Limited-time discount for students! | Solutions starting at $6 each

Assignment - International Economics

Added on - 20 Jul 2021

  • 27

    Pages

  • 10384

    Words

  • 94

    Views

  • 0

    Downloads

Trusted by +2 million users,
1000+ happy students everyday
Showing pages 1 to 6 of 27 pages
VIETNAM NATIONAL UNIVERSITY – HO CHI MINH CITY
INTERNATIONAL UNIVERSITY
SCHOOL OF BUSINESS
Group Assignment - International Economics
Lecturer: Cao Minh Man
GROUP MEMBERS
1
NGUYỄN VŨ NGỌC THỦYBABAWE18668
TRẦN HUỲNH TRÚC NGÂNBABANS17065
ĐỖ NGUYỄN MINH ANHBABAWE17448
NGUYỄN VĂN ĐĂNG KHOABABAWE19062
NGUYỄN CÔNG DANHBABAWE16370
BÙI THỊ HOÀNG GIANGBABAWE19040
TABLE OF CONTENT
2
THE COVID-19 BACKGROUND....................................................................................................4
Coronavirus origin4
Impact on the society4
Impact on the economy5
GLOBAL ECONOMY EFFECTS OF THE COVID-19...........................................................7
The GDP7
The FDI8
The GDP and FDI of VietNam 9
GLOBAL TRADE EFFECTS OF THE COVID-19...................................................................9
Exporting and importing countries10
Trade cost in the time of global pandemic12
Trade in services in the context of COVID-19 14
E-commerce, trade and the COVID-19 pandemic
15
THE GLOBAL ECONOMY RECOVERY...................................................................................17
Forecast the recovery time17
Vaccine Covid-1917
How to recover the economy 18
Global economy 18
International trade 19
INDIVIDUAL LESSON LEARN......................................................................................................21
THE COVID-19 BACKGROUND
3
CORONAVIRUS ORIGIN
Coronavirus is in charge of the current outbreak of pneumonia that began at the beginning of
December 2019 near Wuhan City, Hubei Province, China.The disease has since spread to
almost all countries all over the world. COVID-19 can be severe and has caused millions of
deaths around the world as well as lasting health problems in some who have survived the
illness. Until now, following statistics of WHO, there are 3,720,000,000 people dying due to
Covid-19 in the world, and the United States now is the most country in the number of
victims and deaths in the world.
IMPACT ON THE SOCIETY
1.Impact on the society
From human existence, these social connections, interactions and relations have become
indispensable in our life. So, if there is an absence of such connections, it definitely leads to
stressful states of loneliness, anxiety, depression, mental disorders, health hazards, and many
other issues which impact the life of the individual and the collective society as a whole.
Early evidence indicates that the health impacts of the virus are being borne
disproportionately by poor people.
For example, homeless people, because they may be unable to safely shelter in place, are
highly exposed to the danger of the virus.People without access to running water, food,
refugees, migrants, or displaced persons also stand to suffer disproportionately both from the
pandemic and its aftermath – whether due to limited movement, fewer employment
opportunities, increased xenophobia.Moreover, quarantine can expose individuals to
stressors both during and after the quarantine period and may result in adverse acute and
long-term psychological outcomes. Effects of quarantine can include symptoms of
posttraumatic stress, anxiety, and depression, and responses such as fear, anger/irritability,
insomnia, fatigue, detachment and avoidance behaviors, impaired concentration, and
diminished work performance.
2.Impact on the education
There are a lot of student’s fears, such as not being able to graduate in time, an impossibility
in taking the certificates, or the virus preventing them from finishing their exams, have
reduced drastically.Due to COVID, 13% of students delayed graduation, 40% lost a job,
internship, or offer, and 29% expect to earn less at 35.Online learning via studying-online
apps, such as Zoom, MS Teams, Google Meet, are applied in education for students at all
levels.
4
Due to the situation in Covid-19, both teachers and students are suffering from difficities,
such as Internet disruption, error sound and microphone devices, misunderstanding between
teachers and students,...Especially, teachers are facing the most pressures about online-
teaching methods and organizing examination methods. In the educational field, availability
of digital infrastructure with proper internet availability and access to gadgets must be
ensured to avoid any disruption to the study process.
3.Impact on the working
The Coronavirus (COVID-19) pandemic has led to millions of global employees to work
from home– an unprecedented and ongoing phenomenon “facilitated by the rise of
