The Impact of Pandemics Such as Covid-19 on Global Trade (Essay Sample)

The Impact of Pandemics such as COVID-19 on Global Trade
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The Impact of Pandemics such as COVID-19 on Global Trade
Many countries are unprepared to face global pandemics and cannot shield their economies during outbreaks. Gruszczynski (2020) reveals that at the onset of the COVID-19 many nations thought they could easily control it, but it spread rapidly and overwhelmed them. COVID-19 and other pandemics disrupt supply and marketing chains and decline international trade.
Most nations experience a decline in exports and imports during pandemics; however, not all sectors in the economy get affected. Gruszczynski (2020) reports that during the COVID-19 pandemic, many countries and trading blocs have implemented multiple trade policy measures, and “the pandemic has also slowed down the progress of various international trade initiatives around the globe, as countries are currently preoccupied with the crisis” (p. 340). According to Maliszewska, Mattoo, and Mensbrugghe (2020), pandemics cause the global economic recession and decline in exports across most sectors and destinations. Maliszewska et al., (2014) say that due to the COVID-19 pandemic; in 2020, China (where COVID-19 originated) recorded a decline in manufacturing product exports, the US recorded a drop in tourism and services exports, and Thailand recorded a drop in manufacturing goods and services exports (p.12). Pandemics impact the exports of countries differently, with some sectors experiencing a higher decline than others.