1. INTRODUCTION:

The pandemic of COVID-19 has not only led to the significant loss of human life across the world but also drastically affected various sectors and the industrial growth of major economies. The devastating disruption caused by the pandemic has led to poor economic growth in most of the nations (Narendran & Baluch, 2023). The tourism sector, hospitality business, financial market, banking sector, medium and small enterprises, travel agencies, agriculture sector, food chains and many more sectors have suffered due to the COVID-19 pandemic (Sarkar et al., 2021). It has also directly impacted the income of the people due to migration and loss of jobs. Although exact global economic impacts are not yet clear, lots of articles, reports and research papers have indicated that it has led to a situation of unemployment, GDP loss, higher poverty rates and poor growth of major sectors or industries for most of the nations all over the world (Ayedee & Manocha, 2020). Many countries have introduced various preventive measures, but a lot more efforts are still needed to reduce the impact on various sectors of the economy and to revive the world (Toshniwal & Narendran, 2020).

2. RESEARCH OBJECTIVES:

The main aim of this study is to examine the content and different properties and attributes of the various research articles published during the emergence of COVID-19 in relation to its impact on various arenas.

3. SCOPE:

In order to analyse the content of the published work, a total of 211 studies were considered. These studies are related to the impact of COVID-19 on various economies related to different macroeconomic factors. The studies were taken from various databases and were published in 2019, 2020 and 2021.

4. RESEARCH QUESTIONS:

This research paper seeks to answer the following questions about various studies published in various international journals related to the impact of the recent pandemic on the global economy:

· What is the major subject covered in the published articles?

· What research methods have been used in the studies?

· Which tests and models were employed in the studies?

· What was the sample size or total number of nations included in each study?

· In which year the articles were published?

· How many authors contributed to each of the studies considered?

5. RESEARCH METHODOLOGY:

This study employs a descriptive content analysis technique and quantifies various aspects related to the impact of COVID-19 in the published articles. A total of 211 research studies related to the impact of COVID-19 were examined. The publication year, the methodology adopted, the sample size considered, the number of authors of the studies, and other related information have been analyzed and summarized in tabular form.

5.1. Databases Used:

A total of 211 studies were identified. Different sources were used to search the studies Table 1 shows different databases used and number of studies searched from each database.

Table 1: Sources of Studies

Sr. No.	Source of studies	Number of studies
1	Scopus	10
2	Springer	26
3	Elsevier	11
4	Wiley	35
5	Taylor and Francis	14
6	JSTOR	7
7	SAGE	21
8	Science Direct	24
9	Proquest	43
10	Others	20
	Total	211

SOURCE: Author’s Compilation.

5.2. Types of Studies Included:

For the purpose of content analysis, different web articles, research papers, review papers, and e-books were studied. Table 2 shows the types of studies taken into consideration.

Table 2: Types of Studies Included

Sr. No.	Type of article	Total studies
1	Research paper	182
2	Review paper	6
3	Discussion paper	2
4	Academic paper	2
5	Report	2
6	Editorial	2
7	Web article	7
8	Magazine article	2
9	Conference article	2
10	Research report	2
11	e-book	2
	Total	211

SOURCE: Author’s Compilation.

5.3. Year of Publication:

The studies considered in this paper are published from the year 2019 to 2021.Table 3 shows month of publication of each study.

Table 3: Month of Publication

Sr. No.	Month of publication	Total studies
1	March, 2019	0
2	April, 2019	0
3	May, 2019	0
4	June, 2019	0
5	July, 2019	0
6	August, 2019	0
7	September, 2019	1
8	October, 2019	0
9	November, 2019	0
10	December, 2019	0
11	January, 2020	2
12	February, 2020	3
13	March, 2020	4
14	April, 2020	11
15	May, 2020	9
16	June, 2020	10
17	July, 2020	12
18	August,2020	13
19	September,2020	8
20	October,2020	10
21	November,2020	16
22	December,2020	19
23	January,2021	16
24	Febuary,2021	13
25	March,2021	12
26	April,2021	13
27	May,2021	12
28	June,2021	18
29	July,2021	9
	TOTAL	211

SOURCE: Author’s Compilation.

