Economic Impacts of COVID-19 on Global Trade (Essay Sample)

Economic Impacts of COVID-19 on Global Trade
COVID-19 has unequivocally brought some economic advantages! Companies started making huge losses after the COVID-19 pandemic ravaged the world following the containment measures stipulated by the World Health Organization (WHO). The panic, triggered by the pandemic, caused immense distress in global economic dynamics. Though the COVID-19 pandemic caused job losses, business closures, and reduced working hours due to downsizing, there was significant demand for technological, medical, and agricultural-related services.
The COVID-19 pandemic has caused an unprecedented crisis—job losses, business closure, and reduced working hours. Research shows that the pandemic adversely affected businesses operating globally. According to Brodeur et al. (2020), COVID-19 exacerbated the following: unemployment rates, job losses, reduction of working hours, and increased losses that resulted in the closure of various businesses globally. In response to the pandemic, companies had to downsize, which resulted in job losses. As a WHO’s safety measure, workers worked from home, making them less productive when faced with technological challenges. Due to lockdowns and cessation of movement, sales decreased significantly; thus, tourism and air transport businesses suffered huge losses. Therefore, the COVID-19 pandemic caused adverse effects on global trade.