COVID-19 pandemic has impacted global economy deeply. COVID impact could lead to deepest global economic recession since World War II according to a report of The World Bank. Be it advanced economies, developing economies or low-income countries, COVID-19 has impacted them enormously. According to ‘Global Economic Prospects’ published by The World Bank, global economy is expected to contract by 5.2% in the year 2020. Whereas advanced economies are expected to contract by 7.0%, developing economies are likely to shrink at a slower rate of 2.5%. Low-income countries’ economy is expected to expand by a meagre 1.0%.

Many countries imposed lockdown to limit the spread of COVID-19 pandemic. This has impacted demand, investment, labor supply and production. Commodity prices particularly oil prices have been hit, services like tours and travels affected adversely and supply chains disrupted. All those factors have led to fall in economic activity.