Changes in Gross Domestic Product after COVID-19

Problem Based Report
1

TABLE OF CONTENT
TITLE: CHANGES IN GROSS DOMESTICPRODUCT AFTER COVID-19.............................3
INTRODUCTION...........................................................................................................................3
Background of the study..............................................................................................................3
Aim and objectives......................................................................................................................3
Research problems.......................................................................................................................3
LITERATURE REVIEW................................................................................................................4
Factors that affect the notion of a globalized economy and GDP...............................................4
Data collection ............................................................................................................................4
Quantitative analysis of dataset ..................................................................................................5
Visualization of data charts..........................................................................................................6
FINDINGS (450)...........................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14
2

TITLE: CHANGES IN GROSS DOMESTICPRODUCT AFTER COVID-19
INTRODUCTION
Gross domestic product is an accurate indicator of the size of an economy (Coscieme and
et.al., 2020). It can be defined as the total value of services and goods, produced within country’s
borders in specific time period as it may be monthly, quarterly and annually. Most major
economies have lost around 2.9% of their GDP over 2020. One of the main reasons of decreasing
and poor economy is Covid-19. Changes in business environmental factors affect this to the great
extent.
Background of the study
Gross domestic value is the total monetary of market value of all finished goods as well as
services, produced within country’s borders. This study is going to discuss impact of covid-19 in
GDP of UK and other countries. When changes happen in environmental factors that it directly
affects economic condition and spending power of consumers. This study is going to discuss
impact of Covid-19 in changing gross domestic production and changing global economic
condition. Further, it will discuss data collection methods and quantitative analysis of GDP data.
quantitative and statistical data analysis can help out in identifying trends and accomplishing
goals as well.
Aim and objectives
Aim: The aim of conducting this study is “To identify the difference in GDP before Covid-19
pandemic and after Covid-19 pandemic”.
Objectives
 To discuss the concept of gross domestic product.
 To identify impact of GDP on organizational performance.
 To identify relation between GDP and COVID-19.
Research problems
The main business research problem on which this study will focus is: lower productivity
and sales (Jena and et.al., 2021). Due to Covid-19 and poor GDP, companies are facing
productivity and sales related issues. By evaluating factors and impact of Covid-19 in GDP
fluctuation, it will help out businesses in improving overall performance and help out their
countries in improving economic condition.
3

LITERATURE REVIEW
Factors that affect the notion of a globalized economy and GDP
Before discussing factors that have affected global economy and GDP, it is important to
understand GDP. According to the Han and et.al., (2021) GDP refers total market value of
finished goods and services that made within a country at the time of specific period. In other
words, it provides an economic shot of country that is being used to estimate the size of
economic growth rate. There are number of factors that can affect economic condition and GDP
such as: technology, human resource, business investment, government spending and other
environmental factors such as: exposure of infectious and other diseases.
Elleby and et.al., (2020) supported above view and stated that during the first lock-down,
GDP of UK was 25% lower in April 2020 than it was only two months earlier in February. A rise
in Covid-19 cases and lock down again lead to poor economic condition. The pandemic has
affected different sectors of economy to different degrees. Sectors that reliant on social contact
such as hospitality, entertainment have been affected badly because of lock down. Some other
sectors such as financial services have fared relatively better. The reason behind it was: lock
down and poor spending power of people. It decreased flow of income in market and decreased
flow of income directly affect GDP. So, on the basis of this, it can be said that Covid-19
pandemic affected global economy to the great extent.
Data collection
There are two types of data collection such as primary and secondary. Primary data refers
information that have been used for the first time and secondary refers existing literature that
have easier access. For this research study secondary data have been used. For collecting
secondary information, National statistics website has been used (van den Akker and et.al.,
2021). This website and source has provided data related to GDP in which changes have been
happened because of Covid-19 pandemic. It can help out in solving business research problem
that is improving economic condition by evaluating factors that are affecting GDP.
4