Results of plagiarism analysis from 2020-06-04 07:26 UTC

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Date: 2020-06-04 07:25 UTC

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Macro-economics

Covid-19 has affected different aspects of the economy. The major impact of this on the macro-

environmental factor such as employment can be seen in the way a huge number of people have

lost their job due to this pandemic. This lack of employment opportunities and the growth of

unemployment has lead to a severe decline in the income of the people (Baker, 2020). This is

because a lot of the factories, business and industries are shut down in order to maintain social

distancing and keeping safe from the virus. Lack of production automatically led to fewer sales

and revenue for the business which means less income for the enterprise. This in turn meant less

production and sales impacting the GDP of the country as a whole. The different economies of

different countries are related to one another and the lack of production along with the

restrictions on exports and imports have made people suffer because of lack of availability of the

basic products as well. This has created major havoc in the international trade market.

Due to lack of funds with people along with no major production going on in the different

industries of the world, the economic growth has taken a backseat making it critical for

government across borders to work on the monetary and fiscal policies (McKibbin & Fernando,

2020). A great source of income in different parts of the world is the tourism sector which is a

huge source of income and employment. The fear and chaos spread due to Covid-19 have

deteriorated the industry leaving it with no hope at the present time. This has declined the GDP

of the nation creating great economic recession at different angles.

Though the conditions are quite serious, there are few remedial measures which can be

implemented to protect and preserve the economies from this recession. A great move can be

from the government of the different nations to use cash transfer and tax relief to offer
temporarily break and a distance from this recession. Creation of strong fiscal and monetary

policies and provision to fight such pandemic in the future can be some great measures in this

regard (Ozili & Arun, 2020).

Figure 1: Supply chain choices in the auto sector

(Source: S&P Global Intelligence, 2020)

Micro-economics

There are many micro-economies which were severally impacted due to Covid-19. One of them

was the supply and demand segment which went crazy in this phase. People started panic buying

and the unavailability of labour and adequate resources along with lack of time made it difficult

for businesses and industries to suffice these needs in time. This made people feel more panicky

and many of the buyers started hoarding of these products which were later sold at a higher price.

Shipping of products from one country to others with regard to the raw materials and the finished

goods was delayed resulting in longer transportation period (Anderson et al., 2020). This led the

businesses to suffer and a lot of products got damaged in the process. All this was responsible for

quite a loss to the businesses and the economies of the world.