It is no surprise how hard the COVID-19 pandemic has hit our global economy. Some claim this decline and impact on our economies has been the worst one they’ve seen since The Great Depression (1929-1933). A cumulative GDP has definitely cost nations across the world trillions of dollars, there was an increase in unemployment, and a majority of counties were on the brink of a recession. While a bulk of nations are barely staying afloat, China has seen economic growth and has finally been able to
I am happy to boil down the article "The Pandemic Does Not Justify Protectionism or Deglobalization" published by the CATO institute.
With the elections just around the corner, the pandemic is used to re-visit the discussion of trade liberalization and globalization. Some American voters, especially the more nationalist inclined ones, are using the pandemic as fuel to argue for more protectionist measures and deglobalization initiatives in order to "save" America and its hard-working e
Rwanda, a member of the East Africa Community (EAC), has been developing their domestic garment industry since 2015. In 2015, Rwanda had a trade battle with the US because Rwanda decided to place high tariffs on the imports of second-hand clothing. This ban policy was enacted to prevent importation of large articles of cheap used clothing which was stifling their grament industry growth. As a response, the US threatened to remove the EAC countries from the African Growth and Opportunity Act beca
The European Union was given permission by the World Trade Organization to impose tariffs of four billion dollars on American products annually. This was established for retaliation for illegal subsidies that were given to U.S. plane maker Boeing. The question at hand is whether the new tariffs will either persuade the United States and Europe to negotiate a settlement that would lift the levies or if it would inflame their relations due to the high costs on businesses and consumers. Although th
The article I chose discusses the impact of Covid-19 on global economy. There are many challenges for all countries in global economy and the growth is very small. The challenge of this new pandemic has worsened global economy and made it worse than ever. Many restrictions have been put on trade. This challenge is said to mostly affect emerging markets and developing econ
In the article “Manhattan Emptied Out During the Pandemic. But Big Tech Is Moving In.” it discusses how four big Tech companies, Apple, Amazon, Facebook, and Google have been buying up property in Manhattan and are hiring more workers. I found this article very interesting because the city is practically empty due to people moving out and companies are remote working it seems a odd for big companies to be buying up property in the city, when no one is there . Most of these purchased were a made
Article link: https://finance.yahoo.com/news/us-stocks-futures-climb-vaccine-124629616.html?guccounter=1&guce_referrer=aHR0cHM6Ly9uZXdzLmdvb2dsZS5jb20v&guce_referrer_sig=AQAAABJrJ99yn8oXo2dlZAF0hzp47rFzLSthvntdtYkhY5oKZrN9JXPKBfIhtuD6gg2g3gpIB8P-ImWsjbMghGWDJoRsHMata8vqR1IZCHmOAkiovBry2l4VH08YlZ633If6cJOvIYCPmRQD8CrMtapL01sp4QilUS3OY4GEscDWl5lV
This article from Yahoo finance titled “US stocks – Future climb on vaccine hopes, upbeat retails sales data”, is discussing what t
I have chosen to share an article that strategically breaks down the labor market experience for young adults since the pandemic began in early March. As a young adult and a soon to be graduate, this topic weighs heavy on my heart and mind.
The article I attached found that young adults from the ages of 16 to 29 make up less than a quarter of the labor force, yet they accounted for about a third of the rise in the unemployment rate
COVID has impacted greatly everywhere in the world and is one of the biggest impacting pandemic we have seen in years in the amount of lives lost or the impact on the economy. We have seen a huge increase in the unemployment rate all over the world and rapid decrease in the GDP of all the countries in the world. But as per me it had the biggest impact on the small scale business which were staying afloat due to day to day tran
I am sharing this article to tell the impact of COVID on the education and what problems have it caused. Being an international student I personally have faced this so can relate to this article most. In USA around 6% of the total student population consists of international students and COVID has affected them the most. From the month of March most of the schools all over the world shut down due
Today, the emergence of digital currency has become a very popular topic. With daily news on cryptocurrencies, such as Bitcoin, to nations wanting to transition to a ‘cashless’ society, people all over the world have reasons to support or not support digital currency.
On October 12, 2020, it became official that China has handed out 10 million yuan, which is about $1.5 million, of its digital currency to a host of citizens. The citizens who received the funds were winners of a lotte
COVID-19 has been affected globally. It is one of the greatest crises the world has ever faced. The world somehow managed to save lives but sparked the worst recession, which was never expected. 95% of the world’s countries were projected to have negative per capita income growth in 2020. The global output to fall by 4.9% according to the International Monetary Fund’s forecast. The vaccine is not out yet and many countries are trying to recover from the situation. However, the recovery of the ma
This article discusses the global supply chain network and company strategy changes that are occurring because of COVID, and gives recommendations on where weaknesses exist and how to address those weaknesses. I am posting this article to highlight that one of the challenges in the current global economy is the debilitating effect on globalization.
One of the article’s main concepts is that having multiple sources for a single p
The outbreak of the COVID-19 pandemic found Africa ill-prepared to deal with its economy as containing it was a major challenge. The health care system is not adequately invested which pose as a limitation. Fiscal space for safety nets to enhance the effects particularly for low income earners who had no idea how they will survive a possible lockdown made it even more difficult. The successful implementation of proper measures to alleviate the effects of the pandemic will make the economi
I found this article published on the NY Times very inresting as it highlighted executives with major gains during this pandemic while millions of americans have lost their jobs and are paying a lot of medical insurance if exposed to the virus, even those who were insured, because their jobs will no longer provide that. Among these biggest executives one that stood our to me was Edward W. Stack the chief executive of Dick's sporting Goods, whom accoring to the article has made a lot of money on
Mathews’ piece, Sending Americans Checks is an old idea that’s finally going mainstream, discusses the paradigm shift in the acceptability of individual fund transfers congress has had in response to the economic ramifications of Covid-19. The author first gives a cursory summary of the the Bush administrations tax credits as well as the Obama administration’s Making Work Pay tax credit plan. Before contrasting how fundamentally different those method of stimulus (returning portion
As the pandemic led to the downfall of various economies, the International Monetary Fund (IMF) sees this effect in a different way. Change in fiscal policy and government spending would help in keeping markets afloat during these tough times. However, there have been massive deaths due to coronavirus, but strong measures towards healthcare will increase the confidence among people and diminish this effect. Although demand and supply have been disturbed, an increase in employment rates wil
I want to share this article which updates the latest economic news in the United States, Eurozone, Canada, and China.
American personal income decreased sharply in August because the stimulus package from the government expired in July. I think citizens did not have enough money to spend on living, they had to spend what they saved before, so total savings declined. Expenses rose a little maybe due to the higher cost of living in the COVID-19 pandemic. But they spent more on goo
I would like to share an article about the ramifications and an increase in fiscal policy would mean to the United States in the next three years, affecting the economy.
Since covid-19 began in early March 2020, the economy including jobs and businesses has been affected in a negative way. Fiscal policy including packages has totaled around $6 trillion dollars. With the quarter 3 results specifying that the economy is coming back slower than projected, without intervention of fiscal policy
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