Covid-19: Socio-Economic Implications and Effect of Government Policy Initiatives on Developing Econ

Using a pragmatic methodology and mixed method research, this study explores the socio-economic consequences and effect of government policy initiatives on coronavirus on developing countries from a neoliberalist theoretical perspective. The impact of the virus on developing economies has been assessed using both quantitative and qualitative data. The findings of this research reveal the following: that the coronavirus caused significant mortality and morbidity in developing countries and its rapid spread of across countries, and across borders led to a global economic recession. Several drastic government measures were taken to curb the spread of the virus through restriction of individual freedom and movement. These measures include social distancing, and isolation; closures of educational institutions, religious institutions, and businesses, prohibition of public events, and restriction of domestic and foreign travel. Furthermore, the prolonged lockdown measures taken by developing countries to contain the spread of the virus worsened their economic crises. It is expected that the pandemic will reduce economic growth, worsen government debt, increase inflation and worsen current account deficits. The pandemic's long-term impact in poor countries is a worsening of inequality and poverty, as well as the eradication of economic progress made in the previous two decades.

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