Addressing the Social and Economic Consequences of COVID-19 Pandemic in South Asian Economies

Abstract

The recent COVID-19 pandemic spread around the globe and presented serious challenges to the lives and livelihoods of the people around the world. The global economy has begun to experience significant disruptions and is on the verge of a severe recession and an unparalleled economic catastrophe. The objective of this review is to address the impact of COVID-19 on major macroeconomic indicators in selected South Asian countries. According to the result, the COVID-19-induced lockdown has severely hampered economic activity and the cyclical flow of major macroeconomic indicators. The GDP growth rate of all South Asian countries have been shrink compared to pre-pandemic growth rate. Further, the current account balance and unemployment level also effected badly by the COVID-19 pandemic in selected South Asian countries. As a result, the economic and social repercussions of the COVID-19 epidemic in South Asia are expected to be considerable and long lasting.