5.4. Total Number of Authors in Studies:

Table 4 shows total number of authors in studies.

Table 4: Number of Authors in Studies

Sr. No.	Total studies	No. of authors
1	35	1
2	58	2
3	51	3
4	35	4
5	13	5
6	9	6
7	3	7
8	2	8
9	5	More Than 8
Total	211

SOURCE: Author’s Compilation.

5.5. Number of Nations Included in Studies:

Various nations have been analysed by researchers all over the world. Some studies focused on one nation only while some studies were related to more than 50 nations. Table 5 shows number of nations considered in each of the study.

Table 5: Number of Nations in Studies

Sr. No.	Sample size/ no. of nations	Total studies
1	1 to 5	103
2	6 to 10	10
3	11 to 15	8
4	16 to 20	2
5	21 to 25	1
6	26 to 30	0
7	31 to 35	0
8	36 to 40	1
9	41 to 45	0
10	More Than 45	86
	Total	211

SOURCE: Author’s Compilation.

5.6. Major issues covered in Studies:

Different articles have studied various issues related to the impact of COVID-19 on economies. Different aspects covered in each of the selected studies is shown in Table 6.

Table 6: Domain Covered in Studies

Sr. No.	Domain covered	Total studies
1	GDP	27
2	Poverty	10
3	Stock Market	32
4	Equity Sector	3
5	Tourism	19
6	Per Capita Savings	1
7	Per Capita Consumption	1
8	Employment	5
9	Financial markets	7
10	Trade	6
11	Inflation	4
12	Tax evasion	1
13	Food supply chain	2
14	Value chain	2
15	Oil price	3
16	Unemployment	9
17	Investment portfolio	1
18	SME, MSME sectors	4
19	Economic growth	5
20	Hotel industry	1
21	Hospitality business	4
22	Insurance sector	2
23	Bond market	1
24	Monetary/fiscal policy	4
25	International hrm	1
26	Bilateral trade	1
27	Recession	3
28	Health system	2
29	Firms	1
30	Global research	1
31	Retailers	1
32	Bank	2
33	Economy	7
34	Socio-economic effect	5
35	Others	33
	Total	211

SOURCE: Author’s Compilation.

5.7. Models/ tests used in each Study:

For analysing the impact of COVID-19, researchers have adopted different research tools and techniques. Table 7 shows different Models/Tests/Approaches Employed in Studies.

Table 7: Models/ Tests/ Approaches Employed in Studies

Sr. No.	Methodoly/ tests/ models	Total studies
1	Correlation	15
2	Regression	19
3	Kolmogorov-Smirnov Test	1
4	Multiple Regression Model	3
5	Multivariate Statistical Analysis	3
6	Least Square Model	2
7	OLS Analysis	5
8	ADL Model	1
9	ARDL Test	4
10	Cross Country Analysis	1
11	Theoretical Analysis	14
12	SEM	3
13	Qualitative Analysis	1
14	Descriptive Statistics	7
15	Quantitative Analysis	2
16	Unit Root Test	4
17	GARCH	3
18	EGARCH	2
19	TARCH	1
20	ANN Model	2
21	Benchmark Model	2
22	Critical Review	2
23	Least Square Relapse	1
24	TVP-VAR Model	9
25	Event Study Method	6
26	Granger Causality	1
27	Analytical Hierarchy	2
28	CGE Model	7
29	Microeconomic Model	1
30	ARIMA Model	3
31	Scenario Analysis	4
32	T tests	2
33	Decision Tree Approach	1
34	Comparative Analysis	7
35	Others	70
	Total	211

SOURCE: Author’s Compilation.

