MACRO-ECONOMIC IMPACT OF COVID-19 PANDEMIC UPON BUSINESSES: A GLOBAL REACTION

This paper attempts to explore how COVID-19 effects global businesses and what are the short-term measures taken by governments to minimize its impact upon the health of their nations and on their economies. This paper also aims to bridge the lacuna in the current related literature based on analyzing the available secondary data which is applicable with the nature of this study. Using mixed theoretical framework (Keynesian Theory, Maslow's Theory of human basic needs, and the Theory of Social Distancing) was legitimate to interpret the findings of this study. The most pronounced finding is that relaying heavily on the measures of social distancing to protect the health of human being has become ‘two-edged sword' which sacrifices the stability of global economy and threatens human basic needs and end up with shrinked businesses. Data show a severe negative impact upon global businesses, employment, and economy. This paper also confirms that there are a number of ridge remedy plans by international bodies to revitalize the global economy. The researcher recommends that a proper policy framework should be planned and its implementation is ensured that protects the interest of the employers and employees. Opportunity for startups or small scale business should be promoted to create employment opportunity and demand for the product which ultimately helps the countries to come out of the situation of depression. Future empirical research should consider mixed-method approach to draw further explorations of the pandemic's economic effects, the mitigation measures currently being taken, and the economic recovery strategy