COVID-19 and its effects on business and the economy.
Instructions
write 1-2 pages on COVID-19 and its effects on the economy and business. Explain how COVID-19 pandemic has affected the economy and business, and your observation of what will happen top both coming out of the pandemic. In your opinion what is the road to recovery? In the second part of the paper explain how business can insulate and protect themselves from future pandemics and recessions.
Answer
COVID-19 and its effects on business and the economyThe outbreak of the COVID-19 crisis has been ranked as one of the most devastating events of the 21st century. Since its first case in December 2019 in China, the disease has spread to almost every country across the globe. Several sectors have been affected by the outbreak. One of the areas that have severely been affected is business and the economy.Generally, the emergence of the COVID-19 pandemic has generated uncertainties across the globe. A study conducted by Ma, Roger, and Zhou (2020) reported that COVID-19 is more widespread than the average crisis, and the GDP growth in affected nations is 2.4% below that of unaffected countries. As such, it has crippled the world economies such as the production sector, transportations, small b...
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