The paper "Spillover of COVID-19: Impact on the Global Economy" by Ozili, Peterson, and Arun examines the economic consequences of the COVID-19 pandemic. The authors highlight two primary mechanisms through which the virus stifled economic activities: social distancing measures leading to the shutdown of financial markets, corporate offices, businesses, and events, and heightened uncertainty causing a flight to safety in consumption and investment. The study focuses on the period from the start of 2020 through March, when the virus began spreading globally. It assesses the restrictive measures, monetary and fiscal policies, and public health measures adopted during this period. The paper discusses the significant economic impact of the pandemic, including the loss of $6 trillion in global stock market wealth, the decline in the tourism and aviation industries, and the disruption of global supply chains. It also examines the spillover effects on various sectors such as hospitality, sports, oil-dependent countries, import-dependent countries, financial markets, and the education sector. The authors critique some of the policy responses, noting that while they were intended to mitigate the economic impact, they were often insufficient or contradictory, and in some cases, they exacerbated the situation. The paper concludes by suggesting that the crisis presents an opportunity for governments to make lasting reforms in public health and economic systems, emphasizing the need for a balanced approach between saving lives and supporting the economy.The paper "Spillover of COVID-19: Impact on the Global Economy" by Ozili, Peterson, and Arun examines the economic consequences of the COVID-19 pandemic. The authors highlight two primary mechanisms through which the virus stifled economic activities: social distancing measures leading to the shutdown of financial markets, corporate offices, businesses, and events, and heightened uncertainty causing a flight to safety in consumption and investment. The study focuses on the period from the start of 2020 through March, when the virus began spreading globally. It assesses the restrictive measures, monetary and fiscal policies, and public health measures adopted during this period. The paper discusses the significant economic impact of the pandemic, including the loss of $6 trillion in global stock market wealth, the decline in the tourism and aviation industries, and the disruption of global supply chains. It also examines the spillover effects on various sectors such as hospitality, sports, oil-dependent countries, import-dependent countries, financial markets, and the education sector. The authors critique some of the policy responses, noting that while they were intended to mitigate the economic impact, they were often insufficient or contradictory, and in some cases, they exacerbated the situation. The paper concludes by suggesting that the crisis presents an opportunity for governments to make lasting reforms in public health and economic systems, emphasizing the need for a balanced approach between saving lives and supporting the economy.