Redrawn Economic Realities-Covid 19

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Syed H., Yılmaz Genç S.

International Congress of Management, Economy and Policy, İstanbul, Turkey, 16 - 17 October 2021, pp.1-2

  • Publication Type: Conference Paper / Summary Text
  • City: İstanbul
  • Country: Turkey
  • Page Numbers: pp.1-2
  • Yıldız Technical University Affiliated: Yes


The economic realities of the globe have stretched beyond the ivory towers of academia in a redefined world of Covid-19. The social media has replaced investigative journalism; the government appointed medical officials have replaced the elector-chosen legislative members. The pharmaceutical giants like Pfizer, Moderna and AstraZeneca etc. have become some of the economic winners during this global pandemic. The World Health Organisation (WHO) is now a controversial entity which is not operating at an-arms-distance from the economic beneficiaries of its advice. Amid these stark factual realities, the economic future of the world’s population hangs in a balance. United Nations Development Program, in its report of 2020 titled, “Coronavirus vs. inequality” speaks of the Covid19 fuelled economic disparities not only amongst the nations but also amongst the various segments within the richest economies of the world. International Labour Organisation (ILO) in its 2020 report states that during the first three quarters of the year reported 17% decline in the working hours worldwide due to Covid-19 global lockdowns compared to the same period in 2019. It translates into the equivalent of 500 million full-time jobs. Food supply chain disruptions leading to acute food shortages have added almost 150 million to the world’s poorest population according to MIRAGRODEP Simulations in 2020. This paper examines the real impact of global economic downturn due to Covid-19 beyond simulations and model data.