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Title: GDP IMPACT ON DEVELOPED VS DEVELOPING COUNTRIES DURING COVID TIME
Authors: Ikaasa Kohli
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Ikaasa Kohli Modern School Barakhamba Road, New Delhi
MLA 8 Kohli, Ikaasa. "GDP IMPACT ON DEVELOPED VS DEVELOPING COUNTRIES DURING COVID TIME." Int. j. of Social Science and Economic Research, vol. 6, no. 12, Dec. 2021, pp. 4916-4932, doi.org/10.46609/IJSSER.2021.v06i11.030. Accessed Dec. 2021. APA 6 Kohli, I. (2021, December). GDP IMPACT ON DEVELOPED VS DEVELOPING COUNTRIES DURING COVID TIME. Int. j. of Social Science and Economic Research, 6(12), 4916-4932. Retrieved from doi.org/10.46609/IJSSER.2021.v06i11.030 Chicago Kohli, Ikaasa. "GDP IMPACT ON DEVELOPED VS DEVELOPING COUNTRIES DURING COVID TIME." Int. j. of Social Science and Economic Research 6, no. 12 (December 2021), 4916-4932. Accessed December, 2021. doi.org/10.46609/IJSSER.2021.v06i11.030.
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Abstract: Apart from rising tensions between poor and wealthy countries, the emergence of the new coronavirus is currently the most important black goose of 2020. The Covid-19 pandemic is a 'one-of-a-kind' worldwide shock, causing concurrent market forces problems in a linked world economy. Infections diminish supply of labour and production, whereas lockdowns, company disruptions, and social distance also affect supply. Furloughs and income losses, as well as worsening economic outlook, diminish private consumption and company investment. The severe speculation surrounding the pandemic's route, length, scale, and effect might set off a negative spiral of low consumer and business confidence and tighter economic position, resulting in loss of jobs and expenditure. The main difficulties for any evidence based financial evaluation of Covid-19 are identifying this unexpected shock, accounting for its nonlinear impacts, considering cross-country ripple effects, and quantifying forecast ambiguity, provided the shock's unparalleled nature. The paper's main goal was to examine the projected worldwide real GDP growth, assess the repercussions for low-income nations due to the drop in GDP during the pandemic, and address the changing GDP rates with rising economies following the covid crisis. The study was carried out using a descriptive research approach, which entailed gathering data from secondary sources and doing qualitative research. The interpretivist method was used in this project. The findings of the study suggest that the global recession will persist for a long time, and that no nation will be immune to its effects, irrespective of their risk response. These findings demand for a pandemic government response that is coordinated across countries.

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