Question

a.     Briefly discuss five (5) ways in which economic planning can be used to reduce the economic impact of global pandemics such as the Corona Virus in the future.

[30 Marks]

Briefly discuss five (5) ways in which economic planning can be used to reduce the economic impact of global pandemics such as the Corona Virus in the future.

Answer 1

Following are the 5 ways how the economy can be prevented from the impact created by the pandemic covid-19:

1) SPENDING ON R&D: Sufficient amount of funds must be allocated to the research and development in the economic planning. Hence with those funds there is a scope for the R & D for their research purpose against this pandemic.

2) IMPROVEMENT IN MEDICAL FACILITIES: There must be proper arrangement of the medical resources in the hospitals and proper medication must be done for the affected people. By maintaining proper facilities there won't be any fear also in the people of country.

3) AWARENESS AMONG PEOPLE: This is the most important investment that is to be done, which is spending money on increasing the awareness among the people how to be in these pandemic situation.

4) PRECAUTIONARY MEASURES: It is better to take preventive measures rather than feeling bad after the attack of the disease. It will be good to take certain measres such as wearing mask, using sanitizers, maintaining social distance etc. which will be a great help for the government too.

5) INVESTMENT IN HUMAN CAPITAL: And finally the most important thing is human must fight against the covid-19 pandemic which is completely depend upon human productivity based on knowledge and literacy. Also funds must be spent properly on the educational institutions because efficient and productive manpower is the most significant asset of an economy.

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