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This study aims to explore the efficacy of government policy directions in mitigating the effects of the COVID-19 pandemic by employing a panel of 22 countries throughout the 2020-second quarter of 2022.

The panel autoregressive distributed lag (ARDL) model is employed to examine this phenomenon and to investigate the long-run effects of government policy decisions on infection and mortality rates from the pandemic.

The study reveals the following key findings: (1) Income support and debt relief facilities and stringent standards of governments are associated with reduced infection and death rates. (2) The response of governments has resulted in decreased mortality rates while simultaneously leading to an unexpected increase in infection rates. (3) Containment and healthcare practices have led to a decrease in infection rates but an increase in mortality rates, presenting another counterintuitive outcome. Despite the expectation that robust government responses would decrease infection rates and that healthcare containment practices would reduce mortality, these results highlight a lack of health equity and the challenge of achieving high vaccination rates across countries.

To effectively combat the spread of COVID-19, it is crucial to implement containment health practices in conjunction with tracing and individual-level quarantine. Simply implementing containment health measures without these interconnected strategies would be ineffective. Therefore, policy implications derived from containment health measures should be accompanied by targeted, aggressive, and rapid containment strategies aimed at significantly reducing the number of individuals infected with COVID-19.

This study concludes by suggesting the importance of implementing economic support in terms of income, and debt relief has played a crucial role in mitigating the spread of COVID-19 infections and reducing fatality rates.

To effectively combat the spread of COVID-19, it is crucial to implement containment health practices in conjunction with tracing and individual-level quarantine. Simply implementing containment health measures without these interconnected strategies would be ineffective. Therefore, policy implications derived from containment health measures should be accompanied by targeted, aggressive, and rapid containment strategies aimed at significantly reducing the number of individuals infected with COVID-19.

This research makes a unique contribution to the existing literature by investigating the impact of government responses on reducing COVID-19 infections and fatalities, specifically focusing on the period before COVID-19 vaccinations became available.

A systematic, PRISMA-guided literature review was conducted using four databases (ProQuest, PubMed, EconLit and Scopus) to analyze research published between February 2020 and August 2021. This review included 31 studies out of 1,248 that were identified.

In addition to the serious health issues it causes, severe acute respiratory syndrome coronavirus 2 (COVID-19) has a destructive impact on the global economy. The objectives of this study are (1) to examine the growing literature on variations of economic factors due to COVID-19 (2) to review the literature on the governmental response to the pandemic and (3) to discover the perspective and the gaps and outline the future avenues for further research.

All selected studies (31) have used the macroeconomic, household and health economic factors to analyze the economic impacts of the COVID-19 pandemic. Among these studies, 22 articles examined the economic consequences and macroeconomic activities, 7 analyzed microeconomic costs and healthcare trade-offs and 2 studies reviewed economic uncertainty and macroeconomic expectations.

This study comprises the most relevant research articles to measure the economic consequences of COVID-19. As a result of the lockdown and other containment initiatives, price levels, employment and consumption patterns have all suffered.

Therefore, the government's requirement to develop policy tools and approaches to ensure a full recovery from the pandemic should lead to greater long-term economic resilience.

This study examines the economic implications of COVID-19, with the aim of not only analysing COVID-19's negative economic effects but also, those measures that provide new directions in the form of short-run economic impacts and policy decisions.