Assessing the Impact of COVID-19 on Global Economic Development

This report examines the far-reaching impact of the COVID-19 pandemic on global economic development. It delves into the effects on crucial sectors such as healthcare and education, highlighting the challenges and threats that have emerged. The analysis covers the impact on globalization, the decline in GDP, and the corrective measures undertaken by governments worldwide. The study assesses how the pandemic has disrupted education, leading to school closures and a shift to online learning, while also analyzing the increased investment and challenges faced by the healthcare sector. Furthermore, the report reflects on the challenges faced by organizations and nations, the economic repercussions, and the importance of corrective actions for recovery. The report concludes with a summary of the pandemic's impact, emphasizing the need for strategies to mitigate the economic consequences and promote sustainable growth.

Economic
Development

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
Impact of COVID-19..................................................................................................................3
Reflection....................................................................................................................................5
CONCLUSION ...............................................................................................................................5
REFRENCES...................................................................................................................................6
Books and Journal.......................................................................................................................6

INTRODUCTION
Globalisation can be considered as the term which depicts the increasing interdependence
of the economy, culture and population of diversified nations of the globe. Economic
development can be described as the standard of living which is being adopted by the people of
the country. It is necessary for a country to maintain their standard of living which will enhance
their growth prospects across the globe. For developing countries economic development is
necessary to be maintained which will help them in transforming them into a developed nation.
This report focuses on evaluation of the impact of COVID-19 on the global economy. COVID-
19 is an communicable disease which have effected the individuals with high intensity all over
the globe. Due to which the situation caused have been named as pandemic situation (Aluh and
Onu, 2020). This report have covered the impact of COVID-19 on the economic development
which have covered two sectors which are health and educational sectors. Along with this there
is an inclusion of the reflective section which evaluated the impact of COVID-19 on economic
development.
MAIN BODY
Impact of COVID-19.
The main sectors which have considered as the most impacted one due to the pandemic
situation are the education and health care sector. The educations sector comprises legalised
instituted who are committed to provide non-discriminated education to the individual. These
institutes helps in the overall development of the individual by enhancing their knowledge and
skills in the external competitive environment. On the other hand, the health sector can be
described as a combination of effective health professionals who are committed towards the
maintenance of the health and well being of the individual. The health professional works
without any discrimination and try to provide health services which will safeguard an individual
from diseases and sickness (Baddeley, 2020).
Impact of COVID-19 On Health Sector
The health sector have been impacted due to the pandemic situation due to which the
economy of the world gets effected. There are many challenges and threats which have been
emerged for the nations in managing the situation of COVID-19. The government authorities

have concentrated their focus on the the pandemic only. Due to which they are ignoring the
patients which are effected by life-taking disease like cancer. Also, many large organisation are
working on providing excess medical equipments for which they have enhanced their production
capacity. With this, the digital check-ups have entered into the routine of the patients due to this
pandemic. As many health professionals are providing consultation and guidance over phone
calls. It is evaluated that the investments amount in healthcare sector have been increased to 5%.
The situation have emerged a situation which requires to allocate and utilise the medical
resources effectively in order to fight the current situation and the upcoming future problems.
The success rate of the vaccine introduces for the COVID-19 have raised many questions on the
efficiency of the health professionals (Carr, 2020). For surviving this situation it is necessary for
an individual to wear mask, gloves and use of sanitiser on a daily basis. Also, the doctors have
faced many violent attacks which have demoralised the doctors. Also, many industries have
planned to enter into health sector and have launched effective products in the field. In this
relation, Ford Motors and GE healthcare have entered into strategic partnership for overcoming
the COVID-19 situation. This situation have impacted the metal health of the individuals due to
which they may not be able to overcome the impact of COVID-19.
Impact of COVID-19 on Education Sector.
The pandemic breakdown have also impacted the education sector badly. The schools
and college institutes have been closed by the government authorities in order to reduce the
chances of increase in cases of COVID-19. The pandemic situation have reduced the dedication
of students towards their studies and career. Due to which they most of the students did not
complete their assignments on time which have resulted in lower attendance in the online
sessions. According to UNICEF, it have been evaluated that COVID-19 have effected 91%
students across the globe by creating a pause in their studies. Also, online learning have become
the trends which have been adopted by the students and teachers in order to compensate for the
loss of their studies due to COVID-19 (Harris, 2020). With this the students have raised
questions over the unavailability of the educational resources which have effected their
knowledge.
In addition to this, the teachers have introduced many vocational programs which will
enhance the new skills and improve the current skills of the students. Now, it the government

