e-ISSN 2231-8534
ISSN 0128-7702
Van Ky Long Nguyen, Thi My Hanh Le, Thi Minh Chau Tran, Thi Thu Hien Le, Thi Ngoc Mai Duong, Thi Hien Le, Tien Son Nguyen and Nhu Hoa Vo
Pertanika Journal of Social Science and Humanities, Volume 29, Issue 3, September 2021
DOI: https://doi.org/10.47836/pjssh.29.3.29
Keywords: COVID-19, economics, global economy, literature review, pandemic
Published on: 27 September 2021
The pandemic has caused several health issues and deaths and numerous severe devastations to the global economy. Due to the extreme impacts of the epidemics, it is crucial to investigate the pandemics and their pessimistically hidden influences to devise proper strategies. However, although this topic gains enormous recognition from scholars and researchers, there is still an inadequacy of a comprehensive literature review on the issues, and in-depth research on individual aspects of the world economy. Accordingly, the objective of this paper is to contribute a literature review that synthesises and evaluates prior research, to examine the current state of the pandemic impacts on the global economy, as well as become the requisite foundation for the practitioners to perceive how to respond to a pandemic in the future. A literature review is conducted, with 254 most relevant articles are analysed and classified based on the proposed framework. Thus, the findings of this study contribute diverse theoretical and practical insights concerning pandemics and the global economy. The results of this paper indicate the current status of the literature review and discover future research directions. Additionally, this paper proposes an integrated framework of the most influenced industries, followed by some emerging solutions to the most suffering sectors. Future research directions are further suggested based on the identified research gaps and the analysis results.
Acs, G., & Karpman, M. (2020). Employment, income, and unemployment insurance during the COVID-19 pandemic. Urban Institute. https://www.urban.org/research/publication/employment-income-and-unemployment-insurance-during-covid-19-pandemic
Ahlburg, D. A. (2020). Covid‐19 and UK universities. The Political Quarterly, 91(3), 649-654. https://doi.org/10.1111/1467-923X.12867
Akbar, Y. H., & Kisilowski, M. (2020). To bargain or not to bargain: Airlines, legitimacy and nonmarket strategy in a COVID-19 world. Journal of Air Transport Management, 88, 101867. https://doi.org/10.1016/j.jairtraman.2020.101867
Al-Samarrai, S., Gangwar, M., & Gala, P. (2020). The impact of the COVID-19 pandemic on education financing. World Bank. https://openknowledge.worldbank.org/handle/10986/33739
Ali, M., Alam, N., & Rizvi, S. A. R. (2020). Coronavirus (COVID-19) – An epidemic or pandemic for financial markets. Journal of Behavioral Experimental Finance, 27, 100341. https://doi.org/10.1016/j.jbef.2020.100341
Altavilla, C., Boucinha, M., & Peydró, J.-L. (2018). Monetary policy and bank profitability in a low interest rate environment. Economic Policy, 33(96), 531-586. https://doi.org/10.1093/epolic/eiy013
Ashraf, B. N. (2020). Economic impact of government interventions during the COVID-19 pandemic: International evidence from financial markets. Journal of Behavioral Experimental Finance, 27, 100371. https://doi.org/10.1016/j.jbef.2020.100371
Azimli, A. (2020). The impact of COVID-19 on the degree of dependence and structure of risk-return relationship: A quantile regression approach. Finance Research Letters, 36, 101648. https://doi.org/10.1016/j.frl.2020.101648
Baker, B. D., & Di Carlo, M. (2020). The coronavirus pandemic and K-12 education funding. Albert Shanker Institute.
Baker, B. D., Weber, M., & Atchison, D. (2020). Weathering the storm: School funding in the COVID-19 era. Phi Delta Kappan, 102(1), 8-13. https://doi.org/10.1177/0031721720956839
Baldwin, R., & Mauro, B. W. d. (2020). Economics in the Time of COVID-19. CEPR Press.
Barham, B., Bunker, S. G., & O’Hearn, D. (1994). States, firms, and raw materials: The world economy and ecology of aluminum. Univ of Wisconsin Press.
