Question

8. How will globalization and international trade be changed and impacted by this pandemic (Covid-19)? That is, in what ways will the world look the same or different after this pandemic in terms of goods traded, volume of trade, geographical boundaries of trade, move toward isolation, etc.? Be specific in your response.

Answer 1

8. After this pandemic, the economies worldwide is expected to be at the lowest. The low econimy growth and the lack of disposable icnome in the hands of the people, will lead to low demand for goods from the foreign countries. This may lead to a low movement of goods and services across the nations. As it is believed that there can anytime be a relapse of this virus, countires may be increasingly conscious to start operations with those countries which had witnessed the maximum cases of this virus, so counties would not be willing to open up their geographic boundaries to other countries as easily as they would have before. The falling of economies worldwide also indicates that the volume of goods traded would also be low in comparison to the previous year.