How Does COVID-19 Affect Healthcare Economically

Annotated Bibliography
Cutler, D. (2020). How will COVID-19 Affect the health care economy? JAMA, 323(22), 2237-2238. DOI: 10.1001/JAMA.2020.7308
The author discusses the economic and healthcare crisis the COVID-19 pandemic created. The projections drawn in the paper predict a 10 to 25% contraction of the US economy in the second quarter. The writer asserts that the United States has entered a COVID-19 recession. The pandemic's economic effect is attributed to the federal government's failure to provide adequate testing facilities.
Pak, A., Adegboye, O., Adekunle, A., Rahman, K., McBryde, E., & Eisen, D. (2020). Economic consequences of the COVID-19 outbreak: The need for epidemic preparedness. Public Health, 8(241). DOI: 10.3389/fpubh.2020.00241
The author highlights the effect of COVID-19 on the global economy and financial markets. The paper indicates the significant reduction in income, unemployment rise, disruptions in industrial operation, and service rendering due to the measures employed to deal with the pandemic in various countries. An underestimation of the disease spread exhibited by many governments of the world necessitated the employment of very active methods to combat a crisis.
Kabir, M., Afzal, M., Khan, A., & Ahmed, H. (2020). COVID-19 pandemic and economic cost; impact on forcibly displaced people. Travel Medicine and Infectious Disease, 35. DOI: 10.1016/j.tmaid.2020.101661 
This paper examines the losses of the world economy due to COVID-19 pandemic. The paper projects an estimation of 1 trillion dollars in costs in 2020, producing a greater financial impact than that of the world's Great Financial Crisis in 2007-2008. The pandemic's economic cost has so affected many nations; some nations are cutting interest rates and revising expenditures to mitigate the effect. This can mean a severing of the donations some countries give to support some United Nations programs.
Nicola, M., Alsafi, Z., Sohrabi, C., Kerwan, A., Al-Jabir, A., Iosifidis, C. . ., & Agha, R. (2020). The socio-economic implications of the coronavirus pandemic (COVID-19): A review. Int J Surg, 78, 185-193. DOI: 10.1016/j.ijsu.2020.04.018
The researchers discuss the effect of the pandemic on the workforce and the global economy. Several measures imposed by the world governments have restricted activities and movements, which have led to a reduction in the workforce across various economic sectors. Amidst the job loss caused by the event, fears of economic crisis and recession have developed.
Gopalan, H., & Misra, A. (2020). COVID-19 pandemic and challenges for socio-economic issues, healthcare, and National Health Programs in India. Diabetes Metab Syndr, 14(5), 757-759. DOI: 10.1016/j.dsx.2020.05.041
The article explains the pandemic's economic effect on the socio-economic status of India, with a particular focus on the economic downturn of the lower stratum. The statement of the World Economic Forum describes the condition of migrants stuck abroad and the measures such migrants adapt to cope with the situation. This includes the engagement of low wage jobs, the acceptance of poor working conditions, and a restriction on spending, increasing the risk of exposure to diseases such as the coronavirus.
Donthu, N., & Gustafsson, A. (2020). Effects of COVID-19 on business and research. Journal of Business Research, 117, 284-289. https://doi.org/10.1016/j.jbusres.2020.06.008
The paper is focused on the severe economic impact of the pandemic on all the countries of the world. The effect has extended beyond the economy and unto society, changing how businesses act and consumer behavior. The authors examine the global effort to address the effects of the pandemic on society.
Shrestha, N., Shad, M., Ulvi, O., Khan, M., Karamehic-Muratovic, A., Nguyen, U. . ., & Haque, U. (2020). The impact of COVID-19 on globalization. One Health. Retrieved from https://www.sciencedirect.com/science/article/pii/S2352771420302810
The researchers identify the influences on economic growth due to the COVID-19 outbreak. The pandemic's sudden occurrence and the measures implemented to handle the crisis have introduced uncertainties into economic growth. The US educational institutions have suffered massive losses in revenue due to the cancellation of study abroad programs. This economic loss is estimated to be as high as 1 billion dollars.
Brodeur, A., Gray, D., Islam, A., & Bhuiyan, S. (2020). A literature review of the economics of COVID-19. Discussion Paper Series. Institute of Labor Economics.