6. MAJOR FINDINGS:

The COVID-19 pandemic has affected the global economy immensely. The world’s major economies, developed, developing or underdeveloped economies, have faced huge losses in terms of income, employment, GDP, health sector, tourism industry, stock market return and many more. Various researchers have measured the impact of a pandemic on the global economy on the basis of various parameters (Mathew & Kuriakose, 2017). It is argued that the performance of the stock market and the growth of the gross domestic product declined significantly throughout the time of the pandemic (Rao, 2014). The negative impact of the pandemic on the tourism industry is also presented by various researchers, and it is indicated that the tourism industry in various nations suffered a lot due to various restrictions during the time of the pandemic. Studies have indicated that as a serious consequence of this pandemic, the rate of unemployment is going to be higher in the coming years and to overcome the impact of the pandemic, a period of around five years would be taken. Sub-Saharan Africa, South Asia and Southeast Asia are found to be at higher economic risk of COVID-19. It is also argued that the number of people in poverty will increase by around 150 million people due to this pandemic (Niranjan & Anjaneya, 2018). The growth of economies has declined due to the lockdown and other measures taken to face this crisis. High volatility in stock prices during the COVID-19 is another major challenge brought up by this pandemic. It is also identified by various research studies that there is a significant effect of COVID-19 on crude oil, global financial stock market, banking sector performance and various other sectors. The impact on developed and emerging economies is varied.

6.1. Findings of Various Studies Indicated Following Important Results:

6.1.1. Tourism Sector and Covid-19:

In the context of tourism sector, countries like Georgia, the Philippines, Thailand, Spain, Greece and Croatia are the major shock-affected countries (Paul, 2021) because such countries are considered as regulatory country in the Asia and Europe continent. A study related to impacts on the major economies indicated that U.S. impacts are estimated to be higher than those for China and the Rest of world in percentage terms because a higher proportion of the U.S. economy is impacted by the mandatory closures (Wei, 2020). It is also indicated that COVID-19 has had a significant adverse impact on Pakistan’s tourism sector, especially because a large number of SMEs operate in this sector (Khan, 2012; Dulababu, 2010).

6.1.2. GDP and Covid-19:

A study related to the impact of this pandemic on the economic output of the US estimated the reduction in economic activity to drag down the annualized quarterly growth rate of real GDP to a drop of -20 to -22 per cent compared to the usual circumstances for the second quarter of 2020 (Iqbal & Tanty, 2021; Gharehgozli, 2020). A cross-country result also suggested that high fatality rates are associated with strongly adverse economic growth effects (Winkler).

According to a report, the pandemic has shown up many of the structural economic deficits in African countries, which have exacerbated the negative economic impacts of COVID-19 (Palesa Shipalana, 2021).

6.1.3. Stock Market and Covid-19:

The findings of a study suggested that all the G-20 nations have experienced a very high level of risk during the Global Financial Crisis and COVID-19 as all the countries’ stock markets are critical during these two periods (Verma, 2021), but the magnitude of risk is found to be highest during COVID-19 period compared to other regimes in most of the countries (Bhabani Sankar Rout, 2020). Empirical results suggested that COVID-19 has a negative but short-term impact on stock markets of affected countries, and the impact of COVID-19 on stock markets has bidirectional spill-over effects between Asian countries and European and American countries (Qing He, 2020). The results of a study identified that the pandemic announcement provided considerable negative shock to the global stock market (Min Liu, 2020). A study's findings suggested that there is a significant effect of COVID-19 on global financial stock markets, which is varied for developed and emerging economies (Gurmeet Singh, 2021). It is also argued that this pandemic has led to significant declines in almost all economic sectors, stock market crash, market collapse, negative oil prices, disruption of trade flows, etc. (Verma & Behera, 2024). It seems that this global health problem and the associated economic and social crisis will lead to the deterioration of most macroeconomic indicators in the coming years as well (BĂHNĂREANU, 2020).

6.1.4. Poverty and Covid-19:

It is also indicated that COVID-19-related lockdown measures have led to a fall in output(Bullappa & Shivkumar, 2018), and almost 150 million people are projected to fall into extreme poverty and food insecurity(David Laborde, 2020). Some researchers suggest a need to broaden social assistance programs to cover the existing poor and the new poor(Olivia, 2020).

6.1.5. Unemployment and Covid-19:

A study related to the impact of COVID-19 on unemployment highlighted that the pandemic has increased the unemployment rate robustly in primarily European economies (Chi-Wei Su, 2021). It is also indicated that country-level rates of informality in labour markets are linked to more substantial negative impacts and lower resilience, suggesting that implementing policies to protect informal workers is needed (Nicolas Bottan, 2020).

