One of the most burning issues that have dominated the public sphere in Nigeria and other oil exporting countries is the covid-19 pandemic and its attendant challenges. This pandemic is a shock on real economic fundamentals and frictionless of the market. It introduces a barrier between the market forces with strong complementary feedbacks in the real economy. The absence of precise vaccine or medication for the virus has necessitated the adoption of several precautionary measures with the aim of containing its wide spread. Critical among which are the travel restrictions, lockdown measures as well as social and physical distancing. These measures have detrimental effect on the demand and price of oil in the international market. In view of that, this study evaluates the social and economic impact of covid-19 in Nigeria taking into cognisance the effect on certain critical macroeconomic indicators. The study adopted an analytical approach to supplement the much ongoing documentations on the subject matter. Result shows that virtually all essential macroeconomic indicators are grossly affected with tax, remittances and employment exhibiting severe consequences. Also, uncertainty, panics and lockdown measures are key to motivating higher decrease in world demand. The supply disruptions and huge death toll generates a heightened uncertainty and panic for household and business. This uncertainty and panic leads to drop in consumption and investment thereby causing a decrease in corporate cash flows and triggered firm’s bankruptcy. Also, lay-off and exiting firms produce higher unemployment while labour income decreased significantly. Since it entails a large amount of government expenditure especially in the health sector which is required to contain the spread of the virus, there is needs for government to diversify its revenue sources and thus drop over dependency on the oil remittance. Furthermore, there is a need to support the financial system to avoid the health crisis becoming a financial crisis in the long-run.
Economic impact of COVID-19 lock down on small medium enterprise (smes) in la...SubmissionResearchpa
The effect of COVID-19 has negative consequence which has been an invisible enemy raging the entire world populace leading to a global economic crisis. Business across the globe are feeling the negative outcome of the COVID 19 pandemic threatening their ongoing economic daily activities. SMEs in Nigeria are not left out in the share of this negative pandemic, limiting their survival existence. The shutdown of economic activities has greatly affected SMEs in Nigeria. This has led to employees under SMEs lose their jobs. It was concluded that adequate measures needs to be taken by government to cushion the negative effect of COVID 19 in collapsing the existence of SMEs. by Aribisala, and Oluwadamilare Olufolarin 2020. Economic impact of COVID-19 lock down on small medium enterprise (smes) in lagos state. International Journal on Integrated Education. 3, 7 (Jul. 2020), 62-68. DOI:https://doi.org/10.31149/ijie.v3i7.490. https://journals.researchparks.org/index.php/IJIE/article/view/490/467 https://journals.researchparks.org/index.php/IJIE/article/view/490
Coronavirus Impact Assessment And Mitigation Strategies In Agriculture Sector...SlideTeam
This PowerPoint presentation covers the Impact Assessment and Mitigation Strategies in the Agriculture industry. This ppt presentation includes the impact of COVID 19 pandemic on the agriculture sector all over the world causing global trade disturbance. It also covers measures to control outbreaks and Impact on Food Demand and Food Security such as the demand for food has affected due to a reduction in income and purchasing capacity. This PowerPoint presentation has covered agriculture sector overview including Major Impact on Food Transport and Distribution, Impact on Food Demand and Food Security, Projected agriculture sector growth after the COVID 19 outbreak. It also includes COVID 19 Agricultures Income Impacts, how lockdown affected the farmers in INDIA, and IMPACTS OF COVID 19 ON FARMING. This presentation focuses on certain risks in the agricultural sector or industry such as Disruption Due to Social Distancing including Safety Measures in Harvesting, Post harvest Operations, Storage and Marketing of Produce, Social distancing- Worker safety and Personal Protective Equipment PPE and Workers Safety Guidelines. Another risk that we have captured is Plummeting Employee Productivity which includes the Impact Of COVID 19 On Agricultural Field Workers, Loss workers Productivity During COVID 19, and Risks on Productivity of Workers During The COVID 19 Pandemic. It also covers the risk of Stressed Supply Chains including Food Supply Chain Under Strain, Impact of Corona on Supply and demand Side, Exchange Rates- Impact on Exporters, and Urgent increases in food availability from smallholder farmer food production. Another risk that is captured in this PowerPoint presentation is Recession, Unemployment, and Investment Pull-back including Recession Economic Impact on Agriculture World, Change in Rice and Wheat Export Prices, laying off some workers, Impact on Seasonal Workers and Foreign Investors Pull Out Investment. This presentation has also covered Economic Instability and Civil Unrest including Causes on Global Economy Instability, Agriculture Industry Feeling the Economic Instability, and Civil Unrest Due To COVID 19. This PowerPoint presentation also covers the Impact on Agricultural Businesses- Ability to Repay Outstanding Loan Balance, Business Impact Analysis, including Agricultural Risk Assessment Matrix, Risk Priority Worksheet, and Implications on Business due to COVID 19. It also covers Readiness Assessments plan such as Agricultural and Allied Activities Exempted from Lockdown and Agricultural Industry Readiness Assessment checklist. This PowerPoint presentation also includes risk management plans such as Covid 19 Farm Contingency Plan and Post harvest, storage and Marketing of farm produce, policy management, Business continuity strategy, and Rural Workers Lost Jobs During Coronavirus Lockdown Survey Results. https://bit.ly/3ag30Dz
The negative consequences of Covid-19 pandemic from lockdowns of whole countries, travel bans,
and the closure of shops and service points have disrupted the economic and social balance of the whole world.
