11 pandemics that changed the course of human history, from the Black Death to HIV/AIDS - to coronavirus

Economic impact of epidemics and pandemics

Fall in production due to workers taking more time off sick - Affects Supply in Economy

People reducing their social consumption in an effort not to get the disease - Affects Demand in Economy

Loss of income through reductions in the size of the labour force and productivity. Example, a 2019 joint report from the World Health Organization (WHO) and the World Bank estimates the impact of such a pandemic upwards, bringing the total cost to 2.2 %-4.8 % of global GDP (US$3 trillion). 

Vulnerable populations, particularly the poor, are likely to suffer disproportionately from an outbreak, as they may have less access to health care and lower savings to protect against financial catastrophe.

Agriculture Sector: Given that around 60 % of emerging infectious diseases reported globally are zoonoses (i.e. naturally transmitted diseases between people and vertebrate animals), virus outbreaks may result in significant costs to a country's agricultural sector and trade.

Tourism: Sharp Decline - A 2013 paper estimates the economic impact to the Mexican tourism sector of the H1N1 influenza pandemic, by examining tourist arrivals. Mexico lost almost one million overseas visitors, which is estimated to have resulted in losses of around US$2.8 billion. This extended over a five-month period, mostly because of the slow return of European travellers to the country. Many provincial governments decided to close many natural attractions (e.g. nature reserves) temporarily. With fewer tourists, and lower consumption, the retail, hospitality and entertainment sectors also suffer.