My country UAE No reflection UAE relies heavily on the business of oil and tourism; they are providing 5.8 percent of the oil to other countries in the world. Saudi Arabia is the biggest provider and seller of oil in the world. UAE is earning money by transportation and tourism, the pandemic has a drastic effect on the economy already and the transportation is ban as there are many cases in UAE, the country earned 19.5 $ billion in 2019 by air transportation and it is around 5% percent of GDP last year. It is expected that the UAE GDP will reduce to 2.5 % this year. It is noted that the Dubai Financial Market (DFM) index is reduced to 2.36 percent (40.79 points) to 1,682.08, while the Abu Dhabi Securities Exchange (ADX) dropped 2.18 percent to 3,676.46 points. "The government is making plans to announce financial support and the firms have a chance to receive additional debts. The import and export figures of Gold are very important for UAE because UAE is the major country to import the unwrought gold and they export it in semi-worked and jewelry form that is 25 percent of their total export. The import and export can affect the economy as there is no trade going on in the world, India is on top to purchase the Gold from UAE. If the Gold prices push higher and the rupee falls the major threat is that Indian migrant workers would stop investing in the business. They are many in numbers and if they would send their money to home instead of investing it will reduce the import and export. The Oil prices are dropping and the import and export reduction can result in dropping the currency value of UAE, they are earning money by tourism and air transport the pandemic already reduces the activities so there are many chances that the currency of UAE would badly fall if they would not control the pandemic on time. Tourism and Air transport is a total of 11 % of the total GDP of the UAE, it can drastically fall. The companies and banking sector are already affected so there are many chances the currency may lose its value. UAE have to reduce their tourism and air transport prices to overcome such issues in time. Measures  UAE has to take serious steps to overcome such issues, the biggest issue can be unemployment because of a reduction in trade and tourism. The UAE government should focus on making plans to help needy people and employers who lost their jobs, the countries like the USA and Denmark are creating a trillion dollars budget for the people who lost their jobs. UAE has the most job holders are from India and Pakistan if they delay the budget plan the companies can be turned off eventually. To overcome the pandemic and economic issues, they must focus on giving people relief so they can again in UAE for its prosperity. The banking sector must give the companies relief packages for loan repayment and they must give them additional packages to employers and companies to overcome financial issues. Top companies in the UAE must receive additio.

1. My country UAE No reflection
UAE relies heavily on the business of oil and tourism; they are
providing 5.8 percent of the oil to other countries in the world.
Saudi Arabia is the biggest provider and seller of oil in the
world. UAE is earning money by transportation and tourism, the
pandemic has a drastic effect on the economy already and the
transportation is ban as there are many cases in UAE, the
country earned 19.5 $ billion in 2019 by air transportation and
it is around 5% percent of GDP last year. It is expected that the
UAE GDP will reduce to 2.5 % this year. It is noted that the
Dubai Financial Market (DFM) index is reduced to 2.36 percent
(40.79 points) to 1,682.08, while the Abu Dhabi Securities
Exchange (ADX) dropped 2.18 percent to 3,676.46 points. "The
government is making plans to announce financial support and
the firms have a chance to receive additional debts.
The import and export figures of Gold are very important for
UAE because UAE is the major country to import the unwrought
gold and they export it in semi-worked and jewelry form that is
25 percent of their total export. The import and export can
affect the economy as there is no trade going on in the world,
India is on top to purchase the Gold from UAE. If the Gold
prices push higher and the rupee falls the major threat is that
Indian migrant workers would stop investing in the business.
They are many in numbers and if they would send their money
to home instead of investing it will reduce the import and
export.
The Oil prices are dropping and the import and export reduction
can result in dropping the currency value of UAE, they are
earning money by tourism and air transport the pandemic
already reduces the activities so there are many chances that the
currency of UAE would badly fall if they would not control the
pandemic on time. Tourism and Air transport is a total of 11 %
of the total GDP of the UAE, it can drastically fall. The
companies and banking sector are already affected so there are

