Question

Define, please, the globalization and Global Economy. What is the impact of Covid 19 policy to these processes?

Answer 1

Globalization is the process of intraction and integration among peple,companies and governments world wide.Globalization has accelerated since the 18th century due to advances in transportation and communication technology.Economically,globalization involves goods,services,data,technology and the economic resources of capital.

The Global Economy refers to the interconnected worldwide economic activities that take place between multiple countries.These economic activities can have either a positive or negative impact on the countries involved.

The out break of the new Corona virus,COVID -19,that began in Wuhan,China,may well turn into a global pandemic.Nobody knows how long the COVID -19 epidemic will last.The pandemic has prompted a new wave of globalization obituaies,but the latest data and forecasts imply thatleaders should plan for and shape a world where both globalization and anti globalization pressures remain enduring features of the business environment.The volume of global goods exports in 2020 could fall to a level last seen in the mid to late 2000s,according to the latest WTO forecast.The collapse of international travel,in contrast,stands out against a much steadier growth trend,and its damage is indisputable.As of late April 2020,every country had imposed restrictions on international travel,and 45% of countries had partial or completely closed their borders to foreign visitors.International flows are plummeting,but globalize will continue to present business opportunities and challenges.Now is the time for global corporation to show their value by harnessing the best of the world's capabilities to end the pandemic and bolster thr recovery.

The COVID 19 out break has already led to a major health crisis in several countries and to major disruptions of the global economy. Economic fallout from the pandemic might represent one of the biggest shocks of recent decades.According to the International Monetary Fund the global economy is expected to shrink by over 3 percent in 2020,the steepest slowdown since the great depression of the 1930s.The spread of the virus is likely to continue disrupting economic activity and negatively impact manufacturing and severce industries,especially in developed countries.As outbreaks of COVID19 infections are not likely to disappear in the near future,proactive international actions are required not only to save lives but also to protect economic prosperity.