7. CONCLUSION:

The entire global economy has suffered a lot due to the pandemic, and it is also argued that this crisis will expand economic inequality significantly. The COVID-19 pandemic will have long-lasting impacts on the global economy, and the economic recovery process needs strict government measures and proper implementation by different groups of society. On the basis of various studies included in this paper, it is evident that the COVID-19 pandemic has created lots of disruptions in the growth and development of most nations, and its drastic impacts will affect the global economy in the upcoming years, too. There is a need for urgent action to revive the global economy from the crisis. Most countries' economic output and productivity growth are expected to face a downfall in the upcoming years. Based on the findings of various published articles, it is clearly evident that the global damage caused by this pandemic is primarily driven by fall in demand, disrupting economic activity, loss of GDP, fall in stock market returns, fall in the profitability of hotel and tourism industry, higher unemployment rates, migration, loss of economic output and many more.

The major limitation of this content analysis study is that only 211 research papers are included from various databases related to the topic of ‘global impact of COVID-19’ and this number is not enough to highlight each and every aspect of this area. Future content analysis related to this topic can be performed, considering more studies related to this area.

8. REFERENCES:

1. Ayan Majumdar, Anuradha Saha. Influence of Macroeconomic Variables on Stock Market Volatility: A study on Nifty.Asian Journal of Management. 2018; 9(1): 440-444.

2. Băhnăreanu, C. The economic impact of Covid-19 pandemic at the beginning of 2020. Strategic Impact. 2020; 75: 102-112.

3. Bottan, N., Hoffmann, B., and Vera-Cossio, D. The unequal impact of the coronavirus pandemic: Evidence from seventeen developing countries. PloS one. 2020; 15(10): e0239797.

4. Deepa Mangala, Anju Verma. Financial Risk Tolerance of Individual Equity Investors in Indian Stock Market.Asian Journal of Management. 2018; 9(2): 990-998.

5. Deepa Mangala, Anju Verma. Financial Risk Tolerance of Individual Equity Investors in Indian Stock Market.Asian Journal of Management. 2018; 9(2): 990-998.

6. Gharehgozli, O., Nayebvali, P., Gharehgozli, A., and Zamanian, Z. Impact of COVID-19 on the Economic Output of the US Outbreak’s Epicenter. Economics of Disasters and Climate Change. 2020; 4: 561-573.

7. Gibson, J., and Olivia, S. Direct and indirect effects of Covid-19 on life expectancy and poverty in Indonesia. Bulletin of Indonesian Economic Studies. 2020; 56(3): 325-344.

8. Goutam Tanty. Assessing the Bombay Stock Exchange Index Volatility through Garch Model. Asian Journal of Management. 2019; 10(3): 236-240.

9. GoutamTanty, P K Patjoshi. A Study on Stock Market Volatility Pattern of BSE and NSE in India. Asian J. Management. 2016; 7(3): 193-200.

10. He, Q., Liu, J., Wang, S., and Yu, J. The impact of COVID-19 on stock markets. Economic and Political Studies. 2020; 8(3): 275-288.

11. Khan, M. A. Tourism revival strategy: gaps and policy actions. Sustainable Development Policy Institute. Retrieved from http://www. jstor.org/stable/resrep29099. 2020

12. König, M., and Winkler, A. COVID-19: Lockdowns, fatality rates and GDP growth: Evidence for the first three quarters of 2020. Intereconomics. 2021; 56(1): 32-39.

13. Laborde, D., Martin, W., and Vos, R. Impacts of COVID‐19 on global poverty, food security, and diets: Insights from global model scenario analysis. Agricultural Economics. 2021; 52(3): 375-390.

14. Liu, M., Choo, W. C., and Lee, C. C. The response of the stock market to the announcement of global pandemic. Emerging Markets Finance and Trade. 2020; 56(15): 3562-3577.

15. Manu K S, Varsha L Menda. Dynamics of Indian Stock Market Integration with Global stock Markets. Asian J. Management. 2017; 8(3): 559-568.

