As the Corronavirus pandemic lingers on and continues to wreak havoc on every aspect of human endeavours, more research on the impact of the outbreak on the world’s economy are emerging relative to losses from Covid-19.
Findings from a yet to be published research suggests that Ghana’s estimated economic losses from Covid-19, which is pegged around GH₵15 billion are equivalent to 4.27% of projected GDP of GH₵351.19 billion for 2020.
The loses are also equivalent to 4.34% of GDP, which was projected at GH₵346 billion, for 2019.
However, global economic losses from Covid-19, pegged at US$2.7 trillion, the study found, ranged from 3.05% to 3.06% of projected global GDP of US$88.574 trillion or US$88.312 trillion for 2020.
The study was conducted by a Ghanaian Chartered Economist, Dr Ebenezer Ashley, to examine the impact of the novel Coronavirus on global economic activities and output.
The research relied on the quantitative approach to scientific inquiry. Specifically, a cross-sectional design was adapted and used in the study.
According to the abstract of the research, a copy of which was made available to the Ghana Talks Business, regression models and descriptive statistics were used to describe the research variables; and to evaluate their behaviour over the stated time frame on the global economy.
“Almost all African economies are struggling to patch the economic holes created by the menacing COVID-19 pandemic,” portions of the abstract read.
Other findings
Other findings from the research indicated that fiscal year alone has no significant influence on global GDP.
Results from the finding revealed positive, but non-significant relationship between fiscal year and global GDP (p = 1.12239, p > 0.05).
Rather, the study revealed that internal and external environmental factors in a given financial year such as Tsunamis, tornadoes, earthquakes, bushfires, hurricanes, and pandemic outbreaks influence global GDP and its attendant growth.
Recommendations
The study recommended that “since non-occurrence of similar or higher magnitude pandemic in the near and distant future cannot be guaranteed, there is the need for leaders of various economies to put the necessary contingency measures and structures in place to avert devastating effects, should any pandemic occur.”
It added experiences from the Ebola and Coronavirus outbreaks are expected to serve as strong practical case studies for the Africa Centre for Disease Control (ACDC) to improve upon its response rate to epidemic and pandemic outbreaks on the continent.
In line with this, Dr Ashley proposed in his study that the ACDC should advise its member countries on the need for “state-of-the-art” medical facilities for the treatments of epidemic and pandemic outbreaks.
Inter-country collaborations
Furthermore, the study called for inter-country collaboration on issues related to epidemics and pandemics in the future.
“That is, African countries that are “handicapped” in medical facilities and equipment should collaborate with those that are endowed with; and also share expertise to save the continent from socio-economic dissipation,” it recommended.
“The World Health Organisation (WHO) must continue to monitor health conditions and situations in countries and territories; and provide early signals to enhance the preparedness and responsiveness of various economies.
“Member countries must provide the necessary logistics and technological assistance, so WHO could improve on its existing structures and mechanisms for “systematic disease surveillance and reporting,” it concluded.
