Provide a concrete example of one way that a world-wide or current event has positively or negatively impacted economic activity

Assignment

ECOCB/535 Final Course Reflection

Assignment Content

Submission

Reflect on the following questions in a minimum of 500 words.

Question #1:• Provide a concrete example of one way that a world-wide or current event has

positively or negatively impacted economic activity. Determine the benefits and limitations of a specific government intervention program in the economy. Assess how the relationships between the United States and other global economies have either hurt or helped companies based in the United States.

KEY TAKEAWAYS BEFORE ATTEMPTING THIS ASSIGNMENT

The past decade has seen a number of major world-wide and current events that have had a significant impact on economic activity worldwide. From the Brexit vote in the United Kingdom to the US-China trade disputes and the ongoing global pandemic, these events have had both positive and negative effects on economic activity. In this essay, we will examine the impact of Brexit on economic activity in the UK and beyond, the impact of US-China trade disputes on economic activity, and the impact of COVID
Brexit has had a significant impact on economic activity in the UK and beyond. According to O Parker (2017), the UK’s departure from the European Union has resulted in a significant slowdown in economic activity, with the UK’s GDP growth rate falling to 1.6% in 2017 – its lowest rate since 2009. This decrease in growth has been driven by a number of factors, including a fall in consumer confidence, an increase in uncertainty and a decrease in business investment. Furthermore, the UK’s departure from the EU has resulted in an increase in tariffs, which has further hindered economic activity. The impact of Brexit has been felt beyond the UK, with the EU’s economic growth rate having slowed in the wake of the UK’s departure. This has been driven by a number of factors, including a decrease in trade between the UK and the EU, which has resulted in a decrease in economic activity in both the UK and the EU. In addition, the UK’s departure from the EU has resulted in a decrease in confidence in the European project, which has further hindered economic activity across the continent. Overall, Brexit has had a significant impact on economic activity in the UK and beyond, with the UK’s GDP growth rate having fallen to its lowest rate since 2009 and economic activity in the EU having also been negatively impacted. (O Parker, 2017).
The US-China trade disputes have had a significant impact on economic activity. This is evidenced by B Nidhiprabha’s research in Asian Economic Papers, which has shown that the US-China trade disputes have had a negative impact on the economic activities of both countries. In particular, the trade disputes have affected the export of both countries, with a notable decrease in the export of both countries. This has led to an overall decrease in economic activity due to a decline in global trade, resulting in a decrease in GDP growth. Furthermore, the disputes have also led to an increase in tariffs, which has further decreased economic activity by reducing the competitiveness of Chinese and American goods in the global market. Moreover, the trade disputes have also caused an increase in the manufacturing costs of Chinese products, thus reducing their affordability in the global market. In conclusion, the US-China trade disputes have had a significant impact on economic activity, resulting in a decrease in GDP growth and a decline in global trade. (Nidhiprabha, 2019)
The pandemic of COVID-19 has had a tremendous effect on economic activity around the world. According to P Deb, D Furceri, D Jimenez, S Kothari and other authors in the journal “Springer Open Economics and Statistics” in 2022, the impact of the virus is visible in both the short term and long term. In the short term, there was an immediate and noticeable decrease in global economic activity due to lockdowns, travel restrictions, and supply chain disruptions. For example, in the United States, the number of jobs lost due to the pandemic exceeded 22 million by the end of 2020, and the unemployment rate hit a record high of 14.7%. Additionally, businesses of all sizes have been affected by the pandemic, with small businesses particularly hard hit. In the long term, the pandemic is likely to have a lasting effect on the global economy. The authors suggest that the pandemic will cause a deep and long-lasting recession, with significant implications for employment, wages, and economic growth. Furthermore, the effects of the pandemic are likely to be felt differently in different regions of the world, with developing countries particularly vulnerable to the economic impacts of the pandemic. In conclusion, the economic effects of the pandemic are likely to be felt for many years to come, and governments around the world should take action to mitigate the impacts. (Deb et al., 2022).
The current events have had a huge impact on economic activity both positively and negatively around the world. The intensity of this impact has varied depending on the strength of the relationships between countries, especially the United States and other global economies. A specific government intervention program in the economy could provide invaluable benefits to companies in the US, but also has significant limitations. It is important to weigh the pros and cons of the policies implemented and be aware of the impact that global events can have on economic activity. Ultimately, governments must take a strategic and calculated approach to maintain a stable balance between countries and keep economic activity healthy.
Work Cited
P Deb., D Furceri., D Jimenez., S Kothari.”The effects of COVID-19 vaccines on economic activity.”https://sjes.springeropen.com/articles/10.1186/s41937-021-00082-0
B Nidhiprabha.”Impacts of the US–China trade war on ASEAN: Case of Thailand.”https://direct.mit.edu/asep/article-abstract/18/3/166/17318
“Critical political economy, free movement and Brexit: Beyond the progressive’s dilemma.”https://journals.sagepub.com/doi/pdf/10.1177/13691481

 

 

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