Dubai National School Covid19 Impact on Global Economy Presentation
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research paper:-
Background of the study
Generally, the world has been affected by the covid -19 pandemic, which has lasted for almost three-quarters of 2020. This pandemic was first identified as the new Coronavirus, which was later termed Coronavirus disease-19. It originated from Wuhan city in China, but it has eventually spread worldwide, causing the people’s death and more economic devastating effects to the world’s countries. Due to its rapid spread, the World Health Organization has adopted various measures aimed at combating the disease.
Measures proposed include social distancing, which resulted in the closure of all business activities, prohibition of mass gathering, and closure of all schools. Lockdown has been imposed in many countries, thus stagnating economic growth (Gershman, 2020). These measures, if we abide by them as stipulated by the ministry of health, we shall overcome them. As a result of these initiatives, most national, regional, and global economies suffered greater economic looming.
Objective
This study’s main purpose was to present comprehensive and compelling research findings to uncover devastating economic effects resulting from covid-19 and how it resulted in the economic downfall of nations. Possible impacts identified include reducing the production supply chain, a decline in labor markets and financial markets, among others. Thus, this was to support this statement by examining existing literature on the pandemic’s negative economic effects and how the government responds and synthesizes the insights that could emerge from various studies. Overall result points to be discussed on major broads are five major areas of interest affected by covid 19 economically. These include the production chain supply, the decline in the labor market, the gross domestic product, financial markets, and monetary supply.
Literature Review
It is a matter of the fact that covid-19 has caused and is still extending its impacts as far as the economic condition of both national, regional, and global markets are concerned. It is causing many structural changes within national territories at a faster speed (Gopinath, 2020). While overview might showcase drastic negative harm to most economies, its true economic impact and some of the relative importance of underlying factors are unknown currently.
Despite researchers trying to evaluate its major drawbacks, additional challenges are still witnessed in assessing the true impact of this deadliest world pandemic that, for the first time since the great depression threatened to dismantle global economies as a result of uncertainties that accompany its effects. In an attempt to have a clear glimpse of the potential impact of covid 19 on world economies and regions, the literature review is structured into three sections; national, regional, and global analysis.
Covid 19 affected most governmental states in various ways, ranging from discrepancies in the health care system, job losses, and decline in gross domestic products, among many other harms. One of the potential impacts was witnessed on the reduction of gross domestic products. This reduction was supported by Kanu et al. (2020. Kanu reported that most countries in Africa suffered a major economic shock that affected how they operated and increased the level of debts raising eyebrows on managing their indebtedness.
Similarly, this finding was further supported by India’s research that evaluated the economy before and after the covid-19 crisis. In this research, it was evident that, just like most African countries, economic shock greatly impacted the Indian economy already in a bad state before this pandemic (Dev et al., 2020). It further stated that the causes of these economic meltdowns lied on the government’s restrictions in the form of lockdowns, economic downturns, and deteriorated demand and supply chains. Chen &Sofia et al. supported this finding, especially in the United States, pointing out job losses, the decline in demand for certain essentials, and other variables. These studies clearly point out that covid-19 has got damaging effects on the economies.
Bonet et al. (2020) noted that it is the national territories that are affected by the covid 19 and the regional borders. This study clearly argued that a problem in one country is likely to affect another country through other manifestations in the form of spillover effects due to interconnectivity between states. As a result, the study concluded that regional borders’ economic well-being declined by half from 1.5%-2.4% (Bonet, p1130). Some of the affected sectors were accommodation and foods, real estate, health care, and construction. All formal and informal sectors were also affected, as reported by Flogel et al. (2020).
Global economies were also hit hard by the covid 19 (Bonet et al. 2020, Dev et al. 2020, Gupta & Mrinal 2020). This pinpoints that, in general, the economic effects of covid 19 might not be underestimated at all cost. Results
Based on the above findings, it was evident that some of the potential impacts of covid 19 on the states’ economic well-being was a decline in Gross Domestic products. For instance, India witnessed a decline of 4.2% from 2019-2020 (Dev et al., 2020). Apart from this, it created job losses, with significant unemployment rates running as high as 45 times. Similarly, it decreased overall consumption, demand, and supply, among many other impacts. The indebtedness of nations rose, making them vulnerable to the potential difficulty of debt repayment and increased poverty rates, as presented in the above studies.
Discussion
Covid 19 increased the level of poverty in the global context. For instance, most states imposed restrictive measures like lockdowns and partial economic shutdowns. As a result of these restrictive measures, employees and informal sectors were forced to work from home to limit workplaces’ overcrowding. Unemployment thus comes up from the automation of most firms’ processes as less personnel was required at workplaces. Moreover, as a result of economic hardships, most organizations retrenched their employees, only recalling essential workers. Similarly, people were pushed under mandatory quarantine with the implication of not attending any revenue-generating activity. All this reduced the economic productivity of nations, thereby decreasing their economic well-being and prospects.
Conclusions
Covid 19 pandemic led to a decreased economic activity in most regional and global borders, not only pushing such economies into a devastating economic hardship but also threatening to rip them apart. All this was identified from the studies, thereby supporting my claim of negatively impacting the economy as discussed above.
Work Cited:-
Bonet‐Morón, Jaime, et al. “Regional economic impact of COVID‐19 in Colombia: An input-output approach.” Regional Science Policy & Practice 12.6 (2020): 1123-1150.
Chen, Sofia, et al. “Tracking the economic impact of COVID-19 and mitigation policies in Europe and the United States.” (2020): 10.
Dev, S. Mahendra, and Rajeswari Sengupta. “Covid-19: Impact on the Indian economy.” Indira Gandhi Institute of Development Research, Mumbai April (2020).
Flögel, Franz, and Stefan Gärtner. “The COVID‐19 Pandemic and Relationship Banking in Germany: Will Regional Banks Cushion an Economic Decline or is A Banking Crisis Looming?” Tijdschrift voor economische en sociale geografie 111.3 (2020): 416-433.
Gershman, Jacob. “A guide to state coronavirus lockdowns.” Wall Street Journal. Retrieved April 3 (2020).
Gopinath, Gita. “The great lockdown: Worst economic downturn since the great depression.” IMF blog 14 (2020): 2020.
Gupta, Mrinal, et al. “COVID‐19, and economy.” Dermatologic therapy (2020).
Kanu, Ikechukwu Anthony. “COVID-19 and the economy: An African perspective.” Journal of African Studies and Sustainable Development 3.2 (2020).