connectivity and communication technologies”.Virtual teams were already growing in
number and importance pre-COVID-19, as noted in the paper. Now, many workers
participate in a variety of remote teams, via synchronous and asynchronous digital
communication. Since virtual teams are here to stay for many workers even post-pandemic,
it’s important to recognize the challenges and adopt best practices. Moreover, the people
working from home require awareness and knowledge of hackers.
In fact, the fastest growing type of cybercrime, a lot of big companies are now playing on
fears about leaking private information. Because home-working becomes the new normal,
criminals are taking advantage of vulnerable people and workplace disruption to steal
information and get money. Furthermore, because many small businesses are financially
fragile, mass layoffs and closures had already occurred. So, the majority of businesses
planned to seek funding through the Coronavirus Aid, Relief, and Economic Security
(CARES) Act. However, many anticipated problems with accessing the program, such as
bureaucratic hassles and difficulties establishing eligibility.
IMPACT ON THE ECONOMY
The outbreak of pandemic COVID-19 across the world has completely disrupted the political,
social, economic, religious, and financial structures of the world. More than 80 countries
have closed their borders from transitioning countries, ordered businesses to close, instructed
their populations to self-quarantine, and closed schools to an estimated 1.5 billion children.
The world’s top ten economies such as the United States, China, Japan, Germany, United
Kingdom, France, India, Italy, Brazil, and Canada stand on the verge of complete collapse.
In addition, stock markets around the world have been pounded, and tax revenue sources
have fallen off a cliff. The epidemic due to infection is having a noticeable impact on global
economic development. It is estimated that by now the virus could exceed global economic
growth by more than 2.0% per month if the current situation persists. Global trade may also
fall from 13 to 32% depending on the depth and extent of the global economic slowdown.
The three important Economic impact of COVID-19 could affect the global economy
through:
5
1. Direct impact on production
Production has already been substantially affected by the shutdown in global areas. Some
other countries are also beginning to feel a direct impact as their authorities put in place
similar measures. The slowdown or lockdown in many countries has effects on exporters to
other countries. According to the World Bank, even without new outbreaks of the disease,
these areas will likely experience slow growth in the first half of 2020.
Over the last two decades the People’s Republic of China has become the world’s largest
exporter and an integral part of global production networks. China has established itself as a
key provider of inputs and components for many products, such as automobiles, cellphones,
medical equipment, and more. As a direct consequence of the spread of coronavirus, China
has seen a dramatic reduction in its manufacturing Purchasing Managers Index (PMI) to 37.5,
its lowest reading since 2004. This drop implies a 2% reduction in output on an annual basis,
which has ripple effects through the global economy and thus far has caused an estimated
drop of about $50 billion across countries. The most affected sectors include precision
instruments, machinery, automotive and communication equipment.
2. Supply chain and market disruption:Many manufacturing firms rely on imported
intermediate inputs from China and other countries affected by the disease. Many companies
also rely on sales in China to meet financial goals. The slowdown in economic activity—and
transportation restrictions—in affected countries will likely have an impact on the production
and profitability of specific global companies, particularly in manufacturing and in raw
materials used in manufacturing.
3. Financial impact on firms and financial markets:Temporary disruptions of
inputs and/or production might stress some firms, particularly those with inadequate liquidity.
Traders in financial markets may or may not correctly anticipate or understand which firms
might be vulnerable. The resulting rise in risk might reveal that one or more key financial
market players have taken investment positions that are unprofitable under current conditions,
further weakening trust in financial instruments and markets. A possible event would be a
significant financial market disruption as participants become concerned about counterparty
risk.
6
desklib-logo
You’re reading a preview
Preview Documents

To View Complete Document

Click the button to download
Subscribe to our plans

Download This Document