Consequently, consumer’s buying behavior and their shopping criteria has been negatively affected. In this
research paper we try to find out the changes
The COVID-19 pandemic has severely impacted Bangladesh's economy, especially the critical readymade garment (RMG) industry. Exports from the RMG sector declined by nearly 17% in 2020 due to canceled orders from major importing countries in Europe and America. Millions of RMG workers lost their jobs or were furloughed as factories closed during lockdowns. While garment exports rebounded somewhat in mid-2020, the long-term impacts of the pandemic on the RMG industry and Bangladesh's economy remain uncertain. The study recommends government assistance and policy responses to mitigate damage to the RMG sector and prevent broader economic and social crises.
The OECD interim economic assessment report provides the following key points:
1) The coronavirus outbreak has weakened the global economic outlook, with global GDP growth projected to slow to 2.4% in 2020 from 2.9% in 2019, before recovering to around 3.25% in 2021.
2) China's economy has been significantly impacted by containment efforts, disrupting global supply chains and lowering demand for exports. Other economies are also feeling effects from their own outbreaks.
3) Considerable uncertainty remains around the outlook depending on the duration and spread of the virus. A more prolonged or widespread outbreak would weaken prospects considerably with global growth potentially dropping to 1.5% in 2020.
The document reports on economic indicators in Spain, the Eurozone, the US, and Hong Kong. It notes that in Q1 2020, Spain's GDP contracted 4.1% year-over-year, the worst figure since 2009. Unemployment in Spain rose 8% in April compared to March. Eurozone GDP fell 3.8% quarter-over-quarter in Q1, its largest decline since records began in 1995. US exports and imports both declined in March compared to the previous month, widening the trade deficit. Hong Kong's GDP shrank 8.9% year-over-year in Q1, its worst fall since 1974, with declines in exports, imports, and private consumption.
The document discusses the economic impact of the COVID-19 pandemic. It led to stock market declines, rising unemployment affecting tens of millions of people worldwide, and the risk of a global recession in 2020 according to the IMF. Various sectors were impacted, including automotive, energy, food and agriculture, and retail. Government responses included stimulus packages, tax relief, loan guarantees, and wage subsidies to support economies.
The document provides updates on the Indian economy from various sources:
- The IMF forecasts India's economy will contract by 4.5% in 2020-21, a significant downgrade from its prior estimate of 1.9% growth. Moody's also expects a 3.1% contraction for India in 2020.
- S&P Global Ratings projects India's growth will fall by 5% this fiscal year before rebounding in 2021, while India Ratings expects a 5.3% contraction in India's GDP for fiscal year 2021.
- Exports may recover in the coming months as lockdowns ease, with the Federation of Indian Export Organisations estimating an overall 10% fall in exports for the full fiscal
Economic impact of COVID-19 lock down on small medium enterprise (smes) in la...SubmissionResearchpa
The effect of COVID-19 has negative consequence which has been an invisible enemy raging the entire world populace leading to a global economic crisis. Business across the globe are feeling the negative outcome of the COVID 19 pandemic threatening their ongoing economic daily activities. SMEs in Nigeria are not left out in the share of this negative pandemic, limiting their survival existence. The shutdown of economic activities has greatly affected SMEs in Nigeria. This has led to employees under SMEs lose their jobs. It was concluded that adequate measures needs to be taken by government to cushion the negative effect of COVID 19 in collapsing the existence of SMEs. by Aribisala, and Oluwadamilare Olufolarin 2020. Economic impact of COVID-19 lock down on small medium enterprise (smes) in lagos state. International Journal on Integrated Education. 3, 7 (Jul. 2020), 62-68. DOI:https://doi.org/10.31149/ijie.v3i7.490. https://journals.researchparks.org/index.php/IJIE/article/view/490/467 https://journals.researchparks.org/index.php/IJIE/article/view/490
Coronavirus Impact Assessment And Mitigation Strategies In Agriculture Sector...SlideTeam
This PowerPoint presentation covers the Impact Assessment and Mitigation Strategies in the Agriculture industry. This ppt presentation includes the impact of COVID 19 pandemic on the agriculture sector all over the world causing global trade disturbance. It also covers measures to control outbreaks and Impact on Food Demand and Food Security such as the demand for food has affected due to a reduction in income and purchasing capacity. This PowerPoint presentation has covered agriculture sector overview including Major Impact on Food Transport and Distribution, Impact on Food Demand and Food Security, Projected agriculture sector growth after the COVID 19 outbreak. It also includes COVID 19 Agricultures Income Impacts, how lockdown affected the farmers in INDIA, and IMPACTS OF COVID 19 ON FARMING. This presentation focuses on certain risks in the agricultural sector or industry such as Disruption Due to Social Distancing including Safety Measures in Harvesting, Post harvest Operations, Storage and Marketing of Produce, Social distancing- Worker safety and Personal Protective Equipment PPE and Workers Safety Guidelines. Another risk