The COVID-19 Pandemic: Unveiling the Transformative Impact on the Economy with Future Predictions

Zhixuan Zhang

doi:10.54097/hc7ads38

Authors

Zhixuan Zhang

DOI:

https://doi.org/10.54097/hc7ads38

Keywords:

Covid-19; Global economy; Local Economy.

Abstract

The economy has faced major setbacks after the spread of COVID-19, and the inconvenience brought by the pandemic has caused a recession in the global economy. The pandemic has resulted in high unemployment rates, with workers having to work online, which has proven to be inefficient and has decreased productivity. The purpose of this paper is to predict the possible economic trend after the pandemic and how it will possibly recover from the declining Gross Domestic Product (GDP) growth rate. The paper also discusses the role of e-commerce during the pandemic, highlighting its crucial role during lockdowns and predicting how it will develop in the future. To promote credibility and accuracy, this paper has utilized secondary sources such as books, journal articles, and technical reports. The paper has determined that the global economy faced a major downturn during the pandemic, while the e-commerce field thrived. However, the global economy is recovering slowly and steadily after the end of the lockdown, while e-commerce continues to grow.

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