Impact of COVID - 19 on the global economy: Real GDP Growth and Purchasing Power Parity

This research paper has emphasized on the finding out the crucial impact of Covid – 19 Pandemic situations and the Lockdown period which directly affected to the global economy. It also affected people’s life, Purchasing Power Parity and have bitter a difference in the real GDP growth of world economy. Its impact is disturbing and the result is unpredictable and uncertain. This paper contains various aspects of COVID -19 paandemic and its economic impacts by reviewing existing literature and information. Different data on Covid – 19 are collected from different important and relevant websites and e – journals etc. The purpose of this research paper is to study that how Covid – 19 has till now affected the Purchasing Power Parity & real GDP growth of the global economy. To recover the Real GDP growth of the global economy this paper has tried to highlight revival strategies to increase GDP growth of the global economy. The Covid -19 pandemic is inflicting high and going up human costs worldwide, and the necessary protection measures are severely impacting economic activity. As a result of the pandemic, the global economy is projected to contract sharply by – 3 presents in 2020, much worse than during the 2008 – 09 financial crises. Increase in real GDP growth of the global economy, reduction of Gross Domestic Product (GDP) growth rate and Purchasing Power Parity affected almost all the countries those have affected cases on 22nd March, 2020 has been analysed except some few countries like Vietnam, Taiwan, Turkey, Uganda etc. Tables are used to depict the changes or trend of variables over a period of time. The result of the research has shown strong evidence for the governments, policy makers, economic organizations, consumers, MNC and experts for taking preventive measures to tackle the upcoming depressive situation. The only use of secondary data restricts us from getting in-depth insights of the situation. This paper identifies some crucial suggestions that are needed for handling upcoming crisis in the socioeconomic life style of the people of the globally