Module 4: COVID-19 Pandemic and Economic

Fallout
(M4A4 Research Skills Assignment)

Godsall Chibuike Adiole

089154

Master of Business Administration, Nexford

University

BUS 5004: Business Strategy

Dr. Adebowale Onatolu

January 30, 2024

 Topic: COVID-19 Pandemic and Economic Fallout

Reason for selecting the topic:

The COVID-19 pandemic has caused an unparalleled global health emergency, impacting
millions of individuals and upending economies across the globe (World Health Organization,
2020). I chose this topic in an effort to highlight the various ways that the pandemic has affected
the local economy. The effects of COVID-19 have been widespread and severe, ranging from
supply chain disruptions and decreased consumer spending to company closures and
employment losses(Yamey et al., 2017). By researching this topic, I intend to find out how these
economic difficulties have affected my neighborhood, whether it be through rising jobless rates,
difficulties facing nearby companies, or changes in consumer habits.

Moreover, the COVID-19 pandemic has brought to light, as never before, the relationship
between public health and the economy. Policymakers, companies, and individuals all need to
understand the financial effects of public health emergencies. I intend to learn more about
practical methods for reducing future economic shocks brought on by comparable public health
emergencies by researching the economic effects of the COVID-19 pandemic in my community.
Examining this topic allows one to look at the pandemic's long-term effects on regional
industries, employment trends, and economic resilience in addition to its immediate effects.

RESEARCH QUESTIONS

How has the COVID-19 pandemic impacted local businesses' revenue and profitability, and what
strategies have they implemented to mitigate economic losses?

KEYWORDS

1)COVID-19 economic impact

2)Economic consequences of COVID-19

3)Pandemic-induced recession

4)Financial ramifications of COVID-19

5)Economic downturn due to COVID-19

6)Business closures COVID-19

7)Unemployment COVID-19

8)Stimulus packages COVID-19

9)Supply chain disruptions pandemic

10)Consumer behavior during COVID-19.

WEBSITES

Scholarly Sources

1) https://www.frontiersin.org/articles/10.3389/fpubh.2020.00241/full

2) https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7306969/

DATABASE

1) Frontiers in Public Health Article

2) PMC Article

Non-Scholarly Sources

Websites

1) https://www.cnn.com/business

2) https://www.bbc.com/news/business/economy

Database

1)CNN Business

2)BBC News

The reasons behind choosing the keywords and databases provided are as follows:
Keywords

1)Relevance: The keywords chosen have a direct bearing on the subject of "COVID-19
Pandemic and Economic Fallout," so the search results will be relevant to the inquiry posed by
the researcher.

2) Variety: The keywords address a range of topics related to the COVID-19 pandemic's
economic effects, such as fallout, recession, financial repercussions, shutdowns of businesses,
joblessness, stimulus plans, supply chain disruptions, and consumer behavior.

3) Specificity: Every keyword is both broad and specific enough to gather a variety of pertinent
data on the subject while also helping to narrow down search results.

Databases:

Scholarly Sources (Frontiers and PMC): These databases were chosen because they are reputable
and trustworthy sources of scholarly research articles on public health and medicine. They
guarantee access to studies that have undergone peer review and analysis on the COVID-19
pandemic's economic effects.

Non-Scholarly Sources (BBC News and CNN Business):

These websites, which offer news articles, analyses, and commentary from reliable news
organizations, were selected to offer a more comprehensive viewpoint on the economic effects of
the COVID-19 pandemic. Even though they are not academic, they offer insightful analysis and
up-to-date information on current events and trends in the economy.
Summary of Scholarly Source #1

The article "Economic Consequences of the COVID-19 Outbreak: the Need for Epidemic
Preparedness" delves into the COVID-19 pandemic's significant global economic effects. The
authors of the paper, Anton Pak, Oyelola A. Adegboye, Adeshina I. Adekunle, Kazi M. Rahman,
Emma S. McBryde, and Damon P. Eisen, highlight how the implementation of disease
mitigation measures around the world has resulted in notable income reductions, increases in
unemployment, and disruptions across a variety of industries.

The authors draw attention to the fact that most governments have underestimated the rapid
spread of COVID-19 and emphasize the necessity of proactive international action to preserve
economic prosperity and save lives. They talk about the need for increased collaboration in the
area of pandemic preparedness and the significance of funding international collective action.The
article also emphasizes how urbanization, environmental change, and globalization contribute to
the threat of infectious disease outbreaks that demand a coordinated response on a worldwide
scale. The authors push for strengthening public health capabilities, especially in high-risk and
low-income nations, and this includes surveillance systems and workforce readiness.

Furthermore, the article also addresses the pandemic's economic effects, including how it directly
affects income, how it disrupts supply chains, how it affects consumer purchasing patterns, and
how it significantly hurts sectors of the economy like transportation and tourism. The authors
also discuss the effects on oil prices and international financial markets, highlighting the
necessity of international cooperation in order to lessen economic shocks and guarantee fair
access to resources.

Evaluation:

1)Methods:

Based on previously published research and the writers' backgrounds in public health and
economics, the paper offers an analysis of the COVID-19 pandemic's economic effects. It
appears to be a perspective piece.
2) Themes

The economic effects of COVID-19, the necessity of being ready for epidemics, the role of
globalization in the spread of disease, and the significance of international cooperation in
reducing economic shocks are among the major themes.

3) Findings:

The article does a good job of highlighting the major negative effects of the COVID-19
pandemic on the economy, such as lost revenue, supply chain disruptions, and alterations in
consumer behavior. It highlights how urgent it is to take preventative action in order to address
the problems with public health and the economy.

