COVID-19 Pandemic and Its Impact on the Global Economy: What Does It Take to Turn Crisis into Opportunity?

Abstract The COVID-19 pandemic broke out at a time when there were heightened uncertainties in the global economy Understanding these uncertainties provides an important background for analyzing the impact of the pandemic on the global economy, assessing the effectiveness of those policy measures in combating the pandemic and reviving the global economy, and predicting the trajectory of the economic recovery in post-pandemic era We analyze how COVID-19 would likely deepen some existing malaise in the global economy, and what could be done to redress these problems while managing economic recovery from the crisis and beyond We argue that three fundamental factors which could lead to a solid recovery in the post pandemic era are structural reform, new technology and re-integration which could be managed through instituting a new ?global social contract ? Supported by strong public policies at all levels especially at national levels, the tripartite could serve as salvation of the global economy recovering or re-emerging from this pandemic crisis