that we have captured is Plummeting Employee Productivity which includes the Impact Of COVID 19 On Agricultural Field Workers, Loss workers Productivity During COVID 19, and Risks on Productivity of Workers During The COVID 19 Pandemic. It also covers the risk of Stressed Supply Chains including Food Supply Chain Under Strain, Impact of Corona on Supply and demand Side, Exchange Rates- Impact on Exporters, and Urgent increases in food availability from smallholder farmer food production. Another risk that is captured in this PowerPoint presentation is Recession, Unemployment, and Investment Pull-back including Recession Economic Impact on Agriculture World, Change in Rice and Wheat Export Prices, laying off some workers, Impact on Seasonal Workers and Foreign Investors Pull Out Investment. This presentation has also covered Economic Instability and Civil Unrest including Causes on Global Economy Instability, Agriculture Industry Feeling the Economic Instability, and Civil Unrest Due To COVID 19. This PowerPoint presentation also covers the Impact on Agricultural Businesses- Ability to Repay Outstanding Loan Balance, Business Impact Analysis, including Agricultural Risk Assessment Matrix, Risk Priority Worksheet, and Implications on Business due to COVID 19. It also covers Readiness Assessments plan such as Agricultural and Allied Activities Exempted from Lockdown and Agricultural Industry Readiness Assessment checklist. This PowerPoint presentation also includes risk management plans such as Covid 19 Farm Contingency Plan and Post harvest, storage and Marketing of farm produce, policy management, Business continuity strategy, and Rural Workers Lost Jobs During Coronavirus Lockdown Survey Results. https://bit.ly/3ag30Dz
The negative consequences of Covid-19 pandemic from lockdowns of whole countries, travel bans,
and the closure of shops and service points have disrupted the economic and social balance of the whole world.
Consequently, consumer’s buying behavior and their shopping criteria has been negatively affected. In this
research paper we try to find out the changes
The COVID-19 pandemic has severely impacted Bangladesh's economy, especially the critical readymade garment (RMG) industry. Exports from the RMG sector declined by nearly 17% in 2020 due to canceled orders from major importing countries in Europe and America. Millions of RMG workers lost their jobs or were furloughed as factories closed during lockdowns. While garment exports rebounded somewhat in mid-2020, the long-term impacts of the pandemic on the RMG industry and Bangladesh's economy remain uncertain. The study recommends government assistance and policy responses to mitigate damage to the RMG sector and prevent broader economic and social crises.
The OECD interim economic assessment report provides the following key points:
1) The coronavirus outbreak has weakened the global economic outlook, with global GDP growth projected to slow to 2.4% in 2020 from 2.9% in 2019, before recovering to around 3.25% in 2021.
2) China's economy has been significantly impacted by containment efforts, disrupting global supply chains and lowering demand for exports. Other economies are also feeling effects from their own outbreaks.
3) Considerable uncertainty remains around the outlook depending on the duration and spread of the virus. A more prolonged or widespread outbreak would weaken prospects considerably with global growth potentially dropping to 1.5% in 2020.
The document reports on economic indicators in Spain, the Eurozone, the US, and Hong Kong. It notes that in Q1 2020, Spain's GDP contracted 4.1% year-over-year, the worst figure since 2009. Unemployment in Spain rose 8% in April compared to March. Eurozone GDP fell 3.8% quarter-over-quarter in Q1, its largest decline since records began in 1995. US exports and imports both declined in March compared to the previous month, widening the trade deficit. Hong Kong's GDP shrank 8.9% year-over-year in Q1, its worst fall since 1974, with declines in exports, imports, and private consumption.
The document discusses the economic impact of the COVID-19 pandemic. It led to stock market declines, rising unemployment affecting tens of millions of people worldwide, and the risk of a global recession in 2020 according to the IMF. Various sectors were impacted, including automotive, energy, food and agriculture, and retail. Government responses included stimulus packages, tax relief, loan guarantees, and wage subsidies to support economies.
The document provides updates on the Indian economy from various sources:
- The IMF forecasts India's economy will contract by 4.5% in 2020-21, a significant downgrade from its prior estimate of 1.9% growth. Moody's also expects a 3.1% contraction for India in 2020.
- S&P Global Ratings projects India's growth will fall by 5% this fiscal year before rebounding in 2021, while India Ratings expects a 5.3% contraction in India's GDP for fiscal year 2021.
- Exports may recover in the coming months as lockdowns ease, with the Federation of Indian Export Organisations estimating an overall 10% fall in exports for the full fiscal
2020 ends with a world economic contraction above 4%, the biggest GDP decrease since World War 2. Among developed nations, growth comes to a standstill after the renewal of activity in Q3 as a result of the surge in cases and the movement restrictions. Services, especially those related to the hotel and leisure industry, experience the biggest losses. On the other hand, industry is advancing at a steady rhythm as international trade is reactivated.
