The unprecedented outbreak of the 2019 novel coronavirus, termed as COVID-19 by the World Health Organization (WHO), has placed numerous governments around the world in a precarious position. The impact of the COVID-19 outbreak, earlier witnessed by the citizens of China alone, has now become a matter of grave concern for virtually every country in the world. The scarcity of resources to endure the COVID-19 outbreak combined with the fear of overburdened healthcare systems has forced a majority of these countries into a state of partial or complete lockdown. The number of laboratory-confirmed coronavirus cases has been increasing at an alarming rate throughout the world, with reportedly more than 3 million confirmed cases as of 30 April 2020. Adding to these woes, numerous false reports, misinformation, and unsolicited fears in regards to coronavirus, are being circulated regularly since the outbreak of the COVID-19. In response to such acts, we draw on various reliable sources to present a detailed review of all the major aspects associated with the COVID-19 pandemic. In addition to the direct health implications associated with the outbreak of COVID-19, this study highlights its impact on the global economy. In drawing things to a close, we explore the use of technologies such as the Internet of Things (IoT), Unmanned Aerial Vehicles (UAVs), blockchain, Artificial Intelligence (AI), and 5G, among others, to help mitigate the impact of COVID-19 outbreak.