Macroeconomics Question Answer 2022

Running head: MACROECONOMICS
Macroeconomics
Name of the Student
Name of the University
Author Note

MACROECONOMICS
Table of Contents
Answer to question 1:.................................................................................................................2
Pointing out various mechanism on the impact of epidemic on human welfare:......................2
Identifying the impact on the human welfare across poor and rich countries:..........................3
Identification of fiscal and monetary policies to reduce the adverse impact of Covid-19:........4
Monetary and fiscal policies adopted in UAE in March, 2020:.................................................5
Answer to question 2:.................................................................................................................6
Identifying the reasons behind the emergence of Green GDP terminology:.............................6
Implication of low green GDP and its calculation:....................................................................7
Comparing the value of green GDP and real GDP:...................................................................8
Answer to question 3:...............................................................................................................10
Identifying the reasons for increasing unemployment rate amongst youth:............................10
Reasons why the youth chose to be inactive:...........................................................................12

MACROECONOMICS
Answer to question 1:
Pointing out various mechanism on the impact of epidemic on human welfare:
The ongoing pandemic of coronavirus 2019-2020 is an acute respiratory syndrome
which was identified in Wuhan, China in the month of December 2019. Later in January
2020, it was declared as matter of Public Health Emergency of International Concern by
World Health Organization and even later on 11 March, 2020 was declared as a pandemic.
The outbreak of Covid-19 (Coronavirus) wreaked havoc on the economies all around the
world and killing more than 83000 people. It is viewed that such havoc would push half a
billion of people into poverty. All the segments of population, particularly the detrimental
social groups are considered to be the most vulnerable. It is indicated by the earlier evidence
that the poor people are bearing the economic and health impact of the virus
disproportionately. Covid-19 has and is likely to affect the people in geographical locations
of various countries. With the shutdown of industry after industry and firm after firm, it is
evident that there would be increase in the rate of unemployment without pay. It is identified
from the estimates that irrespective of the scenario, there would be an increase in the global
poverty for the first time since 1990.

MACROECONOMICS
Identifying the impact on the human welfare across poor and rich countries:
The poor and developing countries would be disproportionately devastated as they
continue to tackle the health crisis with tremendously limited resources. Such countries
would be socio economically hit and it is stressed that there would be loss in the income
exceeding $220 billion. It is the societies who have to bear the serious repercussions of the
loss of income in the areas such as human right, education and food security. Covid-19 has
taken a number of lives across countries like China, Spain, Italy, Korea, USA, UK, India and
185 countries and territories resulting in nearly 2 lakhs of deaths globally and . In addition to
the loss of human lives this pandemic is having and will continue to have its serious
implications on the labor market outcomes. Apart from the serious concern of the workers’
health and their families, this detrimental virus has been having concerning economic shocks
and will continue having impact on the work world under key major dimensions. This
pandemic will have serious impact on the work sector like in case of unemployment and
underemployment also in the wake of the virus. Also, according to the preliminary ISO, the
effect of covid-19 on the GDP growth globally indicates a rise in the global unemployment of
approximately 5.3 million and 24.7 million in the lower and higher scenario respectively.