The economic effects of epidemics: from SARS and MERS to COVID-19

Authors

  • Rahmiye Figen Ceylan Department of Agricultural Economics, Faculty of Agriculture, Akdeniz University, Antalya, Turkey
  • Burhan Ozkan Department of Agricultural Economics, Faculty of Agriculture, Akdeniz University, Antalya, Turkey

Keywords:

COVID-19, economics, epidemics, income, labour, MERS-COV, SARS-COV

Abstract

Around the end of 2019 through to 2020, the world had to encounter an outbreak of the novel COVID-19, a globally devastating virus, leading to mass losses and socio-economic panic. The impacts of previous SARS-COV and MERS-COV on macro-economic conditions, income level and labour market composition of 26 selected countries were evaluated within this paper in order to make economic inferences for COVID-19. The evaluation signed that the more fatal SARS-COV had depreciating effects on all economies in the sample, while MERS-COV had affected a more limited number of countries. Yet, the past epidemics mostly affected the labour market and services sector, as emphasized by the literature on economics of epidemics. It can be foreseen that, the services sector will be affected negatively with supply and labour demand aspects even after the end of the COVID-19 pandemic. On the other hand, changing consumption attitudes and the rising tendency for online shopping may lead a closer correlation between agriculture and services sectors in terms of delivery services. It might be possible to understand such impacts as more micro-data can be analysed in the future.

Downloads

Download data is not yet available.

Author Biographies

Rahmiye Figen Ceylan, Department of Agricultural Economics, Faculty of Agriculture, Akdeniz University, Antalya, Turkey

Figen Ceylan, PhD is an agricultural economist specialised on agricultural policy and she has been working in the Department Agricultural Economics at Akdeniz University since 2013. She is specialised in international economics, and economic growth and development. She was authored or co-authored to around 100 articles. She has participated and managed many research projects. She also has expertise in the preparation and management of developmental projects funded by national and international organisations.

Burhan Ozkan, Department of Agricultural Economics, Faculty of Agriculture, Akdeniz University, Antalya, Turkey

Burhan Ozkan, PhD has been working in agricultural economics for the last 30 years and has extensive management experience and expertise in farm management. He has been involved in many international projects, Dr. Ozkan has authored over 250 publications, including 150 refereed journal articles. He is founder of the Department Agricultural Economics at the Akdeniz University and chaired the Department for more than 15 years. He is currently chair of the Agribusiness Management Division at the Department.

Dimensions

Anonymous. “Worldmeter Statistics for Coronavirus”. Worldometer, 26 April 2020. www.worldometers.info/coronavirus.

Baker, Scott R., et al. “How Does household Spending Respond to an Epidemic? Consumption During the 2020 COVID-19 Pandemic.” NBER working paper series no: 26949. 2020. National Bureau of Economic Research, Inc., 20 April 2020, swww.nber.org/papers/w26949.

Barro, Robert J., et al. “The Coronavirus and the Great Influenza Epidemic Lessons from the “Spanish Flu” for the Coronavirus’s Potential Effects on Mortality and Economic Activity”. CESifo Working Papers WP No: 8166. 2020. ISSN 2364-1428.

Bell, Clive, and Maureen Lewis. “The Economic implications of epidemics old and new”. World Economics, vol 5, no 3, 2004, pp. 137-174.

Chen, Haiqiang, et al. “The Impact of The COVID-19 Pandemic on Consumption: Learning from High Frequency Transaction Data.” SSRN Working Paper. 2020. Social Science Research Network, 28 April 2020, ssrn.com/abstract=3568574.

Hoque, Ashikul, et al. “The Effect of Coronavirus (COVID-19) in the Tourism Industry in China.” Asian Journal of Multidisciplinary Studies, vol 3, no1, 2020, pp. 52-58.

ILO. ”International Labour Organisation Monitor: COVID-19 and the World of Work”. 3rd edition. International Labour Organisation 30 April 2020.www.ilo.org/wcmsp5/groups/public/---dgreports/---dcomm/documents/briefingnote/wcms_743146.pdf.

IMF.(2020). “World Economic Outlook, Chapter 1: The Great Lockdown”. International Monetary Fund. 27 April 2020. www.imf.org/en/Publications/WEO/Issues/2020/04/14/weo-april-2020.

Lionello, Lorenzo. “Economics and Epidemics: An Historical Analysis on the Effects of Infectious Diseases on Economic Development of Four Major Outbreaks”. 2017. LUISS Guido Carli, BSc thesis on Macroeconomics. pp. 67. 20 March 2020, https://tesi.luiss.it/id/eprint/19837.

McKibbin, Warwick, and Roshen Fernando. “The Economic Impact of COVID-19”. Economics in the Time of Covid-19, edited by Richard Baldwin and Beatrice Weder di Mauro. Centre for Economic Policy Research e-book, 2020, pp. 45-51. ISBN: 978-1-912179-28-2,

Published

2020-06-30

How to Cite

Ceylan, R. F., & Ozkan, B. (2020). The economic effects of epidemics: from SARS and MERS to COVID-19. Research Journal in Advanced Humanities , 1(2), 21-29. Retrieved from https://royalliteglobal.com/advanced-humanities/article/view/132

Issue

Section

Articles