In the US, the perspectives appear to indicate that the economy will register positive growth in Q4 2020, in spite of the recent surge in Covid-19 cases. In this context, the Fed has improved its growth forecasts and has announced that it will maintain its stimulus policy until there are improvements in employment and inflation reaches the target levels in the medium- to long-term (most likely at the end of 2022).
In the Eurozone, where restrictions have been tighter, a new contraction in GDP in Q4 is expected. Also, the outlook for Q1 2021 indicates that economic activity will not experience any significant growth, in spite of the vaccination campaigns in place by a variety of governments in member states.
In emerging economies, although a slight recovery is expected due to the reactivation of trade and the increase in prices for raw materials, different levels of performance can be observed. China, with the spread of the virus under control, is the country with the best economic data among the main powers. Other Asian economies such as Taiwan or Vietnam forecast annual growth rates close to 2% for 2020. On the other hand, India’s economy has slumped, with a decrease of -7.4%. In South America, the lack of control caused by the pandemic has added to several structural issues that are dragging down some economies (high levels of debt and unemployment), all of which is conditioning future recovery.
Summary The global economic situation
The pandemic caused by Covid 19 and the subsequent health and economic impact led to a 3 3 fall in global GDP in 2020 with China being the only major economy to register positive growth 2 3 After a year of the pandemic, a high level of uncertainty remains about how the future will pan out in both pidemiological and economic terms With good progress in the vaccination
programs and the stimulus measures, a return of confidence is expected, as well as the disappearance of any mobility and activity restrictions This, in turn, should lead to an upturn in growth which, according to the IMF, will reach 6 provided that any virus variants and doubts on the efficiency and safety of the vaccines do not dampen these expectations Recovery will be uneven among countries and in good measure it will depend on their productive structures Those with economies dependent on tourism and
sectors that require greater social contact will feel the negative effects of the crisis for longer
CORONAVIRUS (COVID-19) IMPACT ON VARIOUS INDUSTRIES & POTENTIAL PATHS OF RECO...Mirdul Amin Sarkar
Introduction: The COVID-19 pandemic is going to be the longest health crisis ever being suffered in the modern times. The pandemic has disrupted global supply chains and international trade. More than 100 countries are closing their national borders and the movement of people has come to a screeching halt. The pause in the movement of people is greatly affecting the world economy, as people are staying indoors and major industrial productions has come to a grounding halt. According to an analysis by the UN Department of Economic and Social affairs, the global economy could shrink by upto 1% in 2020 due to the coronavirus pandemic which is lower than the previous forecast of 2.5% growth. The UN also added that the global economy could contract even further if restrictions on economic activities are extended without any adequate fiscal responses.
The coronavirus pandemic is affecting the overall growth of global economy. Some industries are booming in the event of crisis such as Technology, Entertainment industry. Entertainment industry with strong digital presence like Netflix, Amazon prime and technology companies aiding the operations of workplace like videocalling app Zoom are growing significantly in this crisis. Sectors like Groceries, Sanitary & cleaning, Food and beverages, Wholesaling are set to increase due to the pandemic. The corona virus scare has created a huge awareness on hand washing and there is a growing consumers’ inclination towards disinfectants and sanitary products. While some industries are growing with new opportunities, some are stalled and reeling under the lockdown. Tourism and travel industry are completely out of business due to social distancing and travel restrictions. Almost 100 countries over the world have closed their borders and airports have been shut-down for passengers. The airline companies, tourism related business are losing revenue due to the COVID-19 pandemic. Manufacturing sectors are also being closed and the productions are paused due to workers being quarantined in their homes. The agriculture sector is experiencing shortage of labor and fall in agricultural commodity prices. Banking and financial institution will be having hard time in collecting their dues and will be renegotiating credit terms. Banks also won’t be able to gain new deposits during this crisis and thereby affecting its earnings.
The document discusses the economic impact of the COVID-19 pandemic globally and in India. It notes that the pandemic caused an unprecedented health crisis that turned into an economic and societal crisis. In India, sectors like aviation, tourism, automobiles, and real estate were severely affected, while sectors like internet and telecom benefited. The government and RBI announced fiscal and monetary measures respectively to provide relief. Going forward, restarting economic activity, reviving consumer demand, ensuring liquidity, and greater stimulus measures will be needed to recover from the crisis.
The document discusses several topics related to the regional impact of COVID-19:
1) Asia and the Pacific face threats from disruptions to domestic production and significant drops in remittance receipts as overseas lockdowns negatively impact citizens working abroad.
2) Remittances are an important source of income for many households in developing countries, with ADB member economies receiving 43.5% of global remittances in 2019, mostly in South Asia.
3) The African Development Bank has provided $10.2 billion in response funding to support African countries in dealing with the pandemic's impact.
