Discuss the economic impact of COVID-19

Discuss the economic impact of COVID-19

Economic Impact of Covid-19

The outbreak of Covid-19 in China in late 2019 has been the cause of global economic turmoil. Covid-19 has vehemently spread across the world with utmost intensity. This infection’s impact on global and local economies has been felt in each country recording the infections. These effects include increased social unrest, reduced customer unrest, slashed interest rates, disrupted supply chain, and most importantly the heightening rate of unemployment. To curb the growing threat to the economy, countries have imposed measures to keep the economy afloat. These measures are notably the fiscal and monetary strategies implement with the aim of alleviating the financial burden on citizens as well as ensuring that economies have a ground to bounce back to after the strain. Regardless of the severe effects, Covid-19 has posed to economies, it has also been a light to vulnerabilities and trends existing with economies that when changed, countries can do better.

Firstly, the economic status of a country is measured by the gross domestic value which results from its trading activities. Following the nature of infection, Covid-19 has forced governments to implement measures that reduce gathering as well as physical contact. States have conducted mass quarantines and isolations to curb the spread of the infection (Reuters, 2020). In addition, movements have been restricted reducing any form of movements.

References

Congressional Research Service. (2020). “Global Economic Effects of COVID-19.” fas.org.

Retrieved from https://fas.org/sgp/crs/row/R46270.pdf

Reuters Staff, (2020). “5 Charts That Show the Global Economic Impact of Coronavirus.”

worldeconomicforum. Retrieved from https://ww

w.weforum.org/agenda/2020/03/take-five-quarter-life-crisis/

Deloitte, (2020). “Economic Impact of the Covid-19 Pandemic on East African Countries.”

deloitte.com. Retrieved from https://www2.deloitte.com/content/dam/Deloitte/tz/Documents/finance/Economic_Impact_Covid-19_Pandemic_on_EastAfrican_Economies.pdf

Jones, L., Palumbo, D., & Brown, D. ( 2020). “Coronavirus: Visual Guide to the Economic

Impact.” bbcnews. Retrieved from https://www.bbc.com/news/business-51706225

Discuss the economic impact of COVID-19

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