Question

Discuss the concept of globalization in the following issues with the current situation of global economy during the pandemic crisis (COVID-19)

- World Economic Conditions (Global North & Global South)

- Country's International Relation (Home & Host Country)

- International Trade Policy (Home & Host Country)

Home Country - Philippines
Host Country - Anything will do such as Asean countries and etc.

Answer 1

In this case the concept of globalisation is related with the following issues and with the following situations of global economy during pandemic crisis covid-19.

Case number 1 world economic condition including Global north and global south.

The Global North reason shows a consistent downfall in the production efficiency because of covid-19.

In fact both the Global north and the Global South are affected but the condition is more severe in the global north because of their high population and dependency on daily wages.

Case number 2 countries International relations including home relations and host country.

In this case there is a drastic change in the international relations because it is a challenge for all the economies to maintain employment ratio at a consistent level in their domestic territory and to maintain International relations by giving the support as they promised India previous relations so it is important to maintain a proper balance in both the areas.

Case number 3 international trade policies home and host country.

International trade is a very important factor in a global economy because of absolute advantage theory and the comparative cost advantage theory so it is very important to maintain a trade relation within the domestic territory and outside the territory with the Nations the trading is a basic policy which enhances the productivity in the economy.

Here all the cases are related to the Philippines and the other Asian countries living in India and Sri Lanka.

The efficiency and effectiveness of the home country trade is important in comparison to trade with other countries.