ISSN: 2225-8329
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The current coronavirus disease, COVID-19, is an infectious disease that is caused by a newly discovered coronavirus, COVID-19 virus. The disease was first reported in Wuhan, China at the end of 2019 and has so far spread to almost all countries and territories of the world. In an effort to contain its spread, governments of different nations have instituted various measures.
As the negative effects of the pandemic continue to be felt all over the world, discussions have switched to comparing the current crisis to the Great Depression of the 1930s. This topic informs the objective of the current research. The main purpose of this research to study if the economic effects and solutions to the economic impact of the coronavirus pandemic compare to that of the Great Depression.
Using a case analysis of the impact of the two crises on the economic performance of the United States and IMF’s projections, this research has established that the coronavirus pandemic will have a more devastating impact on the global economy than the Great Depression. On the other hand, the IMF projects that if even the coronavirus is to be contained soon enough, then global economy will drop by -3%.
This research has established that the coronavirus will have a more devastating effect on the global economy than the Great Depression.
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