4) GCC countries' economies have been affected by COVID-19 and lower oil prices, but various measures
The economies are integrate with each other and nations need cooperation and coordination among themselves to overcome the economic crisis. Moreover, the nations should co-operate, coordinate and help each other to fight against Coronavirus. Subject to immediate relief from pandemic, the economic recovery from this fatal disease is only possible by 2021. It has already left severe impacts on the global economy and the countries face multiple difficulties to bring it back in a stable condition.
The document summarizes the impacts of COVID-19 on the Bangladeshi economy. It discusses how the pandemic has disrupted livelihoods and reduced incomes. Key sectors like textiles have been affected. The government announced stimulus packages including loans, but the economy is still expected to decline by 3-4%. Challenges in implementing social distancing due to population density are also noted. International assistance is needed to help Bangladesh minimize the pandemic's impacts.
Not a few countries that are experiencing stuttering when facing of the COVID-19pandemic, the high number of victims and the decline in the economy can be regarded as the state's stuttering in responding to the global health crisis. Stuttering that cannot be overcome has the potential to manifest as a failed state.
The COVID-19 pandemic not only caused numerous casualties in almost the entire world, but also caused a very fundamental global transformation, overhauled patterns of human interaction and relations between nations in the world system, and changed the increasingly loose direction of global geopolitics, making each country have sovereignty in looking at the urgency of global collaboration and collaboration. There are at least three transformations that will change the face of the world going forward, namely economic and trade transformation, and international relations and geostrategy.
The IMF also released the countries with the worst economic growth in 2020. Countries in Europe, Latin America, Africa and even the United States were included in the ranks of the list. This poor economic growth is parallel to the uncontrolled spread of the COVID-19 pandemic in these countries. Poor economic growth in 2020 is a form of stuttering in handling COVID-19.
Mercer Capital's Value Focus: Agribusiness | Q4 2019 | Segment: Agriculture T...Mercer Capital
Mercer Capital's Agribusiness Industry newsletter provides perspective on valuation issues. Each newsletter also includes a sector focus, commodity pricing, comparable public company metrics, and key indices of the top agribusinesses.
Global and-spanish economic perspectives Q3 2021 Quarterly Report December 2021JoseLuisSanz9
Global economic situation
The world economys recovery continues although its sustainability isn tassured in a context of pandemic outbreaks and uncertainty about its future evolution, disruptions in supply chains and inflationary pressures on raw materials and energy. The differing vaccination rates and the support policies applied in each country to lessen the pandemic s impact have deepened divergences in growth, mainly between advanced economies and low income countries.
A positive performance is expected in all world regions in 2021, although growth in sub Saharan Africa and the Middle East will be lower than in the rest of the regions. Inadequate access to vaccines and regional political instability are two of the causes of this worse performance.
Mercer Capital's Value Focus: Construction and Building Materials | Q1 2020 |...Mercer Capital
Mercer Capital's Construction Industry newsletter provides a broad range of specialized valuation and transaction advisory services to the construction industry, including residential, commercial, civil, paving, concrete, and more. Each issue includes a segment focus, market overview, mergers and acquisitions review, and more.
OECD: The impact of the Covid-19 outbreak on economic (Presentation)chaganomics
The impact of the Covid-19 outbreak on economic prospects is severe Growth was weak but stabilising until the coronavirus Covid-19 hit. Restrictions on movement of people, goods and services, and containment measures such as factory closures have cut manufacturing and domestic demand sharply in China. The impact on the rest of the world through business travel and tourism, supply chains, commodities and lower confidence is growing.
Covid-19 Following Up On The Immediate Economic Responseaakash malhotra
With india going under a complete lockdown for over a month now, industries and government needs to brace themselves in order to fight against the consequences of covid-19. Right from protecting jobs to supporting different sectors to minimise the impact, there are a lot of preparatory measures that are already under process.
The pharmaceutical sector has been impacted by COVID-19 in several ways. Production of active pharmaceutical ingredients has slowed down due to lockdowns in major producing countries like China and India, resulting in higher costs and less availability of materials. Digital health solutions are gaining popularity as people turn to telemedicine and health apps during the pandemic. The supply and distribution of medicines and medical supplies has also been disrupted. Certain drugs, especially generics, have faced shortages as supply was managed through existing inventory for the first two months of disruptions.
While claiming to learn from the Chinese way of handling the crisis, there is no on-ground action in Pakistan that supports the claim. The Prime Minister denies national lock down despite the fact that without proper lock-down the virus spread trajectory can be rapid resulting in collapse of national health facilities which can bring the national economy to a halt.
World trade is expected to fall sharply in 2020 due to the COVID-19 pandemic. The WTO estimates a decline in merchandise trade volume of between 13-32% under optimistic and pessimistic scenarios. Nearly all regions will suffer double-digit declines in exports and imports. The decline is expected to exceed the trade slump during the 2008-09 global financial crisis. While a recovery is anticipated in 2021, the outlook remains highly uncertain and dependent on controlling the pandemic.
