very serious problem worldwide, not only causing many deaths but also causing a recession in economic growth and the stable development of society. Therefore, based on existing literature and statistical data, the author analyzed the impact of the epidemic on the economy and the corresponding response measures of enterprises and governments in this situation. This article is divided into two parts. One part elaborates on the isolation and regulatory issues of economics during the Great Depression from both macro and micro perspectives, while the other part explains some solutions from both micro and macro perspectives. In general, COVID-19 has caused many negative factors threatening economic life, such as job opportunities and supply reductions. It has had a certain impact on both agriculture and tourism. Fortunately, the government has taken many measures, such as adopting policies from both macro and micro perspectives. Although COVID-19 contains many negative factors, such as health threats, it also has a positive side, such as promoting technological progress and innovation.

Keywords

COVID-19, economy, agriculture, tourism, fiscal policy

References

1. This Is How Our Economy Can Survive the Pandemic.” 2020. News, news.ucr.edu/articles/2020/04/22/how-our-economy-can-survive-pandemic.

2. Richter, Felix. 2021. “COVID-19 Has Caused a Huge Amount of Lost Working Hours.” World Economic Forum, World Economic Forum, 4 Feb. 2021, www.weforum.org/agenda/2021/02/covid-employment-global-job-loss/.

3. World Health Organization. 2021. “UN Report: Global Hunger Numbers Rose to as Many as 828 Million in 2021.” World Health Organization, 6 July 2022, www.who.int/news/item/06-07-2022-un-report--global-hunger-numbers-rose-to-as-many-as-828-million-in-2021.

4. Desarrollo, B. A. (2020). COVID-19 Active Response and Expenditure Support Program: Report and Recommendation of the President. Recuperado de: https://www. adb. org/sites/default/files/linked-documents/54195-001-ssa. pdf.

5. Schedneck, Brooke. “The Pandemic Has Slowed Tourism to Thailand’s Buddhist Temples, but the Impact Is More than Economic.” The Conversation, 3 June 2021, theconversation.com/the-pandemic-has-slowed-tourism-to-thailands-buddhist-temples-but-the-impact-is-more-than-economic-160673.

6. Wappass. 2023. baidu.com, baijiahao.baidu.com/s?id=1697282725940141606&wfr=spider&for=pc. Accessed 26 July 2023.

7. Remillard, Mark. 2021. “COVID-19 Pandemic Exposes New Challenges for Restaurant Industry.” ABC News, 6 Sept. 2021, abcnews.go.com/US/covid-19-pandemic-exposes-challenges-restaurant-industry/story?id=79852137.

8. Study.com, 2023, homework.study.com/explanation/what-price-ceiling-maximizes-consumer-surplus-given-that-qd-100-p-and-qs-p.html. Accessed 26 July 2023

9. Pros and Cons of Expansionary Monetary Policy. Expansionary Fiscal Policy: Definition, Examples. 2019-01-21.” Webstreaming.com.br, webstreaming.com.br/pros-and-cons-of-expansionary-monetary-policy.html. Accessed 26 July 2023.

10. Study.com, 2023, homework.study.com/explanation/what-price-ceiling-maximizes-consumer-surplus-given-that-qd-100-p-and-qs-p.html. Accessed 26 July 2023

Data Availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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Volume Title
Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
ISBN (Print)
978-1-83558-207-7
ISBN (Online)
978-1-83558-208-4
Published Date
20 November 2023
Series
Advances in Economics, Management and Political Sciences
ISSN (Print)
2754-1169
ISSN (Online)
2754-1177
DOI
Copyright
20 November 2023
Open Access
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

Copyright © 2023 EWA Publishing. Unless Otherwise Stated