COVID-19 and Global Political Economy

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The modern political economy is highly interconnected and complex in nature. This globalized economic world act as a facilitator to the outbreak of coronavirus from Asia to Europe, America, Africa, and Middle East to Australia. In retrospect, the initial outbreak of covid-19 and global emergency directly influenced the global economy at state level. Therefore, for the stabilization of their economies the banks started initiatives of dropping down interest rates to support their local economies.  Likewise, the international trade has been affected from strict measures of transnational trade. International flights and exports are slow down that effected the global economy. In short, every sector face countless impact of covid-19. Globally Millions of people have been accommodated by governments through Job retention schemes. The health sector not only in under-developed and developing states but the developed and first world also faced its catastrophes. The unavailability of proper research and medicines of Covid-19 increased the death trolls and speed up the infection ratio. The demand of medicines, hospital beds, staff, and technical assistance against the novel virus have played a huge role in declining the global and domestic economy. The tourist industry has been also the biggest victim of this virus. One reason for this is the emergence of new variants that have kept the environment uncertain and forced countries to introduce stricter travel restrictions. The partial and complete lock-down reduced the average production of industries and the price-hike decrease the buying capacity of people. However, the world has to recover from the pandemic, as it has recovered from every other chaotic situation before. The sole weakness was the collective global response by the states and organizations who were made to facilitate the economic world. There is a hope that if states deal this economic imparity collectively and international organizations play effective role, the pre-covid economic order may achieved.

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