Nguyen chi dang 21000329 AEn6 1

SCHOOL OF ASSIGNMENT COVER SHEET STUDENT DETAILS Student name: Nguyen Chi Dang UNIT AND TUTORIAL DETAILS Unit name: Tutorial group: Lecturer or Tutor name: Student ID number: Unit number: Tutorial day and time: 21000329 AEn6 Gabriel Bryan ASSIGNMENT DETAILS Title: How covid 19 affects the world’s economy Length Due Date : date: 11/4/2022 submitted: Home campus (where you are enrolled): Nguyen Tri Phuong campus 12/4/2022 DECLARATION ** I hold a copy of this assignment if the original is lost or damaged I hereby certify that no part of this assignment or product has been copied from any other student’s work or from any other source except where due acknowledgement is made in the assignment I hereby certify that no part of this assignment or product has been submitted by me in another (previous or current) assessment, except where appropriately referenced, and with prior permission from the Lecturer / Tutor / Unit Coordinator for this unit No part of the assignment/product has been written/produced for me by any other person except where collaboration has been authorised by the Lecturer / Tutor /Unit Coordinator concerned I am aware that this work will be reproduced and submitted to plagiarism detection software programs for the purpose of detecting possible plagiarism (which may retain a copy on its database for future plagiarism checking) Student’s signature: Nguyen Chi Dang Note: An examiner or lecturer / tutor has the right to not mark this assignment if the above declaration has not been signed How covid-19 affects the world’s economy Name: Nguyen Chi Dang (Dan) Class: AEn6 Covid-19 was a major strike that hits various platforms around the world However, the global economy was hit worst due to the impact of the pandemic since the ‘’great depression’’ Therefore, the government is trying to bring back what has been lost throughout the pandemic Multiple platforms of the economy were devastated which can count as the GDPs Secondly, bankruptcy has also become a vital issue due to the outbreak of the coronavirus, and makes the multiple business enterprises go bankrupt Thirdly, the reduction in human resources and the lessening of workers can recall to unemployment Finally, tourist attractions were called off due to the outbreak, and tourism fell badly because of the pandemic There are various factors in the economy that were hit by the pandemic, yet these are one of the main factors that carry the world’s economic system The world’s GDP is an index that evaluated the world’s whole products or products by each nation that was devastated the most In an article by M Szmigiera (2022), the author stated in the article that if the virus becomes a worldwide issue, the gross domestic product (GDP) will drop at least 2.9% for most major economies However, when the pandemic of the coronavirus started, the article stated that 4.5% of the world’s GDPs were dropped out of economic growth In addition, there was a total loss of 2.96 trillion U.S dollars according to the same article At half-end of 2020, the world’s GDP falls by 2%, and 2.5% in developing countries, the numbers were 1.8% for the industrial countries (Mattoo et al., 2020) The world’s GDP during the outbreak was at the lowest since “The Great Depression” in 1929 Numerous nation has to stand up and their leaderships need to be more productive to restore what has been lost Another factor that was reduced badly was bankruptcy Numerous companies, industries, and corporations went bankrupt and vanished from the marketplace due to the impact of the pandemic To a reading by Jael Goldfine (2020), there were about 53 companies were closed in the U.S alone and the number has gone up to 80 industries that went bankrupt cause of the pandemic itself From a worldwide perspective, bankruptcy throughout the globe was more devastated, especially in the developing countries However, from another perspective of Laurence Darmiento (2021), the author stated that bankruptcy was luckily not so lagged despite the impact of covid 19 which the number of bankruptcy fell by over 30% by 2019 in the United States alone Nevertheless, these particular issues remain quite vital in the underdeveloping and the industrial countries Therefore, it needs to be re-gain rapidly The loss of workers in factories and corporations When there are no workers and employees to create products, and trade products, the economic system will