6. Literature Review

In recent times, Chen et al. (2020) investigate the effect of the outbreak of the COVID-19 pandemic upon the daily consumption by the common people using day-to-day transaction data in 214 cities in China. The results reveal that the daily spending on services and goods have been affected harshly. Again, Al-Awadhi et al. (2020) study the impact of COVID-19 on stock market returns of Chinese companies. The authors have applied correlation analysis and panel data regression model, and the study results show that the blowout of the pandemic has considerably affect the returns of the Chinese companies in a negative way in all the sectors. But, as a whole, due to scarcity of literature regarding the impact of COVID-19 outbreak on economy, crude oil prices and stock markets, we have decided to examine research works that analysed the impact of earlier epidemics on the economy of different countries. Thus, several studies relating to the effect of epidemics (like, Spanish flu, avian influenza, HIV/AIDS, etc.) on economy have been surveyed, the summary of which are given here under.