|Type of paper:||Essay|
|Categories:||Economics International business Covid 19 Social issue|
The coronavirus has caused a massive impact on the economy of many countries. This is because most people were forced to leave their jobs and stay at home to minimize the spread of the virus. Almost all companies were closed down, which led to cutting down on country revenue. People were advised to work from home, which did not help much as many operations were cut down. Coronavirus has hit many countries' economies hard because it stopped states' main sectors like trade
The state government should be looking for ways to improve the economy. These ways should include tax reduction or relief to its citizens. As researchers are working hard to find a cure for this virus, government economists should be doing the same.
The development of the economy has been continuous in the past years. Some concepts, such as millennial development have been adopted internationally. Income growth and income poverty form the Sustainable Development Goals conventional measures (Kanbur et al. 33). The year 2020 is the only year in history that the world's economy has ever been hit this hard. 2014-2016 years come close due to the price alignment, but the economy came back stronger. Central banks all over the globe are trying to reduce taxes to make people spend to revive the economy. The biggest question that has no answer yet is whether the economy going back after this pandemic. If so, how long is it going to take?
Countries leaders have already examined and are aware of the impact that corona has on their countries. Countries have witnessed the rise of the corona cases increase every day. Hong Kong, the increase in the numbers may have gone down. Still, other countries like Sweden are experiencing a significant rise in wanting to implement "herd immunity "to control some economic aspects (Kwok et al.). Russia is working hard to return its economy to where it was initially.
The report of the World Health Organization, abbreviated as (WHO) indicated that there were 1,521,252 cases as per April 10th, 2020. Countries are said to have monetary packages for their citizens. BBC news report key measures have been implemented to reduce the chances of economic fallout (Gopinath and Gita 41). For instance, the USA agreed on a relief package worth two trillion (9.3% US's GDP). These measures ensure that the citizens of these countries have the basic needs they require, for example, food, medical cover, and security. Developing countries should learn from these developed countries' measures and do the same to help their citizens in these hard times.
The middle class and the third-class earners are the most affected by this pandemic. This crisis has affected the world as just made equality more vivid (Boussichas). The poor are the ones who suffer most notably in developing countries because most of them don't have a safety net. They live from hand to mouth, so once their source of income is cut, many will die of hunger. The G20 should come to the aid of the third world counties both financially and socially. Jake Schwartz, General Assembly CEO, says, "the pandemic is pulling the future forward" by accelerating the economy through automation (Gordon). Coronavirus pandemic has impacted the world and could lead to some permanent changes in the economy. In America, the people who got to retain their normalcy are believed to offer 'essential services' in the company. People have gotten used to using technology to communicate and have meetings that may become the new norm. Offices may also end up opening new co-working spaces where the workers can do their specific tasks (Johnson).
Where the economy was in the past and was it now tells a lot about what will happen in the future. As the resurgence of the economy takes a hard turn around Normile and Dennis's question of new normalcy in China (18-19).As I was researching this topic, I have learned some lessons one the safety measures that the government has put in place to deal with such crises and that income equity and income poverty are inseparable. The regulations that the different governments in different countries have put in place are all not going to all work in the future. Rules have made society unequal (Davidai et al.). The government should implement policies like allowing people who the bank to be given relief during this crisis period.
As I am writing this paper, the world is still facing challenges from this pandemic. The problem I faced was establishing facts and predictions concerning corona and how it has affected the world. Economists are on the way to solve the economic hole that we are in the meantime. Based on known facts by now, analysts predict a 5% growth in GDP in Q1 2020, but the raging pandemic makes it unlikely (Tong Chao et al.). We cannot evade the future.
The fact that technology has been a great help during this time that we are faced with this crisis is the highlight of my paper. It would have been unimaginable if the pandemic stuck in the 90s when we did not have the technology. Most countries' economies would have sunk. The worst part of writing this paper is realizing the lack of measures that most states have, especially in developing countries.
Boussichas, Matthieu, Tancrede Voituriez, and Julie Vaillé. "Tackling inequalities and vulnerabilities: Why and how G7 development policies could do better." (2019).
Davidai, Shai, et al. "COVID-19 Provides a Rare Opportunity to Create a Stronger, More Equitable Society." (2020).
Gopinath, Gita. "3 Limiting the economic fallout of the coronavirus with large targeted policies." Mitigating the COVID Economic Crisis: Act Fast and Do Whatever (2020): 41.
Gordon, Edward E. "Job Pandemic 2020." Surgical Neurology International 11 (2020).
Johnson, Michael E. "Smart technology tools to bridge the skill gap and bring in new workers." Aeronautics and Aerospace Open Access Journal 3.3 (2019).
Kanbur, Ravi, Ebrahim Patel, and Joseph Stiglitz. "Sustainable development goals and measurement of economic and social progress." For Good Measure: Advancing Research on Well-being Metrics Beyond GDP (2018): 33.
Kwok, Kin On, et al. "Herd immunity–estimating the level required to halt the COVID-19 epidemics in affected countries." Journal of Infection (2020).
Normile, Dennis. "As normalcy returns, can China keep COVID-19 at bay?." (2020): 18-19.
Tong, Chao, et al. "Assessing the target-availability of China's investments for green growth using time series prediction." Physica A: Statistical Mechanics and its Applications 537 (2020): 122724.
Zhao, Wenwu, et al. "A systematic approach is needed to contain COVID-19 globally." Science Bulletin (2020).
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