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What 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?
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What 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?COVID-19 pandemic has negatively affected the economic growth of all countries in world. When the
pandemic first hit the world, it has led the leaders of many countries with no options but to impose
strict restrictions such as lockdown, this resulted in slowing down the trade industry. Many small and
big business that dependent on foreign sector had collapsed because they could not receive
necessary materials to run, and they could not export their products abroad.
During lockdown many countries had imposed entry ban on countries with high risk of COVID-19. In
many countries only essential imports were allowed and non-essentials products were not
permitted. This has led factories that manufacture non-essential goods to retrench workers and
some even collapsed. The international trade was affected negatively because there were only few
imports and exports taking place across the globe during the first wave of COVID-19.
The COVID-19 pandemic has killed many people, and this have caused the decrease of GDP (gross
domestic products) of many countries. This pandemic has also brought the positiveness on other
counties, because after the first wave many countries started to dependent on their own locally
produced products and this have led to reconstruction of the economy.
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