Does socioeconomic condition affect the spread out of Covid-19? comparative study of Asian and European countries

The Coronavirus or COVID-19 is a disease based on an unknown virus which has created a huge chaos in world, the virus is not only costing human lives but it also creating a massive economic loss to the whole world. The objective of current study is to test the relationship of different socio-economic variable with the spread of COVID-19. In order to achieve this objective the current study has employed a country wise cross sectional data in which two pools of European and Asian countries are specified. The study consider the population, population density, age, GDP, HDI and hand washing facilities as the socio-economic factor that can affect the spread of COVID-19. The OLS technique has been considered as a tool for the analysis. The study yielded that socio-economic condition does affects the spread of COVID-19 in both the European and Asian countries. The study concluded that population is most important factor that determine the spread of viral disease along with population density as well. Furthermore the study came up with the policy implication that policy makers should consider the importance of socio-economic factors along with the biological factors in order to formulate policies that can result in the prevention of COVID-19.