Question

How globalization has affected the spread of Corona virus outbreak? What roles have international economic organizations played in recovering and helping the economies of the affected countries?

•   Hint: Build your essay structure on the topics we discussed in the lectures (arguments against/in favor of globalization, types of globalization –cultural globalization, political globalization, environmental aspects of globalization, migration etc., the aims of international economic organizations, how these organizations use their resources/budget –providing loans, sharing information, improving infrastructure etc.)

Answer 1

The entangled ways that globalization has associated already distant of the world can be seen in for all intents and purposes each business segment, from exchange, work, and cash-flow to innovation, transportation, and the progression of thoughts and data.

What's more, quite a bit of that change has happened in the years since the SARS episode started in China in 2002, killing just about 800 individuals while contaminating more than 8,000 more than nine months extending into 2003.

The flow coronavirus episode, which started in Wuhan, the well-to-do capital of Hubei territory in focal China, underscores how an emergency anyplace on the planet today can cause shockwaves to the general wellbeing and monetary frameworks of countries close and far.

Situated at the juncture of the Yangtze and Han streams, Wuhan has been known as the "Chicago of China," and it holds significance in the monetary, money related, exchanging, science and data trade center point of Hubei territory in focal China.

An old modern port, Wuhan has in excess of 500 production lines and different offices, setting it thirteenth among 2,000 Chinese urban communities in Bloomberg's gracefully chain database. It is maybe most popular as a vehicle assembling and coordinations center point, and has encountered a blast in innovation and the administrations division as of late too.

Until January 22 of this current year, that is, when China made the remarkable stride of closing down all transportation to the city, viably isolating its 11 million occupants. As of Feb. 10, 2020, the coronavirus flare-up had just killed in excess of 900 individuals — everything except two of them in China, with another 40,000 or more diseases detailed in Asia. The sickness had been identified in any event 24 different nations, most including individuals who went from China.

The coronavirus episode is likewise demanding a genuine monetary cost in China, with certain market analysts foreseeing a log jam in GDP of 0.5 percent to 1 percent this quarter. What's more, that is given the most dire outcome imaginable is kept away from, and the sickness doesn't keep on spreading.

At the point when Wuhan was secured, it likewise cut off the worldwide flexibly chain for some makers. China is the biggest exporter of transitional fabricated merchandise that can be exchanged between enterprises or used to deliver different things, so its issues rapidly resound through worldwide gracefully chains. For sure, worldwide dependence on those items multiplied to 20 percent from 2005 to 2015.

That measurement features how much globalization has changed the world in the years since the SARS flare-up. It's difficult to picture exactly the amount China has risen up out of its relative separation in the initial two many years of this century. For instance, CNN detailed that Chinese government figures show "the quantity of outbound vacationers expanded from 16.6 million excursions in 2003 to 149.7 million out of 2018."

That is likely one contributing variable to how the coronavirus has spread undeniably more quickly than SARS. Also, why, despite the fact that the SARS infection was undeniably increasingly deadly (a casualty pace of 9.6 percent) than the coronavirus (an expected 2.1 percent casualty rate), the coronavirus has just killed and contaminated a bigger number of individuals in under two months than SARS did in nine months.

The facts confirm that, of the considerable number of urban areas and territories in China, the lockdown of Wuhan and a lot of Hubei Province might be the most problematic to the worldwide economy. We are seeing exactly that we are so defenseless against an emergency on the opposite side of the world.

All things considered, I accept that, on balance, the general effect of globalization has been to a great extent constructive for the planet and its kin. So it concerns me that if the coronavirus isn't contained in the near future, it could corrosively affect worldwide relations, giving one more stimulus to shut down outskirts.

That would draw an inappropriate exercise from history. On the off chance that anything, what's going on in Wuhan and China ought to be an explanation behind countries to cooperate all the more helpfully on issues of common advantage, from general wellbeing to exchange.

Global monetary association like, IMF is reacting to the coronavirus emergency with remarkable speed and greatness of budgetary help to assist nations with securing the lives and occupations of individuals, particularly the most defenseless.

Notwithstanding giving strategy exhortation and specialized help, The IMF is reacting to an uncommon number of calls for crisis financing – from 102 nations up until now. The Fund has multiplied the entrance to its crisis offices—the Rapid Credit Facility (RCF) and Rapid Financing Instrument (RFI) — permitting it to satisfy the normal need of about $100 billion in financing.

In April, the IMF Executive Board endorsed prompt obligation administration alleviation to 29 nations under the IMF's redone Catastrophe Containment and Relief Trust (CCRT) as a feature of the Fund's reaction to help address the effect of the COVID-19 pandemic.  

The IMF Managing Director and the President of the World Bank perceived the overwhelming weight this emergency is having on Low Income Countries and, on March 25, approached respective loan bosses to suspend obligation administration installments from the least fortunate nations. The G20 reacted to this approach April 15 by consenting to suspend reimbursement of legitimate two-sided credit from the most unfortunate nations.