Barker, M., & Russell, J. (2020). Feeding the food insecure in Britain: Learning from the 2020 COVID-19 crisis. Food Security, 12(4), 865-870. https://doi.org/10.1007/s12571-020-01080-5
Bartik, A. W., Bertrand, M., Cullen, Z. B., Glaeser, E. L., Luca, M., & Stanton, C. T. (2020). How are small businesses adjusting to covid-19? Early evidence from a survey (No. w26989). National Bureau of Economic Research. http://doi.org/10.3386/w26989
Baum, T., & Hai, N. T. T. (2020). Hospitality, tourism, human rights and the impact of COVID-19. International Journal of Contemporary Hospitality Management, 32(7), 2397-2407. https://doi.org/10.1108/IJCHM-03-2020-0242
Bråthen, S., & Hoff, K. L. (2020). Economic impact assessment of regulatory changes: A case study of a proposed new ICAO standard for contaminated runways. Sustainability, 12(15), 5897. https://doi.org/10.3390/su12155897
Chetty, R., Friedman, J. N., Hendren, N., & Stepner, M. (2020). How did covid-19 and stabilization policies affect spending and employment? A new real-time economic tracker based on private sector data. National Bureau of Economic Research.
Copertari, L. F. (2016). Economy sectors participation index. International Review of Social Sciences, 4(2), 38-43.
Dam, N. A. K., Le Dinh, T., & Menvielle, W. (2019). A systematic literature review of big data adoption in internationalization. Journal of Marketing Analytics, 7(3), 182-195. https://doi.org/10.1057/s41270-019-00054-7
Devpura, N., & Narayan, P. K. (2020). Hourly oil price volatility: The role of COVID-19. Energy Research Letters, 1(2), 13683. https://doi.org/10.46557/001c.13683
Dorn, E., Hancock, B., Sarakatsannis, J., & Viruleg, E. (2020). COVID-19 and student learning in the United States: The hurt could last a lifetime. McKinsey Company. https://www.mckinsey.com/industries/public-and-social-sector/our-insights/covid-19-and-student-learning-in-the-united-states-the-hurt-could-last-a-lifetime#
Farooq, I., & Ali, S. (2020). COVID-19 outbreak and its monetary implications for dental practices, hospitals and healthcare workers. Postgraduate Medical Journal, 96(1142), 791-792. https://doi.org/10.1136/postgradmedj-2020-137781
Fisher, A. G. (1939). Production, primary, secondary and tertiary. Economic Record, 15(1), 24-38. https://doi.org/10.1111/j.1475-4932.1939.tb01015.x
Food and Drug Administration (2020). Best practices for retail food stores, restaurants, and food pick-up/delivery services during the COVID-19 pandemic. https://www.fda.gov/food/food-safety-during-emergencies/best-practices-retail-food-stores-restaurants-and-food-pick-updelivery-services-during-covid-19
Funke, M., & Tsang, A. (2020). The People’s Bank of China’s response to the coronavirus pandemic-A quantitative assessment. Economic Modelling, 93, 465-473. https://doi.org/10.1016/j.econmod.2020.08.018
Gewin, V. (2020). Five tips for moving teaching online as COVID-19 takes hold. Nature, 580(7802), 295-296.
