Background: COVID-19 became pandemic in a short time and has spread affectingthe countries negatively in economic, social and political life all over the world.Governments and international organizationsare taking protective measures to decrease the effect of the pandemic on total economy and households.
Aim: This study aims to investigate the growth rates of confirmed cases and deaths related to COVID-19 and analyse the health system infrastructure and economic effects of COVID-19 in OECD countries, the policy responses of nations and international organizations against pandemic.
Methods: The data for the COVID-19 confirmed cases and deaths was gathered from European Centre for Disease Prevention and Control (ECDC) and was smoothed with Simple Moving Average process to remove trend and reduce volatility. The cumulative growth rates for COVID-19 confirmed cases and deaths were calculated by natural logarithmic values.In the study the health infrastructure and human resources and the impact of COVID-19 on the economy and foreign trade for the countries were also analysed.
Results: In five months total confirmed cases and deaths exceeded five million and three hundred thousand respectively all over the world. Due to COVID-19 confirmed cases and deaths in some countries have increased rapidly due to insufficient health systems. Since the internal and external demand decreased and the supply chain was destructed the countries faced contracting GDP, foreign trade, tax revenues and employment where individuals had job and income loss.
Conclusion: Rapidly spreading COVID-19 heavily affects human life and economies in countries. Governments and international organizations are taking protective measures and responses against the pandemic quickly. Staying at home, keeping social distance and taking lockdown decisions for settlements will change attitudes and behaviours. Pandemic will be destructive for some countries where it will be an opportunity for others who have strong infrastructure for health systems, medical products, food and online sales.
Metin Gurler* and OzlemOzsoy