The ‘Real’ Wolf of Wall Street- COVID-19’s Impact on Healthcare Systems & Global Economies
Keywords:COVID-19, Healthcare Systems, Health Policy, Global Economies
Background: Globally, over 7.8 million people have contracted COVID-19 and > 430,000 have died. The outbreak has strangled the world economy and has tested the resilience of all health systems —robust or fragile.
Main Text: A thorough literature review of published articles in Medline, Web of Science, Google Scholar, renowned business analysis blogs, and indexed economic journals using keywords: novel coronavirus, economy, and healthcare systems was carried out with particular emphasis on United States (U.S.) healthcare systems, National Health Service (NHS) in United Kingdome (U.K.), China, Singapore and Pakistan. While all categories of the economy have been affected, pandemic has directly affected people and possession processing services the most. For all countries analyzed, an average economic impact of -4.5% of GDP is expected. Despite its success, the China model cannot be the go-to paradigm everywhere as level of compliance to local authorities, harsh lockdown measures, and ability to quickly complete labor-intensive projects may not be replicable in other countries.
Conclusions: COVID-19 pandemic has exposed multiple fault lines in health systems in term of accessibility, adaptability, and preparedness. It has also become clear that a global economy centered on the principle of capital accumulation and not societal uplift is not sustainable through times of crises.
Ullah E. The Novel coronavirus outbreak: A challenge beyond borders. Pak J Surg Med. 2020;1(1):8-9.
Iqbal M. COVID-19 Pandemic: How, When and Where? Pak J Surg Med. 2020;1(2):127-32.
Rothan HA BS. The epidemiology and pathogenesis of coronavirus disease (COVID-19) outbreak. J Autoimmun. 2020:102433.
Worldometer. COVID-19 Pandemic. Available at: https://www.worldometers.info/coronavirus/. Accessed onL 16th October 2020 2020.
MI Hanif LI. Post COVID-19 Industrial Revolution 5.0. The dawn of Cobot, Chipbot and Curbot. Pak J Surg Med 2020;1(2):122-6.
Nuzzo JB MD, Snyder M, Ravi SJ, Lapascu A, Souleles J, Andrada CI, Bishai D. . What makes health systems resilient against infectious disease outbreaks and natural hazards? Results from a scoping review. BMC Public Health. 2019;19(1):1310.
WHO. WHO Director-General’s opening remarks at the media briefing on COVID-19 – 16 March 2020. Abailable at: https://www.who.int/dg/speeches/detail/who-director-general-s-opening-remarks-at-the-media-briefing-on-covid-19—16-march-2020. Accessed on: 16th October 2020. 2020.
Dyer O. Covid-19: US testing ramps up as early response draws harsh criticism. Bmj. 2020;368:m1167.
Pakistan G. Coronavirus in Pakistan. Available at: http://www.covid.gov.pk. Accessed on: 15th April 2020. 2020.
Willan J KA, Jeffery K, Bienz N. . Challenges for NHS hospitals during covid-19 epidemic. BMJ. 2020;m1117.
Hashim A. Pakistan’s spike in coronavirus cases raises quarantine concerns. . 2020.
Anon. 16 corona patients escape from quarantine centre. Available from: https://www.thenews.com.pk/print/644700-16-corona-patients-escape-from-quarantine-centre. 2020.
Ahmed SI. Ventilators are crucial in the fight against coronavirus. Where does Pakistan stand? Available from: https://www.thenews.com.pk/tns/detail/642341-the-race-for-ventilators. 2020.
Adnan I. Lockdown: Punjab seeks army’s help to combat COVID-19. Available from: https://tribune.com.pk/story/2181862/1-lockdown-punjab-seeks-armys-help-combat-covid-19/. 2020.
Anon. Railways sets up isolation centre at Cantt Station. Available from: https://www.thenews.com.pk/print/637066-railways-sets-up-isolation-centre-at-cantt-station. 2020.
Truog RD MC, Daley GQ. . The toughest triage—allocating ventilators in a pandemic. NEJM. 2020.
Anon. Britain’s NHS needs more than plaudits to beat Covid-19. Available from: https://www.ft.com/content/bd574d3a-7345-11ea-95fe-fcd274e920ca. 2020.
Kupferschmidt K, Cohen J. Can China's COVID-19 strategy work elsewhere? Science. 2020;367(6482):1061.
M. M. Mardan admin de-seals 29 villages of Manga UC. Available from: https://www.thenews.com.pk/print/640417-mardan-admin-de-seals-29-villages-of-manga-uc. 2020.
