Covid 19: Global Economic Recession The Nigeria Experience
Ehioghiren Efe Efosa PhD
Department of Accounting, Shaka Polytechnic, Edo State, Nigeria
Dr Ezenwafor Emmanuel Chidubem
Department of Accountancy, Federal Polytechnic, Oko Anambra State Nigeria
Keywords: COVID-19, global, economic, recession, fiscal, monetary policies
Abstract
This paper examined the Nigerian experience of the global economic recession that is associated with COVID-19 pandemic. No economy is spared from the fall-out from COVID-19 outbreak, as oil prices the major source of revenue for some countries have dipped to historical lows, and its support levels are obviously not in sight as it pared $20pb, as factories and airlines remain closed, even as movement of people and goods within and between countries are largely restricted. The quickly evolving nature of the COVID-19 crisis creates a number of issues that make it difficult to estimate the full cost to global economic activity. These issues include, but are not limited to: how long will the crises last? How many workers will be affected both temporarily and permanently? How many countries will be infected and how much economic activity will be reduced? When will the economic effects peak? How much economic activity will be lost as a result of the viral outbreak? What are the most effective monetary and fiscal policies at the national and global level to address the crisis? What temporary and permanent effects will the crisis have on how businesses organize their work forces? It is clear that no precise and exact answers are available to them for now, however a lot is being done to try to provide remedy to or address the growing economic effects of COVID-19 to these crises in Nigeria. We all need to play our parts ultimately this time also will pass.