The COVID-19 pandemic has had a profound impact on the global economy.

Many
businesses have had to shut down, and millions of people worldwide are facing job loss
and financial strain due to quarantine and social distancing measures. Considerable
attention has been given to studying the economic consequences of COVID-19's impact
on various sectors, particularly those most affected by the pandemic. (World Bank,
2022)

According to the OECD, many countries are expected to fall into a recession as a result
of COVID-19's economic impact. The pandemic has caused significant disruptions in
supply chains, reduced demand for goods and services, and weakened global trade.
The government has a crucial role to play in implementing policies that can mitigate the
damage caused by these disruptions and minimize the economic impact of COVID-19.
Several studies have been conducted regarding the impact of COVID-19 on specific
regions and countries such as Indonesia where the pandemic has caused an economic
crisis and recession, resulting in job and income loss, reduced economic growth, and a
decline in consumer spending. (OECD‌, 2022)

The worldwide outbreak of the COVID-19 pandemic was an extremely rare and
unprecedented event, and governments around the world reacted with emergency
measures such as social distance, public awareness campaigns, testing and
quarantining legislation, and economic support packages. They assess the predicted
economic impact of government activities in this research by analyzing the influence of
such acts on stock market returns. The announcements of government social distancing
measures have a direct negative effect on stock market returns due to their adverse
effect on economic activity, but an indirect positive effect through a reduction in COVID-
19 confirmed cases, using daily data from January 22 to April 17, 2020 from 77
countries. Government statements on public awareness campaigns, testing and
quarantining policies, and income assistance packages generally result in good market
returns. Our findings have substantial policy implications, demonstrating that
government social distancing policies have both positive and negative economic
consequences. (Ashraf, 2020)

(COVID-19 pandemic stalls global economic recovery: UN report, n.d)

(Indonesia’s Economy Grew in 2021 Despite COVID-19, Will Accelerate in ..., n.d)

(International trade during the COVID-19 pandemic: Big shifts and ... - OECD, n.d)
https://www.sciencedirect.com/science/article/pii/S2214635020302422?via%3Dihub‌