Covid Pandemic as a Black Swan Event and Its Impact on World Economies with Special Reference to India

Abstract

An event that is not predicted to occur or unexpected events are called black Swans. Such incidents leave an important impression on the economic, political and social sectors. All these events are mainly included under the event of Black Swan such as both World Wars, the fall of the Soviet Union, the rise of Islamic fundamentalists, 9/11,the impact of the spread of the Internet, and the 1987 and 2008 financial crises and Russia Ukraine war so on and so forth.  COVID pandemic, which came in 2020, is also included under the phenomenon of Black Swan, about which no one had ever thought. Due to this pandemic, all the economic activities of the world had come to a complete halt for some time. Lockdown was imposed all over the world; people were locked in the four walls of their homes like prisoners. All the modes of transport and fairies were fixed in their places, roads, airports, and railway stations became deserted. Educational institutions and all factories were locked. Due to this pandemic, the condition of the poor became worse and is still the same; the rate of unemployment also increased significantly in the formal and in informal sectors. The people's status declined significantly. Nations also faced economic crisis. This paper is an attempt to undertake an in- depth analysis of Covid pandemic and its worldwide socio-economic effects on different categories of people and different nations. The impact on employment conditions, small- and large-scale production activities, supply chain disruptions, international trade, health and human welfare, social security issues will also be looked into. It will also try to analyze remedial steps taken by different countries and their impact on their respective economies as whole.

Keywords: Pandemic, BlackSwan, Economic activities, Lockdown, Covid