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PBME Volume II ISBN: 978-81-947738-1-8
Author(s): KIRTI SRIVASTAVA 
Abstract
The impact of COVID-19 that started from local China has sent a ripple impact globally. Since the identification of COVID-19 in December 2019, the world has become a witness to its impact on the economy and human life loss. Global markets are in free fall with the disruption in the supply chain and reduced manufacturing due to lockdowns and restrictions. With the reduced global trade and falling GDP forecasts, the world is stepping towards an anticipated recessionary period. This chapter covers the impact of COVID-19 on international trade and its issues and actions. Trade is an essential system that protects livelihoods and boosts the country's economy. Due to ongoing COVID-19, the impact on trade is severe. The demand for non-essential commodities has fallen sharply. Though the impact of trade is less for developed countries, its impact on developing countries is far worse. Due to the ongoing pandemic, the GDP has fallen by an overall 2 percent for the world, where we have observed that 2.5 percent is for developing countries and 1.8 percent for the developed countries. It is too early to assess the full impact of COVID-19 on the trade, but in this uncertainty, the country can do the following to keep the impacts minimized. 1) Improve transparency about trade policy, which will boost confidence in traders. 2) The supply of essential products should not be disturbed, and 3) Restrictions on export should be reduced. The Government also needs to ensure that the decisions are taken keeping in mind the impact on producers and consumers. Though this study is illustrative, it still gives a clear understanding of the extent of global economic pain for developing countries and the assistance that will be needed to bring the economy back on track.
Keywords: COVID-19, COVID burden, global trade, economic impact
JEL Classification: E00, B17, F10, F13, F17
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