Impact of COVID 19 Outbreak on The Global Economy: A Case of Iraq

Sultan Jasem Alnasrawi 1
Hussein Ali Abed 2
Hamdia Saker Muslm 3

Journal Name / Talent Development and Excellence (TDE)

Abstract
In the first quarter of 2020, the global economy experienced serious tensions due to the spread of the Corona pandemic. The world economy was badly damaged, the prospects for economic growth fell dramatically, trade movement slowed, and global financial markets recorded sharp losses. As a result, global oil markets were troubled, with oil losing about 50% of its value, coinciding with OPEC’s lack of agreement and weakening global demand. Moreover, unemployment has risen sharply in most countries of the world. The developed countries, in cooperation with the international financial institutions, were quick to take measures and measures to contain the spread of the virus and revitalize the economy. The paper aims to shed light on the economic effects of the Corona virus outbreak on the global economy in general and on economic activity in Iraq in particular. The results show that the current crisis resulting from the outbreak of the corona pandemic has led to negative effects on the Iraqi economy, directly or indirectly, so that the economy falls in the midst of a complex and compound triple crisis (political, social, economic). The results also show that there are other political reasons that exacerbated the economic crisis in Iraq, represented by the lack of approval of the country’s general budget and the absence of a government. In addition, the results indicate the growing health effects of infecting a number of people in most of the govern orates of Iraq, in light of the lack of a healthy infrastructure capable of containing the disease. Whereas, the economic crisis was represented by the sharp decline in oil prices, which is the main source of financing budget revenues.
Keyword: Corona Pandemic, COVID-19, Global Economy, Iraqi Economy, Compound Triple Crisis