Question

Government class: Describe COVID-19 issues in our existing system that are exacerbated or exposed by the pandemic and economic crisis.

Answer 1

In past 3 decade globalisation has dominated the world's economic order. Trade without tariffs international travel with easy ee or no reserve capital flow with few impediments, cross border pipelines and energy gas greed and seamless global communication in real time appear to be the goals toward which the world was moving. The ongoing phase of globalisation has and fully recovered from systemic shocks given by GFC. However the spread of covid-19 pandemic presents a challenge of a different magnitude.
Global economic crisis:- United nation economic and social commission for Asia and the Pacific in this annual economic and social survey held that the covid-19 crisis is a challenge never seen before and it is going to be a bigger shock for the world economy then the GFC. Desh mein ek aise savers blow tp liberal world order dominated by globalisation.

Problem faced by emerging and developing economies

the UN conference on Trade and development held that emerging and developing economy is which rely on export lead growth will now be sevvarali impacted as the global economic contracts and the world opts protectionism policies.

Way forward for covid-19

In this scenario full use must be made of the international monetary funds special drawin rights.

idea is that because all countries will obviously want to protect their own citizen and economic during crisis the international community should have a tool for assisting the the nearest countries without requiring National budgets to take a hit. Advanced economics like us should consider donating or letting their SDRs to a trust fund dedicated to helping poor countries. At the same time there is a need to work towards eliminating problems such as social and economic disparities caused by globalisation.what's the world recover from crisis it is crucial to create mechanism to respond to disease through effective international cooperation. Globalisation has bought more good than harm.therefore nation must work together for better future together globalisation as climate change pollution and global warming issue can only be tackled through collective action in this context world can take inspiration from countries like India and United State of America. Hindi spender mix scenario India is exporting hydroxychloroquine in response to demand by other countries for treatment of covid-19