Globalisation and COVID-19

This report discusses the impact of COVID-19 on globalisation and the economy, focusing on the rise in unemployment and disruption in the service industry.

Globalisation and
COVID-19

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY ..................................................................................................................................3
REFLECTIVE BLOG......................................................................................................................5
CONCLUSION ...............................................................................................................................6
REFRENCES...................................................................................................................................7
Books and Journal.......................................................................................................................7

INTRODUCTION
The spread of COVID-19 pandemic has led to severe impact on the global economy all
across the world. The pandemic has altered the functioning of the financial markets and business
enterprises and has impacted the same adversely (Toktaş, 2020). The report lays concern over the
two major impacts of the COVID-19 crisis on the economic environment. The report focuses and
highlights upon the hike in unemployment and disruption in the service industry in the market
domain.
MAIN BODY
The pandemic has caused various impacts on the routine life as well as work life of various
individuals worldwide. One of the most proximate impact of the COVID-19 was considered to
be the unemployment of individuals which created a void in the lives of the same and hampered
their regular life as well (Antràs, 2020). Many individuals have reportedly lost their jobs due to
the sudden emergence of the pandemic in the world. Unemployment has affected the income of
the individuals during the pandemic phase. Unemployment not only affects the physical well
being of an individuals but all impact on the emotional as well as mental well being. There was a
raise in the cases of anxiety and depression due to the unemployment as individuals were not
able to bear the mental stress that comes with the shortage of money and resources (Flynn,
2020). Various employers reported that they could not afford to retain a large workforce in their
organisations any more so in order to cut the expenses and cost, the organisations restricted their
workforce to the minimum percentage. The business operations of manufacturing sector, tourism
sector, entertainment sectors etc. were shut down in order to prevent the further spread of
COVID-19 virus among the employees working in these organisation. This led to the termination
of numerous employees and enhancement in the unemployment rates in the economy.
Hospitality industry has reported to face the largest decrease in the employment followed by the
retail industry (Karkee, 2020). Many regular and routine workers as well as freelancers has also
faced the loss of jobs due to the pandemic situation. The unemployment is rising day by days and
various working professional are out of jobs as companies have stopped hiring lately in order to
limit their human resources to specific numbers and to leverage from the same in order to sustain
their respective market. The business organisation that are recruiting currently are offering lower
pay and salary structure to the employees in order to restrict their expenditure on the human

resources. Many individuals are also catering to jobs that they are over qualified for in order to
earn their livelihood ( Niewiadomski, 2020). The GDP has also decreased due to the loss of jobs
in the economy and the countries are trying their best to come up with alternative solutions in
order to facilitate alteration of the same. A lot of effort is being invested in order to improve the
current status of employment around the world by formulations of policies and procedures that
will lead to the encouragement and enhancement in availability of more jobs in the environment.
The countries are focusing on enhancing the work opportunities for individuals by implementing
employment schemes and government policies.
The COVID-19 epidemic has made it very challenging and problematic for service
industry to carry on with its operations. The service industry involves direct contact with the
consumers in order to prove quality services to the same. The pandemic has imposed restriction
on the physical contact of the individuals and decrease in the non essential dealings of the
organisations (Olivié and Gracia, 2020). It has become difficult for the the service related
organisations to reach the customers effectively and live up to their expectations. Most of the
service sector organisations were shut down in the lock down period so as to minimise the in
person contact of the individuals during the peak of COVID-19 spread. The implementation of
lock down imposed major threat to the service sector and led to adverse effects on the revenue
generation of the same. The companies are still trying to cope up with the losses incurred by the
same during the lock down period and are incorporating various strategies in order to deal
manage their operations smoothly currently. Proper sanitisation and hygiene guidelines are being
implemented in order to facilitate the smooth operations of their company and to prevent the
further spread of virus (Saran,2020). Various technological tools and techniques were included
in the operational procedure of the service organisation in order to reach the consumer base
digitally. The utilisation of digital platform increased in the pandemic phase and the majority of
companies started providing work from home to its employees in order to provide assistance to
their consumers and satisfy queries and concerns of the same. Digitalisation of the services has
become a trend in the market and various service relate organisation are capitalise on the
respective trend in order to leverage from the same in their respective industry. The consumers
are also smoothly corporating with the companies in order to avail the quality services from the
same (Seric and Winkler, 2020). It is expected that the emergence of technological attribute in

