On March 11, 2020, The World Health Organization (WHO) has declared that the novel coronavirus is a global pandemic. Ever since the COVID-19 pandemic has put the strength and resilience of governments and health systems to a test at an unprecedented scale wherever it spread to. It has radically changed social behavior and personal habits, which prevailed for a long time. The desperation on the part of governments, whether it be rich or poor, to curb the spread of the novel coronavirus was exposed severely. Massive central bank actions have been witnessed aiming to stabilize financial markets, especially in advanced economies, and global economies are once again on the path to recovery thanks in large part to widespread testing, vaccinations, etc. However, the recent report
[1] by the UN’s economic arm, United Nations Conference on Trade and Development (UNCTAD), stressed that although global output growth is forecast as 5.3% in 2021 after a fall of 3.5% in 2020, it would take until 2030 to reach 2016-2019 level. Additionally, according to the report, the low-income countries had been hit much harder by the pandemic and will be left 12 trillion dollars worse off by 2025 amid a weaker economic recovery from Covid-19 as wealthy nations limit their access to vaccines.
