COVID-19 is an acute respiratory diseases that caused by the virus called coronavirus and has gained worldwide attention in very short time. Coronavirus outbreak was first reported in Wuhan, China on 31 December, 2019. WHO is working closely with global experts, governments, and other health organisations to provide advice to the countries about precautionary and preventive measures. The study regarding the nature and impact of virus on human body is still under progress. Along with health his virus have impacts on economy of world. In this review article the basic information regarding COVID-19 is explained in short. For determining the impact of COVID-19 on economy, it is a need to understand it in two parts. The first one will be impacts before declaring it as pandemic and second one will be after declaring it as pandemic. In this review article the sector wise impacts are also discussed.