Effects of COVID-19 Pandemic on Global Trade (Essay Sample)
This Essat paper focuses on how Pandemics cause immense economic disruption. The Corona Virus Disease 19 (COVID-19) pandemic was no exception. COVID-19 is a respiratory syndrome that evolved directly from a β-coronavirus in the sarbecovirus group that naturally infects bats and pangolins in Asia and South Asia. the COVID-19 pandemic had a significant impact on global trade. Its effect on supply chains and global production networks was particularly extensive. Noteworthy, global trade relies on the stability of both supply and production to thrive. As a result, the pandemic generally had a negative impact of global trade. Economics and policymakers should, therefore, develop strategies for cushioning supply chains and global production networks from shock.
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Effect of the COVID-19 Pandemic on Global Trade
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Effect of the COVID-19 Pandemic on Global Trade
Pandemics cause immense economic disruption. The Corona Virus Disease 19 (COVID-19) pandemic was no exception. COVID-19 is a respiratory syndrome that evolved directly from a β-coronavirus in the sarbecovirus group that naturally infects bats and pangolins in Asia and South Asia. The virus has flu like symptoms and a high mortality rate among infected individuals. Stability in demand and supply is key for trade to thrive. As such, by destabilizing these, the COVID-19 pandemic negatively impacted international trade.
The COVID-19 pandemic strained global production networks. This strain was caused by disruptions that were necessitated by supply chain shocks. Notably, shocks in the supply chain account for one third of the strain that production networks experience globally (Zhang, 2021). In addition to reducing production, these shocks lengthen delivery times and reduce production (Barbero et al., 2021). Consequently, prices rise. Increase in prices and decrease in spending among households limit aggregate demand. Moreover, the shipping industry is one of the industries that affect the stability of supply chains. In 2019, shipping prices skyrocketed in 2020 due to the pandemic. This translated to higher production costs, which discouraged some companies from production (Thomas et al., 2014). Resultantly, the supply of some goods could not meet demand. Besides, some countries
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