Gong, D., Jiang, T., & Lu, L. (2020). Pandemic and bank lending: Evidence from the 2009 H1N1 Pandemic. Finance Research Letters, 39, 101627. https://doi.org/10.1016/j.frl.2020.101627
Gössling, S., Scott, D., & Hall, C. M. (2020). Pandemics, tourism and global change: A rapid assessment of COVID-19. Journal of Sustainable Tourism, 29(1), 1-20. https://doi.org/10.1080/09669582.2020.1758708
Govindan, K., Mina, H., & Alavi, B. (2020). A decision support system for demand management in healthcare supply chains considering the epidemic outbreaks: A case study of coronavirus disease 2019 (COVID-19). Transportation Research Part E: Logistics Transportation Review, 138, 101967. https://doi.org/10.1016/j.tre.2020.101967
Gretzel, U., Fuchs, M., Baggio, R., Hoepken, W., Law, R., Neidhardt, J., Pesonen, J., Zanker, M., & Xiang, Z. (2020). E-tourism beyond COVID-19: A call for transformative research. Information Technology & Tourism, 22, 187-203. https://doi.org/10.1007/s40558-020-00181-3
Gupta, M., Abdelmaksoud, A., Jafferany, M., Lotti, T., Sadoughifar, R., & Goldust, M. (2020). COVID‐19 and economy. Dermatologic Therapy, 33(4), e13329. https://doi.org/10.1111/dth.13329
Gursoy, D., & Chi, C. G. (2020). Effects of COVID-19 pandemic on hospitality industry: Review of the current situations and a research agenda. Journal of Hospitality Marketing & Management, 29(5), 527-529. https://doi.org/10.1080/19368623.2020.1788231
Haleem, A., Javaid, M., & Vaishya, R. (2020). Effects of COVID 19 pandemic in daily life. Current Medicine Research Practice, 10(2), 78. https://doi.org/10.1016/j.cmrp.2020.03.011
Hobbs, J. E. (2020). Food supply chains during the COVID‐19 pandemic. Canadian Journal of Agricultural Economics, 68(2), 171-176. https://doi.org/10.1111/cjag.12237
Huremović, D. (2019). Brief history of pandemics (pandemics throughout history). In Psychiatry of pandemics (pp. 7-35). Springer. https://doi.org/10.1007/978-3-030-15346-5_2
International-Monetary-Fund. (2019). Fiscal monitor: How to mitigate climate change. https://www.imf.org/en/Publications/FM/Issues/2019/09/12/fiscal-monitor-october-2019
International-Monetary-Fund. (2020). Fiscal monitor: Policies to support people during the COVID-19 pandemic. https://www.imf.org/-/media/Files/Publications/fiscal-monitor/2020/April/English/ch1.ashx
Jones, K. E., Patel, N. G., Levy, M. A., Storeygard, A., Balk, D., Gittleman, J. L., & Daszak, P. (2008). Global trends in emerging infectious diseases. Nature, 451(7181), 990-993. https://doi.org/10.1038/nature06536
Kabir, M., Saqib, M. A. N., Zaid, M., Ahmed, H., & Afzal, M. S. (2020). COVID-19, economic impact and child mortality: A global concern. Clinical Nutrition, 39(7), 2322-2323. https://doi.org/10.1016/j.clnu.2020.05.027
Keshav, S. (2007). How to read a paper. ACM SIGCOMM Computer Communication Review, 37(3), 83-84. https://doi.org/10.1145/1273445.1273458
Kumar, M. S., Raut, R. D., Narwane, V. S., & Narkhede, B. E. (2020). Applications of industry 4.0 to overcome the COVID-19 operational challenges. Diabetes Metabolic Syndrome: Clinical Research Reviews, 14(5), 1283-1289. https://doi.org/10.1016/j.dsx.2020.07.010
Kwiatkowska, W. (2015). The service sector in the economy in Poland and European Union countries. Olsztyn Economic Journal, 10(3), 191-207.
Laborde, D., Martin, W., Swinnen, J., & Vos, R. (2020). COVID-19 risks to global food security. Science, 369(6503), 500-502. https://doi.org/10.1126/science.abc4765
Lahmiri, S., & Bekiros, S. (2020). The impact of COVID-19 pandemic upon stability and sequential irregularity of equity and cryptocurrency markets. Chaos, Solitons Fractals, 138, 109936. https://doi.org/10.1016/j.chaos.2020.109936
Loopstra, R. (2020). Vulnerability to food insecurity since the COVID-19 lockdown. The Food Foundation.
Ly, T., Selgelid, M., & Kerridge, I. (2007). Pandemic and public health controls: Toward an equitable compensation system. Journal of Law and Medicine, 15, 296-307.
Madhav, N., Oppenheim, B., Gallivan, M., Mulembakani, P., Rubin, E., & Wolfe, N. (2018). Pandemics: Risks, impacts, and mitigation. In Disease control priorities, third edition (Volume 9): Improving health and reducing poverty (pp. 315-345). The World Bank. https://doi.org/10.1596/978-1-4648-0527-1_ch17
Marjanović, V. (2010). Significance and influence of economic structure on economic development. Economic Themes, 369-382.
