Critical thinking. Research the latest news and extracts 3-5 latest microeconomic and macroeconomic events in the...

Critical thinking. Research the latest news and extracts 3-5 latest microeconomic and macroeconomic events in the world!

Expert Solution

Ans ) 1. The latest news around the world is the spread of COVID -19. The virus is known as coronavirus which started to spread in the Wuhan district of China in november last year and is declered as pendemic worldwide.It has spread from China to Europre , middle east , USA , Asia , Africa and Australia , new zealand. In Europe Italy is very dangerously affected with highest death count next is Spain and France and Germany than the other parts of Europe and also in United Kingdom. The US has increased number of infected in the globe. Our focus will be on the economic havoc this virus has created around the world and its impact interms of microeconomic and macroeconomic.Due to lockdown a situation where there is restriction for people to move out of their houses so as to minimize the COVID -19 cases as this virous is severely contagious , the microeconomic imapct of it is the closure of markets which affect the small companies as there revenue is zeroed during this time, although there is relief from the US government as in the form of economic stimulas to cover the losses of the businesses. Macroeconomic impact is the worst as there is very high unemployment due to this pendemic.The Aggregate demand and supply are effected adversaly due to the temperary lockdown.Also this pendemic has increased the goverment spending as a part of welfare and that will increase the budget deficit.

2) Fitch rating forcast global growth contracting by 1.9 percent in 2020. as a macroeconomic impact of the pendemic since the drivers of growth for the world economy majorly the emerging markets like India and China are into lockdown and the biggest economy in the world of US ,UK facing the same challenge. The macro economical concept of business cycle is applied in this case which predicts the stage of recession. The microeconomic factors affected are the shortage of demand of the products as well as the market supply.

3) Stimulas packages are announced by the various governments around the world and US government passed 2 trillion dollar relief package for the economy hampered by the lockdown which would be extended to help the small businesses as they suffered the most. The macroeconomics variable that play a wide role here are to boost employment as they would be encourage not to layoff their workers and provide support for the economy during this transitional stage. The micro economic impact of such relief plans across the world are they will help to sustain local demand and would help to not to allow cost to scale up as even if there is no revenue but there would always be fixed costs as rent, Power, insurance premium etc.

Rahul Sunny answered 7 months ago

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