Question

I need to write about GDP and  COVID-19

of various letter forms of recovery described, what does research suggest we are currently experiencing? Include one citation to support your answer. Do you agree with this consensus from economists? Why?

For More information ( the letterforms it a V, an L, or a W) (alphabet: “U” shaped, “V” shaped, etc.)

(Chapter 7 - Measuring Domestic Output and National Income, Chapter 8 - Economic Growth)

I need to at least 180 words please no handwriting, please.

also, could you write the source.

Answer 1

Coronaviruses are group of viruses that are covered with little protein spikes looking like a crown. There are 100 of viruses and the one which caused COVID-19 spreads easily and impacts lungs. COVID-19 has shattered the global economy causing worst recession since great depression of 1930's. After COVID-19 there will be a new economy where new areas won't go back to pre COVID output. The economic shocks caused by lockdowns imposed by respective governments all over the world has proved very costly in terms of economic loss. The poor countries like India, Pakistan and other developing countries doesn't have capacity to provide large fiscal and monetary support compared to developed countries. The economic loss due to COVID-19 lockdowns has proved more costly than pandemic itself.

The GDP of most of the developed or developing countries will shrink by 2-10 % in financial year 2020. Most of the countries will find it very difficult for economic recovery after lockdowns and most of them will take long years for their economies to see near pre COVID-19 levels. The V shaped, U shaped and W shaped recovery will depend how governments of respective countries will be able to control COVID-19 and support MSMEs and prevent job losses at large to stimulate demand in th economy. Many countries might see V shaped recovery in the medium term but that growth may not sustain in the coming 2-3 years. In the short run countries will see green shoots but in long run picture appears to be grim. The world has witnessed unprecedented times due to pandemic and this will surely impact the existing global order. The combination of deadly virus and interconnected world has taken humanity into unchartered waters and we will now see lot of contestation and fragmentation. The countries had now started challenging the established global supply order and reconfigure their engagement with wider world in the economic realm.