Matheny, J., Toner, E., & Waldhorn, R. (2007). Financial effects of an influenza pandemic on US hospitals. Journal of Health Care Finance, 34(1), 58-63.
Ménard, C., & Valceschini, E. (2005). New institutions for governing the agri-food industry. European Review of Agricultural Economics, 32(3), 421-440. https://doi.org/10.1093/eurrag/jbi013
Mohammad, S., Asutay, M., Dixon, R., & Platonova, E. (2020). Liquidity risk exposure and its determinants in the banking sector: A comparative analysis between Islamic, conventional and hybrid banks. Journal of International Financial Markets, Institutions Money, 66, 101196. https://doi.org/10.1016/j.intfin.2020.101196
Morse, S. S. (2001). Factors in the emergence of infectious diseases. In Plagues and politics (pp. 8-26). Springer. https://doi.org/10.1057/9780230524248_2
Nguyen, D. T., Phan, D. H. B., Ming, T. C., & Nguyen, V. K. L. (2021). An assessment of how COVID-19 changed the global equity market. Economic Analysis and Policy, 69, 480-491. https://doi.org/10.1016/j.eap.2021.01.003
Nicola, M., Alsafi, Z., Sohrabi, C., Kerwan, A., Al-Jabir, A., Iosifidis, C., Agha, M., & Agha, R. (2020). The socio-economic implications of the coronavirus pandemic (COVID-19): A review. International Journal of Surgery, 78, 185-193. https://doi.org/10.1016/j.ijsu.2020.04.018
Niestadt, M. (2020). COVID-19 and the tourism sector. European Parliamentary Research Service. https://www.europarl.europa.eu/RegData/etudes/ATAG/2020/649368/EPRS_ATA(2020)649368_EN.pdf
OECD. (2020). Tourism policy responses to the coronavirus (COVID-19). OECD Policy Responses to Coronavirus (COVID-19). OECD Publishing. https://doi.org/10.1787/6466aa20-en
Paul, S. K., & Chowdhury, P. (2020). A production recovery plan in manufacturing supply chains for a high-demand item during COVID-19. International Journal of Physical Distribution Logistics Management, 51(2), 104-125. https://doi.org/10.1108/IJPDLM-04-2020-0127
Pitman, R., Nagy, L., & Sculpher, M. (2013). Cost-effectiveness of childhood influenza vaccination in England and Wales: Results from a dynamic transmission model. Vaccine, 31(6), 927-942. https://doi.org/10.1016/j.vaccine.2012.12.010
Preaud, E., Durand, L., Macabeo, B., Farkas, N., Sloesen, B., Palache, A., Shupo, F., & Samson, S. I. (2014). Annual public health and economic benefits of seasonal influenza vaccination: A European estimate. BMC Public Health, 14(1), 813. https://doi.org/10.1186/1471-2458-14-813
Qiu, W., Rutherford, S., Mao, A., & Chu, C. (2017). The pandemic and its impacts. Health, Culture Society, 9, 1-11. https://doi.org/10.5195/hcs.2017.221
Rekatsina, M., Paladini, A., Moka, E., Yeam, C. T., Urits, I., Viswanath, O., Kaye, A. D., Morgan, J. A., & Varrassi, G. (2020). Healthcare at the time of COVID-19: A review of the current situation with emphasis on anesthesia providers. Best Practice Research Clinical Anaesthesiology, 34(3), 539-551. https://doi.org/10.1016/j.bpa.2020.07.002
Rickenberg, T. A., Neumann, M., Hohler, B., & Breitner, M. (2012, August 9-12). Enterprise content management-A literature review. Proceedings of the Eighteenth Americas Conference on Information Systems. https://aisel.aisnet.org/amcis2012/proceedings/DataInfoQuality/10
Saunders-Hastings, P. R., & Krewski, D. (2016). Reviewing the history of pandemic influenza: Understanding patterns of emergence and transmission. Pathogens, 5(4), 66. https://doi.org/10.3390/pathogens5040066
Schafran, A., McDonald, C., Lopez Morales, E., Akyelken, N., & Acuto, M. (2018). Replacing the services sector and three-sector theory: Urbanization and control as economic sectors. Regional Studies, 52(12), 1708-1719. https://doi.org/10.1080/00343404.2018.1464136
