Country : Australia
Assignment Task:

Task:

Introduction
On March 11, 2020, the World Health Organization (WHO) characterized COVID- 19 as a pandemic, the unprecedented crisis caused by this Pandemic has wreaked havoc & has had ripple effect on every sectors of our lives. Significant reductions in income, a rise in unemployment, and disruptions in the transportation, service, and manufacturing industries are among the consequences of the disease mitigation measures that have been implemented in many countries (Anton et al 2020). It has challenged the status quo & Global trade and supply chains have been interrupted by the uncertainties of this unexpected event (Ali Ahani, Mehrbakhsh Nilashi,2020). The present Economic Condition has been likened to the world war 1&2. Social distancing has caused schools and other workplaces to shut and demand for commodities & manufactured products to nosedive.

 

Oil and petroleum
‘The Economist’ claimed on April 29th, 2020, that “oil and commodity prices are where they were 160 years ago as this Pandemic dampened the demand for Oil (Michael Jefferson). The Fluctuations in the oil prices is due to reduced Economic activities driven by Covid-19(Anton Et Al,2020).The price slash by the de facto leader of the OPEC countries Saudi Arabia hasn’t either picked up the demand for the oil. In ordinary times cheaper oil may have functioned as an advantage for economies. Nevertheless, savings on Petrol is not going to be redirected into more spending as future is full of uncertainties and the job security for working class is at an all-time low. The biggest share of oil demand after industry’s consumption comes from the transportation sector.

 

First Literature Review:
The main objective of article ‘’ The socio-economic implications of the coronavirus pandemic (COVID-19) ‘’by (Maria et al 2020) was to discover the Socio-Economic repercussions this pandemic has on us by giving overarching information pertaining to different sectors Impacted by this crisis. It’s more Qualitative in nature as Maria and other authors Scrutinized how global trade got rattled overnight. In what way, Pandemic decimated the livelihood of multitude of people and how governments across the globe have responded by offering unprecedented short?term financial support to the enterprises and workers affected (see IMF, 2020) to prevent a cataclysmic situation. This article outlines, how this Pandemic caused disruption from Manufacturing to Service Sector .It entails the industries that bore the major brunt of this crisis including Tourism, Hospitality and Aviations. With many industries still furloughing its Employees despite pandemic being in Month 9.

 

Literature Review of Second Article:
‘’Spillover of COVID-19: impact on the Global Economy’’(petersen & Thankom, 2020) This literature Review Elucidates how a health crisis brought Global Economy to its Knees, impact of social distancing on financial markets, corporate offices, businesses and events. This Article gives analysis of the fledgling days of Covid 19. By scrutinizing e restrictive measures, monetary policy measures, fiscal policy measures and the public health measures that were adopted during the period. And the overall repercussions it had on the Economic Activities Around the Globe

 

Supply chains and global trade:

This Pandemic has an impact on the whole process from the field to the consumer. In the light of recent challenges in food supply chain, there is now considerable concern about food production, processing, distribution, and demand. COVID-19 resulted in the movement restrictions of workers, changes in demand of consumers, closure of food production facilities, restricted food trade policies, and financial pressures in food supply chain(serpil,Mehmeet,2020). As evidence from different markets confirms, the functioning of global supply chains has been disrupted by the current crisis.

 

FOOD SUPPLY AND DEMAND:
The food supply chain is a network that connects an agricultural system (the farm) with the consumer's table & entails processes such as manufacturing, packaging, distribution, & storage (Chen Et al,2020). Initially, with the onset of pandemic Supermarkets ran out of essentials because of Panic Buying. But with covid 19 proliferating and people continuing to fall prey to this scourge; the demand for food plummeted because of dearth of money among general populace and fear what future would look like. Demand implies the willingness and ability of consumers to pay money for a particular good or service, during any particular Period (Gottheil,2013)

 

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  • Posted on : April 12th, 2019
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