2. many chances the currency may lose its value. UAE have to
reduce their tourism and air transport prices to overcome such
issues in time.
Measures
UAE has to take serious steps to overcome such issues, the
biggest issue can be unemployment because of a reduction in
trade and tourism. The UAE government should focus on
making plans to help needy people and employers who lost their
jobs, the countries like the USA and Denmark are creating a
trillion dollars budget for the people who lost their jobs. UAE
has the most job holders are from India and Pakistan if they
delay the budget plan the companies can be turned off
eventually.
To overcome the pandemic and economic issues, they must
focus on giving people relief so they can again in UAE for its
prosperity. The banking sector must give the companies relief
packages for loan repayment and they must give them additional
packages to employers and companies to overcome financial
issues. Top companies in the UAE must receive additional loan
packages to bounce back the economy. The employers and
businessmen must be given relief to start work for their country
again. The overall effect causes damage to the business of
banks, the banks association states that it is affecting the bank
very badly as there is no business and some of the analysts
suggest that it is a very good chance for the banking sector as it
can provide additional lending to most affected companies and
in this way, the economy can be improved.
Samoa
Over the past few days, Samoa has done some tremendous work
to impact their economy throughout this pandemic. Although we
are not focusing on the medical side of COVID-19, I wanted to
express Samoa’s process with testing for the virus. Samoa is a
small country and has limited resources. Just in December of

3. 2019, Samoa had ended a measles health crisis making it
difficult to afford much. Samoans must send any testing samples
to New Zealand to get a positive or negative confirmation of
COVID-19. Fortunately, as of April 11, there are still no
confirmed cases in Samoa. I find this extremely important
because, although they have not had any cases, their financial
structure is still struggling. They still shut the whole country
down similar to what the U.S. has been doing.
To assist Samoa’s attempts to prepare for the effects of COVID-
19, the World Bank delivered 5.1 million U.S. dollars (1.4
million Samoan tala) on March 26. “The US$5.1 million in
funding has been made available through a Development Policy
Operation with a Catastrophe-Deferred Drawdown Option [Cat
DDO], approved in 2018, that ensures emergency funding from
the World Bank can be mobilized in the event of a major
national emergency” (The World Bank, March 2020). Cat DDO
was created to give developing countries liquidity for when a
natural disaster may occur, or a health emergency is present.
According to the IMF, there are no current new measures of the
exchange rate for the Samoan tala. However, the Samoan
government has started a response package amounting to 66.3
million Samoan talas. This will be used to help stimulate their
economy in several ways. One way is to help cover medical
expenses and assist individual households throughout this virus.
Their main goal is to prepare and prevent. Temporarily, the
government is stopping imports of food items. Also, Samoa has
created an Emergency Price Control Board. This board will be
used to control retail and wholesale prices preventing
businesspeople from raising them due to panic buying and
increased need for certain supplies.
Another interesting form of assistance through all of this comes
from Samoan electric and water companies. For the next six
months, the households and businesses of Samoa are given a
reduction on their utility bills. EPC (Electric Power
Corporation) created their own version of a stimulus package.
As of April 1st, the EPC created discounts totaling in 8.6

4. million talas.
The Central Bank of Samoa (CBS) has been working to help
control their economy as well. They are working to lower
interest rates. Also, to assist with loan payments, a three-month
grace period has been imposed. The government will be
assisting banks to make up for these changes. The CBS has gone
through extra steps for this and mentions that they expect
COVID-19’s consequences may turn out worse than the measles
outbreak they have previously conquered. CBS states that
Samoa will be financial stable for the next few months in terms
of imports. As of January 2020, Samoa had on hand 511.4
million talas in imports which the CBS compares to as “6.6
months of imports of goods” (CBS, March 2020). The CBS also
explains that the money used from the IMF is meant to keep
their balance of payments under control for the lack of
exporting goods for the time being.
From the CBS page, I found their current rates;
Official Interest Rate: 0.20%
Commercial Banks Lending rates: 8.91%
Commercial Banks Deposit rates: 2.42%
Headline Inflation Rate: 1.9%
April 17th currency rate: 1 tala = 0.35877 USD compared to
April 10th: 1 tala = 0.3586 USD
My reflection 250 words:
Malta
Covid-19 pandemic has taken the whole world hostage.
The pandemic has spread across the world like wild fire, with
countries like Italy and USA being the worst hit than China, the
origin of the pandemic. Leadership has been on scale, with
different leaders taking different paths towards managing the
crisis. Additionally, leaders are under evaluation for the