The COVID-19 pandemic is having a severe impact on the Indian economy through both demand and supply-side shocks. On the demand side, sectors like tourism, hospitality, aviation, and retail are facing major declines. Consumption is falling due to job losses and income declines. Supply chains have been disrupted by factory shutdowns in China. Exports are down as key markets like China have slowed. Multilateral agencies have significantly lowered India's growth projections for 2020 and 2021. The Indian government and RBI need to take steps like lowering interest rates, increasing liquidity support, easing credit policies, and increasing fiscal spending to mitigate the economic impacts of the pandemic.
The European Commission forecasts that the Spanish economy will grow 5.9% in 2021, outpacing the EU average growth rate. However, the pandemic will continue affecting the economy in 2021 and 2022. Public debt will decline slightly but remain well above the EU average, and unemployment will remain twice the EU rate, though it will gradually decrease. While growth is expected, the recovery remains dependent on factors like pandemic evolution, vaccine efficacy, tourism recovery, and economic support measures.
WORLD INVESTMENT REPORT 2020 BY UNITED NATIONS CONFERENCE ON TRADE AND DEVELO...MYO AUNG Myanmar
WORLD INVESTMENT REPORT 2020
UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT UNCTAD
ttps://unctad.org/en/pages/newsdetails.aspx?OriginalVersionID=2396&utm_source=CIO+-+General+public&utm_campaign=5e26d15771-EMAIL_CAMPAIGN_2019_05_17_11_42_COPY_01&utm_medium=email&utm_term=0_3d334fa428-5e26d15771-70594621
Global foreign direct investment projected to plunge 40% in 202016 June 2020
COVID-19 causes steep drop in investment flows, hitting developing countries hardest. Recovery is not expected before 2022, says new UNCTAD report.
Running head IMPACT OF COVID 19 ON TOURSIM INDUSTRY OF UAE1.docxwlynn1
Running head: IMPACT OF COVID 19 ON TOURSIM INDUSTRY OF UAE1
IMPACT OF COVID 19 ON TOURSIM INDUSTRY OF UAE 5
IMPACT OF COVID 19 ON TOURSIM INDUSTRY OF UAE
STUDENT’S NAME
PROFESSOR’S NAME
COLLEGE
DATE
Abstract
The major source of economic stabilization in Middle East countries is oil production and export. The recent pandemic is causing turbulence to the economies of the Middle East region. A sudden drop in domestic and external demand for goods and products especially crude oil, downfall in the crude oil prices, halts in the production due to labor shortage are some of the major impacts observed in the region. Additionally, falling consumer confidence coupled with the tightened financial condition is also decreasing the economic activities in the region. The World Travel and Tourism Council have warned the COVID-19 pandemic could cut 50 million jobs worldwide in the travel and tourism industry.Once the outbreak is over, it could take up to 10 months for the industry to recover. The tourism industry currently accounts for 10% of global GDP. The UAE economy derives much from its tourism industry. Studies project the travel and tourism industry will contribute about Dh312.4 billion to the UAE’s GDP by 2027. It is apparent that the industry and its employees are the backbone of the economy. But if businesses in this industry don’t receive immediate aid from the government, the chances of them surviving the coronavirus outbreak are slim even though they were growing at a commendable rate before the outbreak (Hill, 2020). The corona virus epidemic is putting up to 50 million jobs in the global travel and tourism sector at risk, with travel likely to slump by a quarter this year. The United Arab Emirates has implemented a travel ban on non-Emiratis residents, reduced customs fees and municipality fees, cut interest rates and is rolling out a $27 billion stimulus package to attempt to reduce the impact of the corona virus on the economy. With tens of thousands infected across the region and thousands of lives lost, it is clear that Covid-19 will exacerbate governance failures, sectarianism, tensions between secularists and Islamists, and deepens economic cleavages within and between the states. The United Arab Emirates began implementing social distancing measures whilst the virus was still at its infancy.
The impact would be felt most on the economic front as capital markets tumble, tourists evaporate in the midst of a ban on flights and lockdowns, and oil prices contract. Chinese buyers are involved in a significant portion of real estate transactions in the UAE. With China still recovering from the virus, these Chinese buyers have postponed making new purchases. Given the vast economy of UAE with its glut of property, even before the virus, this city-state is confronting economic catastrophe. With the UAE cancelling its Expo 2020and Saudi Arabia not allowing the annual haj pilgrimage to take place, hundreds of millions of dollars were lo.
2020 ends with a world economic contraction above 4%, the biggest GDP decrease since World War 2. Among developed nations, growth comes to a standstill after the renewal of activity in Q3 as a result of the surge in cases and the movement restrictions. Services, especially those related to the hotel and leisure industry, experience the biggest losses. On the other hand, industry is advancing at a steady rhythm as international trade is reactivated.
In the US, the perspectives appear to indicate that the economy will register positive growth in Q4 2020, in spite of the recent surge in Covid-19 cases. In this context, the Fed has improved its growth forecasts and has announced that it will maintain its stimulus policy until there are improvements in employment and inflation reaches the target levels in the medium- to long-term (most likely at the end of 2022).
