A group of scholars from College of Business and Economics (BECO) of Jimma University conducted a study on socioeconomic effects of COVID-19 in Ethiopia. The study aims at forwarding expert opinions on the possible responses that help mitigate the negative impacts of the pandemic in the country. The study highlighted that the pandemic brought up clear and present negative effects such as economic hardship for consumers, businesses communities, public finance and general socio economy across the globe in general, and developing countries in particular.