The economic effects of the Corona pandemic on global economic growth, with special reference to Iraq

A message submitted by the student

Hayder Antar Khalaf Hussein

To the Board of the College of Administration and Economics /University of Karbala,  as a part of the requirements for obtaining a master’s degree in Economic Sciences

With supervision

Assistant Professor Dr.

Mohammad Naji Mohammad

        Abstract

       The health crisis, which was represented by the outbreak of the Corona virus in the world in 2020, led to global economic repercussions, as it decreased and slowed global economic activity as a result of the health precautionary measures imposed by countries. The global economy was negatively affected, as production sectors were disrupted, unemployment rates rose, most global economic sectors incurred billions of dollars in losses, and economic growth rates decreased, which is any change in the gross domestic product. And countries that depend on a single resource were greatly affected, such as Iraq, which depends on the revenues of crude oil exports by a large percentage. And the decline in oil prices and exported quantities during 2019 and 2020. As a result of the price war, and the crisis of the Corona pandemic, which led to a reduction in demand for energy sources, international oil prices collapsed to their lowest level. This has greatly affected Iraq’s financial revenues as a result of its dependence on a single resource. The Corona pandemic crisis in Iraq has clarified the extent of the fragile economic, political and health situation, as the imposed health precautions have led to a decrease in the rate of economic growth and an increase in unemployment and poverty rates throughout Iraq, as a result of closing workplaces and imposing a curfew, which prompted the government to provide financial assistance with the aim of helping them. Among the most prominent conclusions reached by the research is that the Corona pandemic caused a decrease in the rate of GDP in most countries of the world, an economic downturn and a decline in the global and local economic growth rate. Among the most prominent recommendations are not to rely on a single resource such as oil and activate the work of other sectors in order not to be exposed to external shocks that put the economy at risk, and the need to make advertisements through the media and educate people on how to prevent the Corona virus.