4) Connections to research:

The research question regarding the COVID-19 pandemic's economic impact is supported by the
article's findings. It offers insightful information about the pandemic's effects on the world
economy that can guide future study and policy decisions.

Overall, the paper offers a thorough analysis of the COVID-19 pandemic's economic effects and
emphasizes the necessity of concerted international action to address the problem's effects on
public health as well as the economy.

Summary of Scholarly Source #2

The COVID-19 pandemic's effects are discussed in the article, including its effects on health and
the economy. It draws attention to the virus's quick spread throughout the world, which has
caused serious health problems and economic downturns. The authors stress that in order to stop
the virus's spread and lessen its effects, international cooperation is essential. They also go over
the different steps that governments and international organizations have taken to combat the
pandemic, such as economic stimulus plans and initiatives to create treatments and vaccines. The
article also discusses the difficulties the pandemic has caused for a number of industries,
including manufacturing, tourism, and healthcare.
Evaluation

1) Importance:

The article addresses both the health and economic aspects of the COVID-19 pandemic, offering
a thorough overview of its multifaceted effects. In order to stop the virus's spread and lessen its
effects, it highlights the necessity of international cooperation and preventative measures.

2) Factual Accuracy:

The World Health Organization (WHO) and the International Monetary Fund (IMF) are two
reliable sources of data and information that the article uses. Some claims, though, like the
efficacy of particular treatments or the economic projections, might require further investigation
to confirm.

3) Implications:

The article's findings highlight the critical need for concerted international efforts to combat the
ongoing pandemic. It draws attention to the interdependence of the world's economic and health
systems and stresses the significance of taking preventative action now to avert future crises.

4) Applicability:

The article's insights can help researchers, policymakers, and medical professionals create plans
to address the current pandemic and get ready for any upcoming medical emergencies. When
managing the pandemic's economic effects, decisions can also be guided by economic analysis
and projections.

5) Contribution to Research:

The paper adds to the corpus of knowledge already available on the COVID-19 pandemic by
combining data from multiple sources and offering a thorough examination of its effects. It
highlights important topics for additional research, including the creation of treatments and the
pandemic's long-term socioeconomic effects.
Summary of Two Non-Scholarly Sources

CNN Business: Available at https://www.cnn.com/business

The COVID-19 pandemic's economic effects are covered in-depth by CNN Business. Articles
cover a wide range of topics, including changes in the stock market, unemployment rates,
government stimulus plans, and the difficulties faced by companies in various industries. In
addition to providing real-time updates on economic indicators and policy responses to the crisis,
the website offers expert analysis and insights.

https://www.bbc.com/news/business/economy is the URL for the BBC News section on business

and economy.

Comprehensive reporting on the economic effects of the COVID-19 pandemic can be found in
the business and economy section of BBC News. Numerous subjects are covered in the articles,
such as changes in the world economy, company closings, disruptions in the supply chain, and
the effects on the travel, hospitality, and retail sectors. To assist readers in comprehending the
intricate economic challenges presented by the pandemic, the website offers expert analysis,
interviews with prominent figures in the industry, and interactive features.

Conclusion:

It is clear from combining scholarly and non-scholarly sources that were used to look into how
the COVID-19 pandemic affected the local economy that the pandemic significantly disrupted a
number of different industries. Academic publications highlight the effects on the world
economy, stressing changes in consumer behavior, disruptions to the supply chain, and income
declines. They emphasize the value of proactive steps taken to avert future crises and global
cooperation. Real-time updates and professional analysis on the economic fallout, including
stock market fluctuations, government stimulus plans, and sector-specific challenges, can be
found in non-scholarly sources like CNN Business and BBC News.

The study's findings, taken together, demonstrate the relationship between public health and the
economy and the necessity of working together to effectively address both. Through gaining
insight into the diverse effects of the pandemic on regional enterprises and sectors, decision-
makers, companies, and people can strive towards adaptability and readiness for upcoming
difficulties. In navigating the economic fallout of the COVID-19 pandemic, the synthesis of
these sources emphasizes the significance of proactive measures, international cooperation, and
evidence-based decision-making.
 Reference

World Health Organization. Coronavirus Disease 2019 (COVID-19): Situation Report 100. Geneva,

2020.

Yamey G, Schäferhoff M, Aars OK, Bloom B, Carroll D, Chawla M, et al. Financing of international

collective action for epidemic and pandemic preparedness. Lancet Global Health. (2017) 5:e742–4.

https://doi.org/10.1016/S2214-109X(17)30203-6

Global Preparedness Monitoring Board. A World at Risk: Annual Report on Global Preparedness for

Health Emergencies. Geneva: World Health Organization (2019).

Katz R, Wentworth M, Quick J, Arabasadi A, Harris E, Geddes K, et al. Enhancing public–private

cooperation in epidemic preparedness and response. World Med Health Policy. (2018) 10:420–5. doi:

10.1002/wmh3.281

Le TT, Andreadakis Z, Kumar A, Román RG, Tollefsen S, Saville M, et al. The COVID-19 vaccine

development landscape. Nat Rev Drug Discov. (2020) 19:305–6. doi: 10.1038/d41573-020-00073-5

Dey, M., & Loewenstein, M. (2020). How many workers are employed in sectors directly affected by

COVID-19 shutdowns, where do they work, and how much do they earn? Monthly Labor Review. doi:

10.21916/mlr.2020.6

CNN. (n.d.). Business. Retrieved from https://www.cnn.com/business.

BBC News. (n.d.). Business and Economy. Retrieved from

https://www.bbc.com/news/business/economy.