In the Eurozone, where restrictions have been tighter, a new contraction in GDP in Q4 is expected. Also, the outlook for Q1 2021 indicates that economic activity will not experience any significant growth, in spite of the vaccination campaigns in place by a variety of governments in member states.
In emerging economies, although a slight recovery is expected due to the reactivation of trade and the increase in prices for raw materials, different levels of performance can be observed. China, with the spread of the virus under control, is the country with the best economic data among the main powers. Other Asian economies such as Taiwan or Vietnam forecast annual growth rates close to 2% for 2020. On the other hand, India’s economy has slumped, with a decrease of -7.4%. In South America, the lack of control caused by the pandemic has added to several structural issues that are dragging down some economies (high levels of debt and unemployment), all of which is conditioning future recovery.
Summary The global economic situation
The pandemic caused by Covid 19 and the subsequent health and economic impact led to a 3 3 fall in global GDP in 2020 with China being the only major economy to register positive growth 2 3 After a year of the pandemic, a high level of uncertainty remains about how the future will pan out in both pidemiological and economic terms With good progress in the vaccination
programs and the stimulus measures, a return of confidence is expected, as well as the disappearance of any mobility and activity restrictions This, in turn, should lead to an upturn in growth which, according to the IMF, will reach 6 provided that any virus variants and doubts on the efficiency and safety of the vaccines do not dampen these expectations Recovery will be uneven among countries and in good measure it will depend on their productive structures Those with economies dependent on tourism and
sectors that require greater social contact will feel the negative effects of the crisis for longer
CORONAVIRUS (COVID-19) IMPACT ON VARIOUS INDUSTRIES & POTENTIAL PATHS OF RECO...Mirdul Amin Sarkar
Introduction: The COVID-19 pandemic is going to be the longest health crisis ever being suffered in the modern times. The pandemic has disrupted global supply chains and international trade. More than 100 countries are closing their national borders and the movement of people has come to a screeching halt. The pause in the movement of people is greatly affecting the world economy, as people are staying indoors and major industrial productions has come to a grounding halt. According to an analysis by the UN Department of Economic and Social affairs, the global economy could shrink by upto 1% in 2020 due to the coronavirus pandemic which is lower than the previous forecast of 2.5% growth. The UN also added that the global economy could contract even further if restrictions on economic activities are extended without any adequate fiscal responses.
The coronavirus pandemic is affecting the overall growth of global economy. Some industries are booming in the event of crisis such as Technology, Entertainment industry. Entertainment industry with strong digital presence like Netflix, Amazon prime and technology companies aiding the operations of workplace like videocalling app Zoom are growing significantly in this crisis. Sectors like Groceries, Sanitary & cleaning, Food and beverages, Wholesaling are set to increase due to the pandemic. The corona virus scare has created a huge awareness on hand washing and there is a growing consumers’ inclination towards disinfectants and sanitary products. While some industries are growing with new opportunities, some are stalled and reeling under the lockdown. Tourism and travel industry are completely out of business due to social distancing and travel restrictions. Almost 100 countries over the world have closed their borders and airports have been shut-down for passengers. The airline companies, tourism related business are losing revenue due to the COVID-19 pandemic. Manufacturing sectors are also being closed and the productions are paused due to workers being quarantined in their homes. The agriculture sector is experiencing shortage of labor and fall in agricultural commodity prices. Banking and financial institution will be having hard time in collecting their dues and will be renegotiating credit terms. Banks also won’t be able to gain new deposits during this crisis and thereby affecting its earnings.
The document discusses the economic impact of the COVID-19 pandemic globally and in India. It notes that the pandemic caused an unprecedented health crisis that turned into an economic and societal crisis. In India, sectors like aviation, tourism, automobiles, and real estate were severely affected, while sectors like internet and telecom benefited. The government and RBI announced fiscal and monetary measures respectively to provide relief. Going forward, restarting economic activity, reviving consumer demand, ensuring liquidity, and greater stimulus measures will be needed to recover from the crisis.
The document discusses several topics related to the regional impact of COVID-19:
1) Asia and the Pacific face threats from disruptions to domestic production and significant drops in remittance receipts as overseas lockdowns negatively impact citizens working abroad.
2) Remittances are an important source of income for many households in developing countries, with ADB member economies receiving 43.5% of global remittances in 2019, mostly in South Asia.
3) The African Development Bank has provided $10.2 billion in response funding to support African countries in dealing with the pandemic's impact.
4) GCC countries' economies have been affected by COVID-19 and lower oil prices, but various measures
The economies are integrate with each other and nations need cooperation and coordination among themselves to overcome the economic crisis. Moreover, the nations should co-operate, coordinate and help each other to fight against Coronavirus. Subject to immediate relief from pandemic, the economic recovery from this fatal disease is only possible by 2021. It has already left severe impacts on the global economy and the countries face multiple difficulties to bring it back in a stable condition.
