Global Economic Impact of COVID-19

In this article, the author mainly talks about the impact of COVID-19 in the past three years in the global economic. At the beginning, writer gives the background about the history of the pandemic in recent past years, like in 1889, 1918, 1957 and 1968. By looking at the whole pictures of the starting point of the epidemics, I found that almost every epidemic affected the U.S.A. finally and led the population in the world as well as the global economy decrease a lots. Also, the Barry proposes that COVID-19 might affect global economy in three ways: by directly affecting production (supply), by creating supply chain and market disruption (supply) and by its financial impact on firms and markets (principally, demand). At the beginning of COVID-19 in China, the global economy turn to be stagflation. By presenting a case study about pharmaceuticals and the graph, we can straightly analyze that price and quantity actually change since the demand curve and supply curve place different. In the future, human might faces more and more uncertainties and we should have scenario planning to encounter them, like quick recovery, global slowdown, and global pandemic and recession, which proposed by McKinsey. In addition, Reeves et al. provide a checklist of steps that businesses can take, to respond to the COVID-19 crisis. However, it might be sad for everyone in the world and it may sound trite, but – crises are (for the bold and the brave) opportunities, which just as teh article says. For example, SARS impacted the Chinese economy in 2003. Nevertheless, it encouraged Alibaba, under Jack Ma, organized the construction of its new on-line platform,which made him and the company get lots of profits. 

Referring from The Global Economic Impact of COVID-19: A Summary of Research Prof. Shlomo Maital; Ella Barzani.