Question

what do you see as the economic impact of the COVID-19 relief checks? how do you figure to the idea of transfer payments?
(a 200 word response is ideal)

Answer 1

The ongoing phase of globalisation have an fully recovered from systematic shop given by GFC. The spread of covid-19 pandemic present a challenge of a different magnitude. Over the past three decade globalisation has dominated the world's economic order. Trade without tariff international travel without Visa capital flow with few impediments, cross border pipeline and energy grids, and seamless global communication in real time approach to be the goals towards which the world was moving. Don going stage of globalisation hasn't fully recovered from systematic shocks given by GFC however the spread of covid-19 present a challenge of different magnitude.

Global economic crisis:-
United nation economic and social commission for Asia and Pacific in its annual economic and social survey held that the covid-19 crisis is a challenge never seen before and it is going to be bigger shop of the world economy then the GFC.
Problem faced by emerging and developing economies which relay on export led growth will now be shivali impacted as the global economy contracts and the world opt protectionism policies.
Covid-19 crisis is having devastating for cooperation and business that have benefited from economic interdependence supported by cross-border supply chains. China is the world's largest production base and lies at the heart of many supply chains. Change the covid-19 outbreak many companies that had come to depend on China were hard hit.

Covid-19 will affect business going forward by following ways

The US has announced a 2 trillion dollar economic package for post-crisis reconstruction. However other countries may not replicate this as it may blow up the physical deficit. Hindi cinerio full use must be made of the the international monetary funds special drawing rights. The idea is that because all countries will obviously want to protect their own citizens and economy during crisis the international community should have a tool for assisting the the neediest countries without requiring National budget to take a heat.
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.