Can a virus affect an Economy and Business? Well, if it causes a pandemic, like the Corona Virus, then there is bound to be a profound impact. The impact is more due to the reduced economic activity as a result of shutdowns, reduced movement of people, etc.
In this era of Globalisation, what happens in a country can have global ramifications. The events in the economically well-developed countries will have far-reaching impact globally. The pandemic has been severe in a few countries and in a few other countries it does not hold a big threat. Ironically, the impact of the pandemic on business can be high even in countries unaffected by the pandemic.
The following table presents the trends in imports and exports of select countries. A cursory glance will show that the global trade volumes have increased for all countries except Kenya. Countries like India and China have greatly improved their global presence.
|Country||Exports as a % of GDP||Imports as a % of GDP|
|3||United States of America||5.6%||12.2%||5.2%||15.3%|
So, the economic fallout as a result of the COVID 19 pandemic will be dependent on the local as well as the international factors.
Major Global Impacts as a result of shutdowns
Now, we are seeing that there are no new corona infections in China and the lockdowns are slowly getting lifted. This might give a competitive advantage to China, as many other countries are still battling to contain the infection.
Hence to fully understand the impact of the pandemic on a country’s business, we can list out the following parameters:
Factors determining the impact of the pandemic on business
To understand the effects of the corona pandemic it will be worthwhile to examine the counties based on the parameters listed above. An empirical model with these as the dependent variables can give us a measure of a country’s ability to withstand the impact of the Corona pandemic. A detailed research on impact of corona virus on global economy is available with us.
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