5. infrastructure they have developed under their leadership to
mitigate such crisis. Religion on the other hand has not been
spared, with worship places, where people would run to
remaining closed across the world to control the spread of the
pandemic. However, the health sector and the economies in all
countries has been hit hard. Health infrastructure has been
overstretched to the limits while closure of businesses is
crumbling the economies extremely. This paper aims at digging
into the economic effects of the pandemic on the Maltese
economy and the strategies put in place to cushion the economy.
Expected GDP
Malta has the smallest and most dynamic economy in
Eurozone. The main economic activities in Malta are tourism
representing about 27% of the GDP and the industrialization,
which represents approximately 12.1% of the GDP. According
to IMF, the 2019 GDP was $ 14.86 billion while the estimated
2020 GPD is $ 15.79 (Nordea, 2019). However, the GDP
projection in 2020 is expected to fall drastically because of
Covid-19 effects on the economy. The pandemic has forced
closure of businesses and the main economic activities of the
country. Malta is one of the best tourist destinations in Europe,
with over an annual record of 2.5 million tourists. Tourism
accounts for the largest chunk of Malta GDP, 27% (Nordea,
2019). Thus, the country does not reap anything from tourism
currently, causing the drastic drop in the GDP. Secondly,
industry sector is the highest employer in the country,
accounting 12.1% of the country’s GDP. Most industries have
not been operation since the first case of Covid-19 was reported
in the country and most employees in the industries losing their
jobs. For these reasons, Malta GDP is expected to decline by a
wider margin with the IMF estimates.
Export and Imports
Malta does not have minerals and energy and thus it
relies on imports. Petroleum is the main commodity the country
imports (Nordea, 2019). Although the country has closed its
borders from other countries, borders remain open for

6. importation of petroleum and other essential products. However,
the prices of petroleum around the world have plunged because
of the effects of Covid-19 in Middle East although the demand
of fuel is low because of the limited movements in the country.
On the other hand, Malta cannot maintain its export capacity
because of the reduced production and manufacturing. The main
exports are pharmaceuticals and machinery.
Currency
The supply of money in the economy will decrease
because all economic activities have come to a standstill.
Additionally, the supply of essential goods in the country will
decrease because of the fall in production and importation of
goods. Conversely, demand for the goods will increase, causing
the prices of the products to increase proportionately risking the
inflation to increase. Inflation will further weaken the currency
of the country. Use of foreign currency especially the USD will
increase since it is getting stronger than other currencies in the
world (Eugenio, 2020). Supply of foreign currency will increase
because of the reduced exports compared to the imports of
essential products such as petroleum.
Measures taken
Governments have reacted swiftly to mitigate the
economic effects of Covid-19. Maltese government rolled out
set of policies to help cushion the economy and support small
and large businesses in the country. The first economic package
was financial measures to help worst hit enterprises and
businesses. The first measure was income tax and VAT tax
deferrals for employed and self-employed persons for the month
of March and April. Secondly, a 45% refund of up to €500.00
per worker was granted to firms with employees working from
home (Daniela, 2020).
The second economic policy was rolled addresses the
employment and social measures of the citizens. Employment
measures include payment of employees working in enterprises
with complete and partial suspension of operations and those

