Question

QUESTION ONE

The corona virus (covid-19) pandemic has affected all economic activities in both developed and developing economies. From a labour economics perspective, explain and analyze the implications of this pandemic on ANY labour market of your choice .

Answer 1

Economy of every nation is dependent on the type of activities which is carried out with in the nation .As activities in a certain country receives momentum it's economy also increases.as these activities slow down its adverse effect is seen on the economy. In short country's economy and country's activities are closely interested.

Currently, entire world is fighting against covid-19 crisis.Due to which most of the country locked thereself,which resulted in locking of the internal activities of the country too.All these factors adversely affected the economy . In these instances economy of both developed and developing country are facing adverse challenges.Though economy of developed nation was affected at greater extent they are also capable of managing those crisis .on the contrary developing nation are facing many challenges such as reduced economic growth .challenges such as lack of medical facilities and equipment are greatly faced by developing countries due to which they has to borrow them from other countries which also affects the economy of nation .

If we look on health market ,it can be seen that during this pandemic , trade ofmedical equipment ,medicine is carrying on due to which the country which have enough equipment or more than their need can export that ,which is positive for their economic growth,on the contrary if countrylack of these medical equipment or medicine they have to import from other country which has adverse effect in their economy. Eventually these country has to face many financial crisis.

Hence economy is closely interested with a nation's trade as well as it's activities.

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