Question

Assume that the COVID-19 pandemic generates an economic slowdown. Explain the impact of the pandemic on the GDP. answer between 200 and 400 words. Also in the question please explain what is meant by gdp as in what are we measuring and what arent we measuring. Please demonstrate with words and describe by using a graph also

Answer 1

GDP is the short form of gross domestic product. It measure the total output that is produced by the country in a given period of time. All the production activities in a country contribute to the GDP. It helps on measuring the economic growth of the country and total productivity of the country and it's people.

Covid-19 has negatively impacted GDP of the country. Due to this pandemic, all the economic activities in the countries and among the countries have been stopped. No trade is taking place, no production is taking place due to lock down across the world. This situation caused by Covid-19 has a slow down in the country's economic growth.

Demand and supply of goods have been impacted which in trun affected the GDP. Due to pandemic, all business organization and industries have been shut. This decreased the supply of goods and services.

On the other hand, demand of people have been same or increasing because of the lock down. This situation has also resulted in the problem of scarcity in some countries.