the service sector during the COVID phase will pave the way for various opportunities of
growth and development for the industry in the coming years.
REFLECTIVE BLOG
Economics is an extremely broad subject and provides assistance to an individual in order to gain
insights about the manufacture, production , consumption and movement of goods and services
in order to create wealth and mange the same. I always had a keen interest in studying economics
as I was always drawn towards acquiring knowledge in relation to the current economic
conditions, inflations, fluctuations, deflations, supply and demand of good in the market etc. I
studied a lot about the prevailing market scenario during my learning of economics. I came to
know about the factor that effect the economy of country and at a global level and the affect of
the same in the lives of regular citizens. Economics helped to gain knowledge about the various
policies and procedures that needs to be modified in order to regulate an appropriate economic
environment. Business and market is also smitten by the change in the economic system as well
as economic policies.
I believe that study of economics helped me to gain better understanding about the models and
frameworks that govern the economic alterations and advancements and the application of the
same on the business institutions, government bodies and the society. Economics helped me to
enhance my analytical and problem solving skills. It allowed me to invest my time into
introspection of the market and to identify effective strategies in order encourage the economic
stability. It improved my critical thinking abilities and facilitated me to go broadly examine the
economic scenarios of various countries. I also learned and gain relevant knowledge about the
global economy and the major attributes that contribute in the manipulation of the same.
The learning of economics allows me to examine and analyse the policy measures that can
provide assistance in the elimination of ineffectiveness and inefficiency of the market operation
across the globe. In order to survive in the current business condition, it is very important for the
students to invest their time in understanding the concept of economy in order to utilise the while
performing their respective market operations. Economics enabled me to learn about the
consumer preferences in the business environment. It enabled me to acquire learning about the
business strategies that can be aligned with the business operations in order to survive and
sustain in the volatile business conditions. Economics also facilitated me in betterment of my
decision making abilities in relation to the important business decisions. I believe that in order to

get selected in a good organisation, a student or an individuals needs to have accurate knowledge
and understanding of economics. The companies also wants to hire the individuals who are
competent in dealing with dynamic market with immediate responses. I am grateful that my
university provided me with an opportunity to learn economics and I am really looking forwards
to the application of theoretical knowledge of economics to the practical and real time business
situations.
CONCLUSION
From the above information, it can be concluded that COVID-19 came across as global
daze and severely impacted the economic conditions of the market all around the globe. The
global economy has become uncertain as the pandemic has given the rise to the frequent market
fluctuations which in turn can lead to various implication on the operations of the markets
around the world. Unemployment has increased in the economy and individuals have to bear the
brunt of the same. The service industry has also been affected by the epidemic and has incurred
huge losses due to the same. It can be said that it will take loads of efforts and time to retrieve the
global economy again as the danger is still prevailing in the world and one cannot be sure of
what might happen next.

REFRENCES
Books and Journal
Antràs, P., 2020. De-Globalisation? Global Value Chains in the Post-COVID-19 Age (No.
w28115). National Bureau of Economic Research.
Flynn, S., 2020. Globalisation and social work education in the Republic of Ireland: Towards
informed transnational social work for transnational problems such as COVID-
19. International Social Work, 63(4), pp.524-537.
Karkee, R., 2020. Globalisation, Public Health and COVID-19. Journal of Health and Allied
Sciences, 10(1), pp.69-70.
Niewiadomski, P., 2020. COVID-19: from temporary de-globalisation to a re-discovery of
tourism?. Tourism Geographies, pp.1-6.
Olivié, I. and Gracia, M., 2020. The end of globalisation? A reflection on the effects of the
COVID-19 crisis using the Elcano Global Presence Index.
Saran, S., 2020. Order at The Gates: Globalisation, Techphobia and The World Order. WORLD
ORDER POST COVID-19, p.12.
Seric, A. and Winkler, D., 2020. COVID-19 could spur automation and reverse globalisation–to
some extent. VoxEU. Org, 28.
Toktaş, Y., 2020. SPATIAL ANALYSIS OF RELATIONSHIP BETWEEN COVID-19 CASES
AND GLOBALISATION IN EUROPE. Zeszyty Naukowe SGGW, Polityki Europejskie,
Finanse i Marketing, (24 (73)), pp.255-265.