The researchers write on the social and economic effects of the spread of the virus from Wuhan in China to the rest of the world. An early forecast of the International Monetary Fund (2020) stated that the global economy would contract by 3% in 2020. This contraction will be of greater magnitude than that of the 2008-2009 Global Financial Crisis.
Lambert, H., Gupte, J., Fletcher, H., Hammond, L., Lowe, N., Pelling, M. . ., & Shanks, K. (2020). COVID-19 is a global challenge: towards an inclusive and sustainable future. The Lancet, 4, 312-314.
The urban lockdowns imposed by the world's governments in response to the COVID-19 outbreak have led to job losses and economic difficulty for migrant workers. There has been a global decline in the remittances which support millions in low-income countries. The economic significance of the remittances is best exemplified with sub-Saharan Africa, which received an inward remittance of US$46 billion in the year 2018, a value greater than the $32 billion realized from direct investment in that same year.
Khalid, A., & Ali, S. (2020). COVID-19 and its challenges for the Healthcare system in Pakistan. Asian Bioethics Review. https://doi.org/10.1007/s41649-020-00139-x
This paper reviews the impact of COVID-19 in Pakistan. The lack of standard operating procedures and facilities in the country caused the need to procure testing kits from China and Japan. The disease has become more widespread in the country after the lockdown measures were violated, creating more unhealthy people. This new influx of the infected has placed a heavy strain on the country's healthcare system and resources.
Roy, S. (2020). The economic impact of COVID-19 pandemic. A Preprint. Retrieved from https://www.researchgate.net/publication/343222400
This paper explains the COVID-19 outbreak as a "black swan effect." There was very little to predict the sudden event and several strong economies worldwide, including the US, went into a state of shock. This shock affected the nation's supply and demand as there is heavy dependence on China-manufactured goods the world over.
Blumenthal, D., Fowler, E., Abrams, M., & Collins, S. (2020). Covid-19-Implications for the health care system. N Engl J Med, 383, 1483-1488. DOI: 10.1056/NEJMsb2021088.
The authors discuss the best ways the government can handle the pandemic. The measures examined are purposed to be effective and limit economic hardships from future pandemics. To address such events in the future, the United States needs to increase its response capability to such situations.
Hashmi, P., Pidani, A., Momin, S., Khamiso, R., Aftab, N., & Noordin, S. (2020). Socio-economic impact of Covid-19 pandemic on outpatient healthcare services of musculoskeletal and sports medicine services in LMIC. Journal of Hospital and Healthcare Administration.
This paper identifies the economic effect of the COVID-19 pandemic on the hospitals. The rising cases of coronavirus patients are overburdening hospitals, reducing all hospital operations to the most vital. Outpatient clinics and elective operative work have been suspended by most hospitals to focus on more vital operations. This action will result in a major loss of revenue from the suspended services. In reducing the spread of the infection among patients and healthcare workers, hospitals have to procure personal protective equipment, which will constitute further financial drain. The authors examine how these economic challenges are affecting the functionality of hospitals.
Lenzen, M., Li, M., Malik, A., Pomponi, F., Sun, Y-Y., Wiedmann, T, et al. (2020) Global socio-economic losses and environmental gains from the Coronavirus pandemic. PLoS ONE 15(7). https://doi.org/10.1371/journal.pone.0235654
The consequences of the pandemic have affected social and economic conditions, which have changed society. Consequences such as lockdowns global reductions in production and consumption have engendered a cascading effect along the global supply chains. This paper emphasizes the implementation of preparedness measures, which will cause the least social changes for the population and low economic disruption for businesses.
Chudik, A., Mohaddes, K., Pesaran, H., Raissi, M., Rebucci, A. (2020). Economic consequences of Covid-19: A counterfactual multi-country analysis. VOXEU. Retrieved from https://voxeu.org/article/economic-consequences-covid-19-multi-country-analysis
This article highlights the consequences of the pandemic and establishes ways of analyzing the pandemic. Considering the disruptions in the interconnected world economy, an empirical economic analysis will be suitable for examining the pandemic's nature. In completing the empirical economic analysis, the following key elements must be included: the identification of such an event, an account for the non-linear effects of the pandemic, a consideration of the pandemic's global cascading effect, and quantification of the uncertainties surrounding the forecast of such events.