fail In correspondence to the issues, an article by Smith et al (2021) stated clearly that a developed country such as the United States has dropped 21 million workers from the last of 2019 to the middle of 2020 In addition, unemployment was tripled the number of the falling employment Therefore, the same author also listed that employment in ethnicity fell piercingly When the employment rates for white’s people have decreased by about 3.2% in 2020, Asian and Hispanic have dropped sharply by 4.8% and 4.4% in the same order Particularly, in a small country in Asia as Vietnam, approximately 28.2 million people between the age of 15 and above were unemployed and negatively influenced by the third quarter of 2021 due to the income reduction, furlough, and alternative working shifts which they had to suffer from (Smith et al., 2021) Numerous people across the world were unemployed and not able to get a job, these are one of the keys factors that lead to the major decrease in the world’s economy during the pandemic Tourist attractions are the principal income for some nations around the world or taking a large percentage in profit for some developed countries Mohamad Aref (2020) briefly wrote that tourism contributes 10.3% to the global GDPs Moreover, in 10 jobs involved in tourism, and to put the number in another perspective, that is 330 million jobs were elaborated with tourism To stop the spread of the coronavirus, multiple countries have applied various forms of travel restrictions and the cost of the restriction was too much Nevertheless, S Lock (2022) admits that the global revenue from the travel industry had dropped from 711.94 billion U.S dollars to 568.6 billion U.S dollars just within 2020 Along with the issues, the industry must adapt to the situation to survive the outbreak which means has to embrace the new technology and use it mostly on the screen as booking a hotel room The travel and tourism industry was struck tremendously and was in a state of alert In summary, some of the faces of the economy were analyzed but still more of the ideas need to be clear in future research The outbreak of the covid 19 which started in China has spread globally and destroyed various factors such as health, economies, and much more that were deeply impacted by the virus and it has collapsed the financial market The economic system was afflicted in a tremendous way, and hopes to recover in the past few months or even years because of the damage caused were too vital Leaderships between nations need to make the right decision to recover the world’s economy and boost the stock market, the government also needs to give out the proper policy Without the support of the right policy, the crisis in the economy has to suffer could be worst REFERENCES Goldfine, J (2020, September 24) Here's every company that went bankrupt during COVID-19 Jael Goldfine Smith, S M (2021b, June 10) Unemployment rises in 2020, as the country battles the COVID19 pandemic: Monthly Labor Review: U.S Bureau of Labor Statistics Sean M Smith https://www.bls.gov/opub/mlr/2021/article/unemployment-rises-in-2020-as-the-countrybattles-the-covid-19-pandemic.htm Szmigiera, M (2022, February 21) Impact of the coronavirus pandemic on the global economy Statistics & Facts M Szmigiera https://www.statista.com/topics/6139/covid-19-impact-on-theglobal-economy/#dossierKeyfigures I (2021, March 25) How COVID-19 Impacted Travel & Tourism Industry Globally Mohamed Aref https://infomineo.com/covid-19-impacted-travel-tourism-industry/ Darmiento, L (2021, March 27) A surge of COVID-19 bankruptcies never happened Here’s why Laurence Darmiento < https://www.latimes.com/business/story/2021-03-23/covid19-bankruptcies-pandemic> Maliszewska, M (2020, April 10) The Potential Impact of COVID-19 on GDP and Trade: A Preliminary Assessment Maryla Maliszewska, Aaditya Mattoo, Dominique van Der Mensbrugghe https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3573211 ... assignment if the above declaration has not been signed How covid -19 affects the world’s economy Name: Nguyen Chi Dang (Dan) Class: AEn6 Covid -19 was a major strike that hits various platforms around... during COVID -19 Jael Goldfine Smith, S M (2021b, June 10 ) Unemployment... 21) Impact of the coronavirus pandemic on the global economy Statistics & Facts M Szmigiera https://www.statista.com/topics/ 613 9/covid -19 -impact-on-theglobal-economy/#dossierKeyfigures I (20 21,