Question

How to repair the economy of the country after COVID-19. Explain the strategy of the country to promote export, import, and unemployment

Answer 1

--> Covid19 pandemic has brought the world to a standstill. Pandemic forced almost all countries to close the borders leading to a decline in the movement of people, goods or services.This necessitates a comprehensive strategy to deal with the post covid19 economic situation.

-->Export promotion and reducing unemployment:-- There is a need of coordinated action from government as well as from central bank. Government need to focus on boosting demand by adopting aggressive expansionary fiscal policy.goverment can lower taxes and Increases it's spendings to productive sectors.these actions will lead to increasing money supply in the economy.Now firm's can enhance businesses activities to produce export oriented products. This will also leads to job creation as firm will hire more workers due to increased business activity. government can also think of providing tax holidays,other incentives to promote exports.

-->Imports:- Post covid19, government should encourage import of intermediate goods and other products which are marked by limited domestic production. Government should eliminate tariffs to promote import of essential items which can benefit local consumers.