Opportunity in Disguise, Unmitigated Disaster or Something in Between? The Impact of the Covid 19 Pandemic on the Global Economic System, Global Security and International Governance

Economic system Globalisation The Covid 19 pandemic, in terms of scale and impact is bigger than the Global financial crisis of 2008 and is the worst recession since the Great Depression.?he World bank predicts a 5.2 percent contraction in the world economy.2This prediction is applicable to both dev...

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Published inAnnals of the Romanian society for cell biology Vol. 25; no. 5; pp. 2623 - 2633
Main Authors Dixit, Swapnil, Mandal, Rajib, Venkatesh, Pai Divya, Shetty, Prashant, Madhusudana, Kamath, Raj, L Aswathi, Soman, Biju
Format Journal Article
LanguageEnglish
Published Arad "Vasile Goldis" Western University Arad, Romania 01.01.2021
Subjects
Contraction
COVID-19
Developing countries
Economic conditions
Economic development
Economic growth
Economic recovery
Exports
Extremism
GDP
Global economy
Gross Domestic Product
Inequality
LDCs
Long term
Medical supplies
National security
Pandemics
Recessions
Small business
Supply chains
United States > US
China
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Summary:Economic system Globalisation The Covid 19 pandemic, in terms of scale and impact is bigger than the Global financial crisis of 2008 and is the worst recession since the Great Depression.?he World bank predicts a 5.2 percent contraction in the world economy.2This prediction is applicable to both developing and developed economies. The World Trade Organisation (WTO) projects the global goods exports volume to fall to late 2000s levels.3 Supply chains The most significant impact of Covid 19 on supply chains could well be the superseding of the free market economy by national interests. The pandemic has been the greatest global market shock to the seamless flow of goods since the Arab oil embargo of 1973. The IMF says government debt has increased to 47 % of GDP in developing countries, 62 % of GDP in emerging markets and 122 % of GDP in advanced economies.6,7,8 15 African countries will spend more resources to service debt than on responding to the pandemic.9 Countries including Lebanon have defaulted on debt, with Argentina in line for a 9th default.
ISSN:2067-3019
2067-8282