authorities take decision for reopening the educational institutes then class size parameter will
create obstacles for them . As the COVID-19 have created a need for ensuring social distancing
among individuals. So, the educational institutes and government authorities must develop and
take corrective measures in order to overcome the problem effective. The aim of the students to
study abroad is at risk due to the closure of the international markets. Moreover, the students
have learned to enhance their knowledge during pandemic by sharing information and necessary
documents digitally (Ratten, 2020). Along with this technology have helped students in getting
access to the resources required for the studies. Online learning have become the lifeline for the
students which have keep them updated during this pandemic situation.
Reflection
From the brief study I analysed that organisation face many challenges due to COVID-
19. I also analysed that globalisation is a very vast topic in which many sectors are affected due
to COVID-19. There are some sectors that I mentioned which affected by COVID-19 are
education, health, automotive, transport, forest, public service, etc. All sectors are very important
for the development and growth of organisation because they give their contributions in GDP of
country. But after COVID-19 I analysed that all sectors get badly affected whether they are small
or large organisation. Every sector include urban and rural get affected by COVID-19. Due to
small effect of COVID-19 on each and every sector, it directly influence globalisation. After the
announcement by WHO all countries announced lock down and stops the international flights
that ruin the flow of money which directly influence each and every countries economy. The
journey of propagating the chain of this virus from China. In those times, flights are not stop and
due to transfer of people from one country to another, it takes a drastic step that it affects almost
all nations.
There are some countries that are mostly get affected due to COVID-19 such as UK,
China, US, Russia, Peru, Brazil, etc. They are all developed nations that have very strong health
facilities but still they are struggling so hard that they face many situations such as lack of
financial resources, lack of medicines, etc. In this study, I found the number of cases i.e.
75,704,857 confirmed cases in which death cases are 1,690,061. It really dreadful situation for
all nations that destroy global economy. I analysed that country need a very long period to
recover them. Due to spread of this virus, I found that there are many countries that takes

corrective action for stopping spreading of harmful virus. I found that two important sectors that
get affected through COVID-19 are educational and health sector. It literally destroys the mental
performance of human that they are not able to do any physical activity. Health sectors are
poorly affected through this virus because virus demands high number of masks and PPE kits
that increase the cost of health sectors. I analysed that healthcare sectors face increasing the cost
5.5% in US-dollar.
One of the important sector i.e. education sector get affected by COVID-19 because
colleges, schools and universities are close due to the virus. Education sector get badly affected
because all students' study are getting stop and their career growth stop. So after this thing,
UNESCO suggested that distance learning can be possible through online learning. It is very
beneficial for students that they are prevent from virus. It become the worst situation for students
that they never face primarily. For handling all the negativities from this virus, I analysed that
countries trying to make separate funds that helps to education sector. I learned that globalisation
get affected by organisation, so that covered through initiatives.
CONCLUSION
From the above report it can be concluded that COVID-19 have severely effected the
economy of the nation and the globalisation prospects due to which the growth and development
of the nation have been restricted. The education and health sector have been effected the most
due to the pandemic situation. Also, due to the virus attack the GDP of the nation have been
taken back by ten years. With this it have become difficult for the nations to overcome from this
situation. As they face many issues and threats while adopting the measures to reduce the effect
of COVID-19. It have been identified that government authorities of different nations have taken
corrective measures in order to improve the situation.

REFRENCES
Books and Journal
Aluh, D. O. and Onu, J. U., 2020. The need for psychosocial support amid COVID-19 crises in
Nigeria. Psychological Trauma: Theory, Research, Practice, and Policy, 12(5), p.557.
Baddeley, M., 2020. Hoarding in the age of COVID-19. Journal of Behavioral Economics for
Policy, 4(S), pp.69-75.
Carr, A., 2020. COVID-19, indigenous peoples and tourism: a view from New Zealand. Tourism
Geographies, pp.1-12.
Harris, A., 2020. COVID-19–school leadership in crisis?. Journal of Professional Capital and
Community.
Ratten, V., 2020. Coronavirus (covid-19) and social value co-creation. International Journal of
Sociology and Social Policy.