Global Economic Impact of Coronavirus – Assessment and Mitigation (B)

Global Economic Impact of Coronavirus – Assessment and Mitigation (B)
Case Code: ECON091
Case Length: 18 Pages
Period: 2019-2021
Pub Date: 2020
Teaching Note: Available
Price: Rs.500
Organization : -
Industry :-
Countries : Global
Themes: Economics/ politics & business environment
Global Economic Impact of Coronavirus – Assessment and Mitigation (B)
Abstract Case Intro 1 Case Intro 2 Excerpts

Abstract

The case describes the measures introduced by various countries to combat the impact of COVID-19 on their economies, the impact of those measures, and the paradigm shifts in international relations. Global lockdowns in response to COVID-19 had resulted in economic turmoil worldwide. This was expected to become the worst downturn since the Great Depression in the 1930s. In the US alone, over 33 million workers had filed for unemployment since mid-March 2020 while the European Union had announced it was expecting a 7.4% contraction in its collective GDP for 2020. Further, the UN’s International Labour Organization (UNILO) stated in the second quarter of 2020 that COVID-19 may cost the equivalent of 305 million full-time jobs. The pandemic was affecting 213 countries and territories around the world and 2 international cruise. The pandemic was expected to wipe out $8.5 trillion in global output and could send 130 million people into the ranks of extreme poverty. Consequently, the crisis prompted governments to adopt emergency financial measures and develop aggressive stimulus packages to avoid a catastrophic and historic global economic collapse. The COVID-19 pandemic had wreaked havoc across much of the global economy. The worldwide humanitarian and economic crisis due to the pandemic had led to disharmony in international relations across the world. The US, Italy, India, Spain, the UK, Brazil, France, Germany, and many other countries were still feeling the harshest impacts of the COVID-19. It remained to be seen whether the stimulus packages and the economic rescue plans could set the global economy on the path to recovery. Further, experts wondered if the developments would lead to a change in the balance of global power. Also, would it bring about a permanent change in the lives of people?

Issues

The case is structured to achieve the following teaching objectives:

  • Comprehend the impact of COVID-19 on the economy worldwide
  • Analyze the implications of the COVID-19 pandemic on unemployment and the migrant workforce
  • Examine the impact of the economic stimulus packages of various countries to counter the crisis caused by the COVID-19 pandemic
  • Analyze the changing paradigm of international relations due to the COVID-19 pandemic

Contents

Keywords

Coronavirus pandemic, COVID-19, China, Economic Impact of COVID-19, Economic stimulus package, Global lockdown, Unemployment, Migrant Labour, International Relations, economics of globalization, Contraction In Demand And Supply, UN Budget, Economic Rescue Plans

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