Question

What is the impact of covid-19 on international trade, global supply chain and the economies around the world? 300 WORDS

Answer 1

According to the latest report total Confirmed cases of the COVID-19, which was, first of all, originated in China during December last  year, it has now affected more than 115,000 all around the globe as of March 12 and many more cases are still to come which will significantly affect the overall tally to rise, initially most of the case are found in china but since February last month many cases have been found in various part of the globe so initially which was seen as a china epidemic has now been declared as a global crisis affecting most of the economic activity and disrupted the global supply chain, however, the economic impact of the virus will be depended on its severity and how the government has taken different steps to control its spreading, if we will talk about china economy after COVID-19 it has imoacted more then what it has been caculated and it has badly affected their manufacturing and service sector, in recent quarter their import fell down by nearly 18% whereas the manufacturing sector especially automobile industry has seen a record fell of nearly 80%, but now the impact of COVID-19 has gone global and impact many european countries and other major economies like United State, Japan and other nations by interrepting their international trades, recently OECD has predicted that for year 2020 due to COVID-19 the global GDP will lower by one-half a percentage point as compared to 2019. Major Disruptions in the global supply chains can be clearly seen as the impact of the coronavirus. on looking the at global supply chains, significant disruptions have already been seen in many countries, there are many sectors all around the globe who has to decrease their production in their plants because of the ongoing crisis. in the initial phase, China has to shut down many of its factories especially in affected areas, disrupting the supply chain globally along with affecting the mobility and employment perspective of many workers,

recently the outbreak in Italy because of it they have to shut down of many of their firms, out of it a firm which is one of the biggest suppliers of the electronic parts to many automobiles industries across European Union, put them to close their manufacturing unit till everything comes to normacy, and this kind of supply chain problems which has emerged globally to many suppliers of intermediate goods will impact the economy in many ways.