Lee VJ CC, Khong WX. . Interrupting transmission of COVID-19: lessons from containment efforts in Singapore. J Travel Med. 2020.
Park S CG, Ko H. Information Technology–Based Tracing Strategy in Response to COVID-19 in South Korea—Privacy Controversies. JAMA. 2020.
Families AfC. ACF COVID-19 Response & Resources. Available at: https://www.acf.hhs.gov/coronavirus. Accessed on: 18th July 2020. 2020.
Living AfC. What do Older Adults and People with Disabilities Need to Know? Available at: https://acl.gov/COVID-19. Accessed on: 18th July 2020. 2020.
Medicare.gov. Medicare & Coronavirus. Available at: https://www.medicare.gov/medicare-coronavirus. Accessed on: 18th July 2020. 2020.
Security H. Weekly Update: DHS Response to COVID-19. Available at: https://www.dhs.gov/news/2020/07/13/weekly-update-dhs-response-covid-19#. Accessed on: 19th July 2020. 2020.
Gilbert M PG, Pinotti F, Valdano E, Poletto C, Boëlle P-Y, et al. . Preparedness and vulnerability of African countries against importations of COVID-19: a modelling study. Lancet. 2020;395(10227):871-7.
Anon. The services powerhouse: Increasingly vital to world economic growth. Available from: https://www2.deloitte.com/us/en/insights/economy/issues-by-the-numbers/trade-in-services-economy-growth.html. 2020.
M. L. Coronavirus adds hurdle for air cargo industry saddled with demand slump. . 2020.
Epstein A. The coronavirus outbreak is crippling China’s film industry. Available from: https://qz.com/1791867/the-coronavirus-outbreak-is-crippling-chinas-film-industry/. 2020.
Anon. Repeat of 2003 SARS crisis? China virus outbreak rattles financial markets. Available from: https://www.business-standard.com/article/pti-stories/china-virus-outbreak-may-wallop-economy-financial-markets-120012200837_1.html. 2020.
News R. Stocks, oil fall as China virus rattles markets. . 2020.
Huifeng H. Why Wuhan is so important to China’s economy. Available from: https://www.scmp.com/economy/china-economy/article/3047426/explained-why-wuhan-so-important-chinas-economy-and-potential
Anon. Coronavirus effects shut world’s biggest car factory. Available from: https://www.bangkokpost.com/world/1852714/coronavirus-effects-shut-worlds-biggest-car-factory. 2020.
Carvalho R. China virus rattles stock market amid memories of SARS outbreak. Available from: https://globalnews.ca/news/6440822/china-virus-stock-market/. 2020.
Feuer W. Coronavirus: The hit to the global economy will be worse than SARS. Available from: https://www.cnbc.com/2020/02/06/coronavirus-the-hit-to-the-global-economy-will-be-worse-than-sars.html. 2020.
McKibbin W FR. The economic impact of COVID-19. Economics in the Time of COVID-19. 2020:45-51.
N. F. Economic effects of coronavirus outbreak (COVID-19) on the world economy. Available at SSRN 3557504. 2020.
Bank AD. Economic indicators for Pakistan. Available at: https://www.adb.org/countries/pakistan/economy. Accessed on: 18th July 2020. 2020.
Singapore MoTaI. Singapore’s GDP Contracted by 2.2 Per Cent in the First Quarter of 2020. MTI Downgrades 2020 GDP Growth Forecast to “-4.0 to -1.0 Per Cent”Available at: https://www.mti.gov.sg/-/media/MTI/Newsroom/Press-Releases/2020/03/AdvEst_1Q20.pdf. Accessed on: 18th July 2020. 2020.
Voth J. Trade and travel in the time of epidemics. Economics in the Time of COVID-19. 2020:93-6.
Loayza NV PS. Macroeconomic Policy in the Time of COVID-19: A Primer for Developing Countries. World Bank. 2020.
Division PAaSS. Ehsaas Emergency Cash. Available at: https://www.pass.gov.pk/userfiles1/files/Eng%20Brief%20Ehsaas%20Emergency%20Cash(1).pdf. Accessed on: 18th July 2020. 2020
How to Cite
Copyright (c) 2021 Mir Ibrahim Sajid, Alizah Pervaiz Hashmi, Dania Khan, Mir Rafe Sajid, Rizwan Sohail, Sameen Siddiqi
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Authors retain the copyright of their manuscripts, and all Open Access articles are distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided that the original work is properly cited.
Under CC-BY Liscence, you are free to
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material
- for any purpose, even commercially.
Please cite the author everytime you share. Thank You