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economic impact have pandemics such as COVID-19, had on global trade?
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economic impact have pandemics such as COVID-19, had on global trade?
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What economic impact have pandemics such as COVID-19, had on global trade?1. Pandemics such as COVID-19 has led to reduced sales in the global market
due to low demand by the consumers; pandemics not only affect the
personal routine of humans being but also influence negatively on the
operation of business economically. This is well illustrated by the current
covid-19 situation where business are operating on loses and low profit
margins as there scarcity of money for consumers to afford other
commodities. This directly leads to low sales by business globally
2. Transportation of economic goods by economic organizations is also
affected. An endemic like Covid-19 forced government to go on total
lockdown. This hindered the delivery of goods to customers by economic
organization. It also led to down fall of some of the transportation
companies due to lack of market hence becoming a major challenge.
3. Low labor supply- with low labor supply due to lockdown and other
drawbacks of the pandemic, business operates on low productivity margin.
This of cause impact negatively on the output reduced by businesses
globally. Labor is a key factor of production.
4. Continued loses may lead to closure of major business operation in global
economic market. Pandemics impact negatively the normal operation and
productivity of businesses. Low reduce later leads to low profits and
sometimes huge losses may be incurred. Continued trend of loses leads to
closure of businesses leaving people unemployed.
5. Price fall impacts negatively on the global trade. With fall in prices business
are forced to struggle and get that little that will just help them maintain
their existence in the global trade.
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