COVID-19 and Its Impact on International Trade

Abstract

In this paper, an attempt has been made to understand and analyse the damage done by the Covid- 19 pandemic on the international trade and the consequences which continues to follow. Wuhan Municipal Health Commission, China, reported a new virus on 31st December 2019 which was causing cluster of pneumonia cases detected among the people living within the premises of the city of Wuhan, Hubei Province of China which was subsequently identified as a novel coronavirus later termed as SARS-CoV2 or in a more general term COVID-19 pandemic. This paper discusses about how the virus has outreached almost all nations creating a havoc and a mass death toll raging among the human population living thousands of miles apart separated from borders created by both the sea and the land and later discuss as to how it now poses a major global crisis to all the economies of the world irrespective of their size and the thriving economic power they possess. The ghost of this event looms large. This paper provides a thorough and an impact analysis of the way COVID-19 threatens the life of millions around the globe and how it will endanger their livelihood in the near future if this health crisis reaches a state where it will have an enormous impact on the world economy, trade, consequently on jobs of people and their well-being. It concludes with a conclusion and preventive measures which can be taken by the countries across the globe to fight the incoming global economic crisis. I. IMPACT ON THE GLOBAL ECONOMY "The spread of the new coronavirus is a public health crisis that could pose a serious risk to the macro economy through the halt in production activities, interruptions of people's movement and cut-off of supply chains"- Japanese Finance Minister Taro Aso. G20 gathering 1 Author is a student at Amity Law School, Amity University Rajasthan, India 2020. International Journal of Integrated Law Review