Pandemic economics: A study on the axis of COVID-19

Epidemiology and pandemiology have historically impacted humanity, leading to devastation and reconstruction processes economically, socially, and politically, resulting in both individual and societal consequences. Infectious diseases, with a history as ancient as human civilization itself, have been capable of causing destructive effects and shaping distinctions across eras, altering numerous habits. Consequently, the post-pandemic period reveals the emergence of new trends and sensitivities in terms of societal and economic variables. Particularly, pandemics such as the Black Death in the Middle Ages, Smallpox, the Spanish Flu, Asian Flu, SARS, and the recent COVID-19 outbreak have profoundly impacted local and global scales, inducing significant changes in socio-economic structures. This study examines the forecasts developed based on past epidemics on a historical level and evaluates them within the context of the COVID-19 pandemic, considered the first pandemic of the 21st century. Subsequently, it discusses the global economic outlook as the pandemic approaches and the notion of pandemic economics initiated by COVID-19. Furthermore, within the scope of this work, measures taken by governments to alleviate the pressure of the pandemic on public health and macroeconomic indicators are scrutinized. In this regard, the short-term impact of containment policies and economic support measures on economic growth in OECD countries is investigated using panel regression analysis. The thesis provides a comprehensive perspective on the developmental processes of epidemic diseases, which exhibit a compound structure with social and economic consequences. The qualitative and quantitative findings emphasize the possibility of achieving a balance between government measures implemented for public health and macroeconomic stability without compromising each other. Within this framework, the study aims to contribute to existing research by offering an empirical approach to the relationship between pandemic economies and government measures.