Background: Since Coronavirus (COVID-19) is increasing its influence from China and spreading its reservoir to neighboring areas and other nations, expanded national and foreign efforts are being made to control this epidemic. Methods: This review incorporated the information depicting the effect of COVID-19 on different industrial sectors. Results: According to the World Health Organization, the outbreak was first identified in the Chinese city of Wuhan in December 2019 and has affected more than 17660523 people (confirmed cases) worldwide, and more than 680894 people have died. In addition to its alarming impact on human health, the novel strain of COVID-19 has dramatically slowed down not just the Chinese economy but also the world economy. The increased uncertainty has led to financial market volatility. Conclusion: Some firm decisions and policies must be framed out to stabilize the world economy so that threatening socio-economic impact cannot be sustained for a longer period of time for the welfare of humankind.