Question

Globalization and the pandemic of Covid-19 has proven that we are clearly interdependent. Explain how in this new way of working internationally, we can still be productive. Cover how we will work with employees who usually travel, buying and selling goods ie: cost of goods based on different countries’ economies, and different regulations based on the different country you work with.

Answer 1

COVID19 and the lockdown lead the slowdown of several economic activities domestically and internationally. Increasing rate of unemployment, lowering rate of production, falling down of exports and imports, occurrence of several social problem etc. Most of the economists were does not have any idea about what happened to our economy after this lockdown. Our economy is moving towards worst condition. The LPG policy of new economic policy played a major role during this period. The globalisation created self sustainment of developing countries. Every country having some policies keeps following during this period.
The international movement and transactions were restrained through lockdown. The cost of goods varies in different countries. In capitalist country like US and Europe, the cost of production is very high. They have efficient virtual and online market. So this lockdown and restrictions does not affect the Developed economies. They attain high level profit domestically and internationally; through virtual market. On the other hand, the condition of developing countries was entirely different. They don’t have proper technology or inventions to manage this lockdown. There economic growth and development were worst affected through this. They don’t have enough power in the global market. The total production, output rate, employment rate, living standard of the people will fall down.