Impact of Covid-19 Pandemic on Trade

Abstract

Covid-19 surprised the whole world. It was originally seen as problem for china and then for the South-East Asia. On 17 November 2019 in China, the first COVID-19 infection was identified and on 30 January 2020 in India. As the pandemic continued, many countries had to enter a partial or total lock-down that affected the world economy. China, which was the epicentre of the pandemic, has suffered thousands and thousands of deaths and, at first, had news in the world because the economic trade was not kept too long shut and rapid recoveries were also thought to have occurred. The epidemic Covid-19 definitely very infectious and dangerous disease; spreads rapidly and has a major negative effect on the life and economy(WHO). More than 1 million people have lost their lives since the outbreak in 2019 coronavirus disease (COVID-19), and the global economy is projected to decline by 4.3% in 2020.The virus spreads mainly through small, coughing, sneezing and talking droplets during close contact with people. Instead of travelling over long distances, droplets usually come to the ground or surfaces. Unfortunately, it can be infected by touching and then touching the face of a contaminated surface. It is most contagious in the first three days after symptoms begin, but spreading is possible before symptoms occur and in persons with no symptoms. Millions of jobs are lost, millions of livelihoods are at risk, and another 130 million people are estimated to live in extreme poverty if there is a crisis that continues. This pandemic poses immense challenges and human suffering. The COVID-19 is still unfinished. In many countries there is an increasing number of new COVID-19 cases, while a second wave is already an unhappy situation for many countries. While the pandemic is still highly unclear as to how and when, the unprecedented economic shock caused by the world health crisis has already strongly exposed the pre-existing weaknesses of the world economy and has seriously sparked progress in development around the world. In current literature, the effects of epidemics and pandemics in the manufacturing sector and trades have not been taken into account. Rather, most research on the disruptive effects of public health crises such as these has focused on humanitarian issues, such as the effective distribution of food and other forms of relief (Dasaklis et al. 2012; Ivanov 2020a; Paul & Chowdhury 2020). The effects of these disruptions are serious because these crises have lasting reaction and can have simultaneous impacts on operations at multiple levels, including procurement, production and distribution.