The Early Effects of the COVID-19 Pandemic on International Trade and the World Economy


Term Paper, 2021

21 Pages


Abstract or Introduction

This text discusses the impacts of the COVID-19 pandemic on international trade and the world economy, focussing both on importing and exporting countries.

First, the paper gives an overview of the general global impact of the pandemic, before discussing the economic effects on international trade. It then addresses an increase in trade costs and a decrease in productivity, as well as the impact travel restrictions had on the economy. The next part focusses on importing and exporting countries and lists the effects the pandemic and its restrictions had on both groups, respectively. In the final part, the paper elaborates on other ways in which COVID-19 has had an impact on the world economy, such as the loss of jobs because of business closures, therefore increased poverty and, as a consequence thereof, reduced purchasing power in the population.

The coronavirus causes coronavirus disease 2019 (COVID-19). The World Health Organization (WHO) recognized the pandemic on 11 March 2020. According to the WHO website, as of 16 May 2020, more than 300,000 deaths from COVID-19 have been reported worldwide. To slow the spread of the coronavirus, many countries have imposed some form of restriction on people and businesses. Several countries have declared citywide or nationwide lockdowns. Also, many countries have imposed an entry ban on foreigners. Such restrictions have seriously harmed the world economy. For example, China’s economy shrank by 6.8% in the first quarter of 2020. This decrease is the first contraction since 1992, when China began releasing its GDP data. According to the World Economic Outlook, April 2020 by the International Monetary Fund (IMF), the global economy is projected to sharply contract by –3% in 2020.

Details

Title
The Early Effects of the COVID-19 Pandemic on International Trade and the World Economy
Author
Year
2021
Pages
21
Catalog Number
V1335361
ISBN (eBook)
9783346925237
ISBN (Book)
9783346925244
Language
English
Notes
The author of this text is not a native English speaker. Please excuse any grammatical errors and other inconsistencies.
Keywords
Covid 19 and international trade, effects of Covid 19 on global trade, economic effects, economic effects of covid 19, challenges of covid 19
Quote paper
Tardzenyuy Achileus (Author), 2021, The Early Effects of the COVID-19 Pandemic on International Trade and the World Economy, Munich, GRIN Verlag, https://www.grin.com/document/1335361

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