7. whose employments has been terminated. Social measures
include grants of € 800 per month to families and persons with
disabilities. The government also provide rent subsidies to
unemployed citizens. Other measures employed are guarantees
for soft loans to businesses and cash injections (Daniela, 2020).
In conclusion, the pandemic has adversely affected the
Maltese economy and across the world. The GDP is expected to
fall with a wide margin, as its main economic activities remain
non-operational. Exports and imports have reduced drastically
while the Maltese currency weaken compared to the USD.
However, the Maltese government has designed economic
policies to help cushion the economy. Tax deferrals, payments
of employees and families and subsidizing payment of rent to
unemployed individuals are the main measures taken by the
government.
My reflection 250 words:
Argentina
Covid-19, as a global pandemic, has tremendously
affected various economies across the globe. One of the
countries highly affected is Argentina which is seriously facing
challenges in regards to its G.D.P, import and export output and
a shift in the strength of its currency. Argentina is faced with a
shift in its determinants of its G.D.P which majorly comprises
of its working population and its role in the global oil market.
As at the beginning of March and April 2020, Argentina's
economy has had to endure certain strains that are imminently
leading to some mild economic recession in the country. These
mild impacts have led to the country experiencing effects on its
expected G.D.P., import and export balancing, and also on the
strength of its currencies as compared to other currencies. This
discussion explores how Argentina is likely to cope with these
challenges, what steps the country is taking to shield its

8. economy from the effects of covid-19 and how will the people
likely to be affected and respond to these steps.
Being a major player in the oil industry in Latin
America, Argentina is not spared when it comes to the challenge
faced in oil prices as a result of the covid-19. Cunningham
(2020) reports that the country decided to enact certain
restrictions such as lockdowns which have negatively impacted
its oil industry. For instance, the drop in global oil prices has
led to cutting of production by 50% at the country’s Loma
Campana oil field which is the largest oil field. This decision
was reached because the country is not in a capacity to store
excess oil eventually leading to a 70% decline in the country’s
fuel sales. Moreover, the country has also witnessed drop in
retail fuel prices and sales which has led to closure of about 8
oil wells.
Regazzoni (2020) reports that Argentina being
classified under Latin American economies, had an economic
growth projection of between 1.6 to 1.8 in 2020. However, this
might not be the case due to the covid-19 pandemic. The report
further states that countries in Latin America with Argentina
included have been projected to suffer 2% of their downturn
weak G.D.P projections for the year 2020. This reduction in the
G.D.P is said to be projected because initially, the country was
fighting other serious cases in terms of other diseases such as
Tuberculosis, which is rampant among the majority working
laborers of the country. Moreover, a new case such as covid-19
is further projected to bring enormous economic downturn on
the G.D.P because this new disease will require new measures
which are more drastic than the previous ones.
On the issue of import and exports, Lang (2020)
clarifies that the countries are facing serious challenges in
ensuring that these important components of the economy
continue to flow as expected. Giving an outline on the import
and export connection between Argentina and China, he says
that there is a growing concern for truck drivers who are
majorly relied on to bring supplies such as Soya from the farms

9. to be shipped to China. The movement restrictions have already
impacted negatively to Argentina's grain exports with an
estimated revenue drop of 6.9% in March 2020 as compared to
2019 revenue. The government is determined to maintain the
flow of exports, but the main people concerned are the truck
drivers who feel that they will likely be exposed to the virus,
thereby limiting their work schedule.
Yanakiew (2020) reports that goes on to put that
Argentina's currency and monetary plans are further going to be
negatively affected should the covid-19 pandemic persists. She
says that the country is just coming from an economic
recession, which had put the country's inflation rate at 10%.
Should the covid-19 persist, then the country is bound to default
another loan from the I.M.F. The imminent impacts of covid-19
have forced the government to reduce social security
contributions by employees while investing an additional $ 1.58
billion in public works. Moreover, the government has
embarked on programs to guarantee the citizens with the
provision of necessities through pledging to pump about $5.5
billion low-cost credit to manufacturers and suppliers. From
these economic actions by the government, it is unlikely that
Argentina will revive its economy this year as it was projected
because of the tight monetary policies and the impacts of the
covid-19 on its G.D.P and other industrial sectors.
From the discussion, it is emerging that some countries
are going to face severe economic hardships should the covid-
19 pandemic persist. The analysis highlights that a developing
country like Argentina is forced to come up with various means
of supporting its citizens from the hard-economic crisis through
the government coming up with ways of injecting money into
the economy to help critical functions such as food
manufacturing and supply to their citizens.
My reflection 250 words:

10. Germany
Since the Corona epidemic reached Europe, the whole continent
suffered from the consequence. Some countries reacted
immediately and prepared for the worst while others waited too
long to start being active. For my research project I chose
Germany and since I am currently living in Germany, I know
from first-hand what the government is doing and what some
economic institutions suggests the government to do. Since
nobody really knows how long the Virus will still be around and
how long it will take to find a working vaccination, experts
developed different scenarios based on the time the economy is
standing still. In one of the scenarios, companies will be able to
work effectively again in a few weeks in which case the GPD is
protectively decreasing by 4.8% in 2020 and then increases by
5.8% in 2021 again (Wirstchaft, 2020). Since it is not clear
when the economy will completely work again, this is still a
very good so it has to be clear that it can also be way worse.
As of today, the Germany government spends more money on
governmental allowances and credits than any other country.
Related to the economic performance of a country, Germany
spends the most money in the world for crisis management. The
government spends more than 1/3 of the country’s GDP on aid
packages for the Germany economy, which is more than 1
billion dollars. The biggest part is not spent on additional deps,
but on credits for companies, warranties and capital injections
to strengthen the economy. Other countries that spend more than
1/10th of their GDP on aid packages are Italy, Japan, Great
Britain and France. Globally the aid packages are as high as
eight billion dollars. Since all countries around the world
increase their national depts, the IMF (International Monetary
Fond) projects an increase in the international dept ratio from
82% to 96% (Seibel, 2020).

11. The German economy is strongly relying on international trade.
As I mentioned in the presentation, Germany is the third biggest
country when it comes to exports. Since almost all the boarder
of the countries are closed right now, international trade is
almost impossible. Companies in Germany lose orders, the
supply chain collapses, and some businesses are completely
closed. The government is helping in this case by guaranteeing
exports in other European countries or OECD countries for at
least 24 months. Volkswagen, as one of the biggest cars
manufactures in Germany is planning on opening its
manufacture plant before the beginning of May, which a lot of
experts see as unrealistic.
One of the industries where we can already realize the impact of
the pandemic is the oil and gas industry. Since the pandemic
started, the gas prices in Germany have been as low as after the
world recession in 2008. The 23 biggest oil producing countries
in the world met last week to talk about producing less oil and
gas since the demand went down so dramatically. One of the
last countries to agree to this plan was Mexico, who wanted to
keep producing the same amount. As of right now, they agreed
to produce 9.7 barrels less per day in May and June, which is
equitable to 10% of the global oil production. Experts project
that the cutbacks will last until April 2022. The deal saved a lot
of employments worldwide which is why most countries call the
deal a big success.
To save small retail stores and thereby save a lot of jobs, the
German government opens stores under 800 square meters on
April 20th, but all the stores have to have regulations on how
many people they allow in the stores at once. As of right now,
only 1% of the German population have been infected by the
disease and the government is aware that as long as we have not
found a vaccination we have to learn how to live with the Virus.
By opening smaller stores, as well as part of the educational
system, the reproduction rate will increase again, but only by a
small amount. If the government is opening the industrial sector
too soon the reproduction rate will increase a lot faster and the

12. risk of the healthcare system to collapse will increase as well.
The German government is aware that it is important to help the
economy, but the best they can do right now is helping the
economy with aid packages and not by opening it industrial
sector first.
In conclusion, Germany is handling the pandemic fairly well,
but the impact it has on the economy is not yet determined and
we can just hope that we will not experience the worst case
scenario in which the unemployment rate will rise and the
economy will suffer for a long time.
My reflection 250 words: