Impact of covid-19 pandemic on the global economy and future prospects: A systematic review of global reports

Propose: This study aims to investigate the economic practices and fluctuations due to the outbreak of the Covid-19 Pandemic in 2020 and future impacts in international economies Method: This study is based on the variable "Low Probability - High Impact" that is studied by methods commonly used in future studies, namely: heuristic approach, deterministic approach, probabilistic approach In addition, systematic and deductive reasoning method by analyzing the reports received by some countries, institutions, international organizations and research centers interested in this regard Results: Reports showed that the economic crisis caused by the Covid-19 pandemic have major impacts on the global economy and significant changes will occur in the long run Where the epidemic differs economically because it continues to hit hard the major economic countries and the countries most affected include the G7, in addition to China These countries represent 60% of global supply and demand (GDP), 65% of global manufacturing, and 41% of global industrial exports Future implications: The COVID-19 will continue to spread even after the emergence of treatment, because the treatment goes through many stages, including discovery and testing, production and distribution, and this means that the virus will keep pace with the global economy until 2021 and perhaps more The world will try to move to repair the economic damage caused by the COVID-19 Economic reforms must be based on the current structures of globalization in order to succeed Developing countries must pay attention to the need to build regional blocks based on sound foundations because they will be a protective shield for them in the long term for the effects of all variables based on (low probability - high impact) There will be a major change in international relations, and this will appear in new organizational forms, services and economic, the social role will be the solid force of these alliances Originality/Value: This paper helps the world prepare to accompany the COVID-19 virus with a minimum for the next year 2021 Its effects will remain for many years, especially in developing countries that the Vaccine will be delayed receive Therefore, strict health and economic precautions must be taken to mitigate the effects of the virus on its citizens and economy © 2021 Little Lion Scientific All rights reserved