THE IMPACT OF INFECTIOUS EPIDEMIC ON INTERNATIONAL MARKET A CASE STUDY OF CORONAVIRUS DISEASE
Chapter one
Introduction
Background of the study
COVID-19 is a humanitarian crisis on a global scale. The virus continues to spread throughout the globe, placing health systems under unprecedented stress in the battle to save lives. The human scale of this tragedy is set to worsen as the virus spreads to lower income countries with weaker healthcare systems.
A further challenge is the uncertainty about COVID-19, including in terms of the scale and pace of infection; how long and widespread shutdown measures will prove necessary; the prospects for treatments to better manage symptoms, allowing health services to focus only on the most serious cases; and the risk of “second wave” infections as the virus moves around the globe. The virus is proceeding in waves, with countries succumbing and set to recover at different times. What is clear is that the virus and its aftermath looks likely to be with us for some time (https://read.oecd-ilibrary.org/view)
There is a clear need to keep trade flowing, both to ensure the supply of essential products and to send a signal of confidence for the global economy. Trade is essential to save both lives and livelihoods. But keeping trade flowing requires co-operation and trust for example, that the market will supply essentials, that countries will not impose export restrictions, and that imports do not pose health risks. This is a particular challenge at a time of trade tensions, where the international trading system was already subject to an increased number of new restrictions and distortions, from tariff increases among major traders, to significant government support in key sectors. Efforts at dialogue to manage and prevent tensions through ongoing negotiations are now complicated by mobility restrictions. But in the context of the severe economic strain from COVID-19, it is more important than ever to avoid escalation of the current trade tensions.
THE IMPACT OF INFECTIOUS EPIDEMIC ON INTERNATIONAL MARKET A CASE STUDY OF CORONAVIRUS DISEASE