THE WORLD DECLINING ECONOMY AND CORONAVIRUS PANDEMIC: SYSTEMS SHOULD BE CONTINUED

Tariq Tawfeeq Yousif Alabdullah · Essia Ries Ahmed · Mohamed Ibrahim Nor

56 citations0/0 files storedRussian Journal of Agricultural and Socio-Economic Sciences

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COVID-19 Pandemic Impacts Islamic Finance and Banking Studies Economic and Business Studies

Abstract

The appearance of coronavirus disease which is called COVID-19 in China on December 2019 has led to huge global outbreak that is strongly related to the bad health issue in the whole world.As of 27 March 2020, data from the World Health Organization have shown the countries, territories or areas with reported laboratory-confirmed COVID-19 cases and deaths.It shows that the most affected European country is Italy, where the total confirmed cases are 80539, while in Western Pacific Region, China was the first affected country by 82078 as total confirmed cases; however, the United States of America has total confirmed cases of 68334.Thus, the authorities of public health around the world must keep supervising the situation carefully, as the more the scientists can search about this deadly virus and its associated outbreak, the response and result will be better.Otherwise, the situation will go further to include damage to the whole world including the economic severe crisis.Based on that, the current study uniquely contributes to suggesting which systems should be continued under the unusual economic changes facing the whole world because of this awful pandemic.This study takes advantage of the 2020 financial crisis due to Coronavirus as a sudden and negative exogenous trauma that influenced the economies of all countries and the rest of the vital and social pillars in the world via focusing on Corporate Governance and Islamic Finance Industry as control systems and methods that should be continued in the time of the current pandemic.Noting that because of the current pandemic, there has been a shift to digital platform instead of keeping on using physical financial documents and this will lead to a diversity in purposes, highly efficient trade and secure.

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