16. Mulukalapally Susruth. Application of GARCH Models to Forecast Financial Volatility of Daily Returns: An Empirical study on the Indian Stock Market. Asian J. Management. 2017; 8(2): 192-200.

17. Nikhil Kaushik. Corporate Governance and Indian Stock Market: A Study with Asymmetric Conditional Volatility Models. Asian Journal of Management. 2018; 9(1): 80-86.

18. Palesa Shipalana, A. O. The Macroeconomic Impact of COVID-19 on Africa. South African Institute of International Affairs. 2021

19. Rout, B. S., Das, N. M., and Inamdar, M. M. COVID‐19 and market risk: An assessment of the G‐20 nations. Journal of Public Affairs. 2021; 21(4): e2590.

20. Saha, J., Haldar, S., Bhattacharya, S., and Paul, S. Tourism in retrospect of COVID-19 on global perspective using analytical hierarchy process. Spatial Information Research. 2021; 29(6): 981-995.

21. Singh, G., and Shaik, M. The short-term impact of COVID-19 on global stock market indices. Contemporary Economics. 2021: 1-18.

22. Su, C. W., Dai, K., Ullah, S., and Andlib, Z. COVID-19 pandemic and unemployment dynamics in European economies. Economic Research-Ekonomska Istraživanja. 2022; 35(1): 1752-1764.

23. T.G. Saji, S. Harikumar. Long run Behavior of Equity Returns: An Exploration of Indian Experience. Asian J. Management. 2013; 4(1): 22-27.

24. Walmsley, T., Rose, A., and Wei, D. The Impacts of the Coronavirus on the Economy of the United States. Economics of Disasters and Climate Change. 2021; 5(1): 1-52.

25. Dulababu, T. Catapulting of AP Tourism Industry into High Growth Trajectory–A Strategic Approach. Asian Journal of Management. 2010; 1(2): 69-83.

26. Mathew, P. V., and Kuriakose, V. A study on the indicator framework of responsible tourism in tourism accommodation sector. Asian Journal of Management. 2017; 8(4): 989-996.

27. Reetika Verma, Rachana Behera. Indian Stock Markets’ Reaction to the Nationwide Lockdown due to COVID-19: Evidence from Event Study Analysis. Asian Journal of Management. 2024; 15(1): 1-8.

28. Niranjan, R., and Anjaneya, H. An analysis of financial integration and financial stability in India. Asian Journal of Management. 2018; 9(3): 1157-1164.

29. Bullappa, H., and Shivkumar, K. The Impact of Irrigation on Poverty with Special Reference to-Asian Countries. Asian Journal of Management. 2018; 9(3): 1109-1116.

30. Ayedee, N., and Manocha, S. Role of media (Television) in creating positive atmosphere in COVID 19 during lockdown in India. Asian Journal of Management. 2020; 11(4): 370-378.

31. Toshniwal, A., and Narendran, R. An intertwined approach to workplace happiness, workplace motivation and workplace stress: A study on COVID-19 lockdown. Asian Journal of Management. 2020; 11(4): 407-412.

32. Sarkar, N., Mandal, B. K., and Paul, S. Activity, Effect on Human and Salvation from effect of COVID-19. Asian Journal of Management. 2021; 12(2): 228-234.

33. Iqbal, Z., and Tanty, G. Impact of Covid on Banking Industry in India. 2021

34. Narendran, R., and Baluch, M. A Literature Review on effects of Covid-19 on Mental Health of Employees and its impact on Organizational Work Culture. Asian Journal of Management. 2023; 14(2): 133-136.

35. Verma, R. Comparative analysis of financial performance of HDFC and SBI bank on the basis of Ratio analysis. Asian Journal of Management. 2021; 12(2): 111-114.

36. Rao, C. S. Selected public sector banks performance in stock market–risk analysis. Asian Journal of Management. 2014; 5(4): 382-387.

Received on 21.03.2024 Revised on 13.07.2024

Accepted on 24.10.2024 Published on 17.03.2025

Available online from March 26, 2025

Asian Journal of Management. 2025;16(1):43-48.

DOI: 10.52711/2321-5763.2025.00007

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. Creative Commons License.