There have been about 4.3 million confirmed cases and over 290,000 fatal-ities as a consequence of this viral outbreak. Concerns about an impending economic slump have also been raised as a result. Reduced employment across all economic sectors as a consequence of people becoming socially and personally isolated, as well as travel restrictions, has resulted in many jobs being lost. Products and manufactured items have seen a decrease in popularity after the closure of schools. Alternatively, the demand for medical goods has risen dramatically. The food industry is also seeing an upsurge in demand that results in an economic downturn. Food goods are being purchased in a hurry and stockpiled. A list of socioeconomic elements has been prepared to assess the effect of COVID-19 on the global economy in the wake of this worldwide epidemic.