Shehzad, K., Xiaoxing, L., & Kazouz, H. (2020). COVID-19’s disasters are perilous than global financial crisis: A rumor or fact? Finance Research Letters, 36, 101669. https://doi.org/10.1016/j.frl.2020.101669
Shorey, S., & Valerie, C. (2020). Lessons from past epidemics and pandemics and a way forward for pregnant women, midwives and nurses during COVID-19 and beyond: A meta-synthesis. Midwifery, 90, 102821. https://doi.org/10.1016/j.midw.2020.102821
Shrestha, N., Shad, M. Y., Ulvi, O., Khan, M. H., Karamehic-Muratovic, A., Nguyen, U.-S. D., Baghbanzadeh, M., Wardrup, R., Aghamohammadi, N., & Cervantes, D. (2020). The impact of COVID-19 on globalization. One Health, 11, 100180. https://doi.org/10.1016/j.onehlt.2020.100180
Sigala, M. (2020). Tourism and COVID-19: Impacts and implications for advancing and resetting industry and research. Journal of Business Research, 117, 312-321. https://doi.org/10.1016/j.jbusres.2020.06.015
Stock, J. H. (2020, May 12). Reopening the coronavirus-closed economy. Brookings. https://www.brookings.edu/research/reopening-the-coronavirus-closed-economy/
Suau-Sanchez, P., Voltes-Dorta, A., & Cugueró-Escofet, N. (2020). An early assessment of the impact of COVID-19 on air transport: Just another crisis or the end of aviation as we know it? Journal of Transport Geography, 86, 102749. https://doi.org/10.1016/j.jtrangeo.2020.102749
Sulistiyani, S. R. (2020). The impact of the Covid-19 pandemic on the manufacturing industry. International Journal of Research and Innovation in Social Science, 4(6), 172-175. https://www.rsisinternational.org/journals/ijriss/Digital-Library/volume-4-issue-6/172-175.pdf
Swinburn, B. A., Sacks, G., Hall, K. D., McPherson, K., Finegood, D. T., Moodie, M. L., & Gortmaker, S. L. (2011). The global obesity pandemic: Shaped by global drivers and local environments. The Lancet, 378(9793), 804-814. https://doi.org/10.1016/S0140-6736(11)60813-1
Tanriverdi, G., Bakir, M., & Merkert, R. (2020). What can we learn from the JATM literature for the future of aviation post Covid-19? A bibliometric and visualization analysis. Journal of Air Transport Management, 89, 101916. https://doi.org/10.1016/j.jairtraman.2020.101916
UNESCO. (2020). 290 Million students out of school due to COVID-19: UNESCO releases first global numbers and mobilizes response. https://en.unesco.org/news/290-million-students-out-school-due-covid-19-unesco-releases-first-global-numbers-and-mobilizes
Verikios, G. (2020). The dynamic effects of infectious disease outbreaks: The case of pandemic influenza and human coronavirus. Socio-Economic Planning Sciences, 71, 100898. https://doi.org/10.1016/j.seps.2020.100898
Voysey, M., Clemens, S. A. C., Madhi, S. A., Weckx, L. Y., Folegatti, P. M., Aley, P. K., Angus, B., Baillie, V. L., Barnabas, S. L., & Bhorat, Q. E. (2021). Safety and efficacy of the ChAdOx1 nCoV-19 vaccine (AZD1222) against SARS-CoV-2: An interim analysis of four randomised controlled trials in Brazil, South Africa, and the UK. The Lancet, 397(10269), 99-111. https://doi.org/10.1016/S0140-6736(20)32661-1
World-Tourism-Organization. (2020). 100% of global destinations now have covid-19 travel restriction. https://www.unwto.org/news/covid-19-travel-restrictions
Zhong, R., Xu, X., & Wang, L. (2017). Food supply chain management: Systems, implementations, and future research. Industrial Management Data Systems, 117(9), 2085-2114.
Zuber, S., & Brüssow, H. (2020). COVID 19: Challenges for virologists in the food industry. Microbial Biotechnology, 13(6), 1689-1701. https://doi.org/10.1111/1751-7915.13638
ISSN 0128-7702
e-ISSN 2231-8534
Recent Articles