The document summarizes the impacts of COVID-19 on the Bangladeshi economy. It discusses how the pandemic has disrupted livelihoods and reduced incomes. Key sectors like textiles have been affected. The government announced stimulus packages including loans, but the economy is still expected to decline by 3-4%. Challenges in implementing social distancing due to population density are also noted. International assistance is needed to help Bangladesh minimize the pandemic's impacts.
Not a few countries that are experiencing stuttering when facing of the COVID-19pandemic, the high number of victims and the decline in the economy can be regarded as the state's stuttering in responding to the global health crisis. Stuttering that cannot be overcome has the potential to manifest as a failed state.
The COVID-19 pandemic not only caused numerous casualties in almost the entire world, but also caused a very fundamental global transformation, overhauled patterns of human interaction and relations between nations in the world system, and changed the increasingly loose direction of global geopolitics, making each country have sovereignty in looking at the urgency of global collaboration and collaboration. There are at least three transformations that will change the face of the world going forward, namely economic and trade transformation, and international relations and geostrategy.
The IMF also released the countries with the worst economic growth in 2020. Countries in Europe, Latin America, Africa and even the United States were included in the ranks of the list. This poor economic growth is parallel to the uncontrolled spread of the COVID-19 pandemic in these countries. Poor economic growth in 2020 is a form of stuttering in handling COVID-19.
Mercer Capital's Value Focus: Agribusiness | Q4 2019 | Segment: Agriculture T...Mercer Capital
Mercer Capital's Agribusiness Industry newsletter provides perspective on valuation issues. Each newsletter also includes a sector focus, commodity pricing, comparable public company metrics, and key indices of the top agribusinesses.
Global and-spanish economic perspectives Q3 2021 Quarterly Report December 2021JoseLuisSanz9
Global economic situation
The world economys recovery continues although its sustainability isn tassured in a context of pandemic outbreaks and uncertainty about its future evolution, disruptions in supply chains and inflationary pressures on raw materials and energy. The differing vaccination rates and the support policies applied in each country to lessen the pandemic s impact have deepened divergences in growth, mainly between advanced economies and low income countries.
A positive performance is expected in all world regions in 2021, although growth in sub Saharan Africa and the Middle East will be lower than in the rest of the regions. Inadequate access to vaccines and regional political instability are two of the causes of this worse performance.
Mercer Capital's Value Focus: Construction and Building Materials | Q1 2020 |...Mercer Capital
Mercer Capital's Construction Industry newsletter provides a broad range of specialized valuation and transaction advisory services to the construction industry, including residential, commercial, civil, paving, concrete, and more. Each issue includes a segment focus, market overview, mergers and acquisitions review, and more.
OECD: The impact of the Covid-19 outbreak on economic (Presentation)chaganomics
The impact of the Covid-19 outbreak on economic prospects is severe Growth was weak but stabilising until the coronavirus Covid-19 hit. Restrictions on movement of people, goods and services, and containment measures such as factory closures have cut manufacturing and domestic demand sharply in China. The impact on the rest of the world through business travel and tourism, supply chains, commodities and lower confidence is growing.
Covid-19 Following Up On The Immediate Economic Responseaakash malhotra
With india going under a complete lockdown for over a month now, industries and government needs to brace themselves in order to fight against the consequences of covid-19. Right from protecting jobs to supporting different sectors to minimise the impact, there are a lot of preparatory measures that are already under process.
The pharmaceutical sector has been impacted by COVID-19 in several ways. Production of active pharmaceutical ingredients has slowed down due to lockdowns in major producing countries like China and India, resulting in higher costs and less availability of materials. Digital health solutions are gaining popularity as people turn to telemedicine and health apps during the pandemic. The supply and distribution of medicines and medical supplies has also been disrupted. Certain drugs, especially generics, have faced shortages as supply was managed through existing inventory for the first two months of disruptions.
While claiming to learn from the Chinese way of handling the crisis, there is no on-ground action in Pakistan that supports the claim. The Prime Minister denies national lock down despite the fact that without proper lock-down the virus spread trajectory can be rapid resulting in collapse of national health facilities which can bring the national economy to a halt.
World trade is expected to fall sharply in 2020 due to the COVID-19 pandemic. The WTO estimates a decline in merchandise trade volume of between 13-32% under optimistic and pessimistic scenarios. Nearly all regions will suffer double-digit declines in exports and imports. The decline is expected to exceed the trade slump during the 2008-09 global financial crisis. While a recovery is anticipated in 2021, the outlook remains highly uncertain and dependent on controlling the pandemic.
The COVID-19 pandemic is having a severe impact on the Indian economy through both demand and supply-side shocks. On the demand side, sectors like tourism, hospitality, aviation, and retail are facing major declines. Consumption is falling due to job losses and income declines. Supply chains have been disrupted by factory shutdowns in China. Exports are down as key markets like China have slowed. Multilateral agencies have significantly lowered India's growth projections for 2020 and 2021. The Indian government and RBI need to take steps like lowering interest rates, increasing liquidity support, easing credit policies, and increasing fiscal spending to mitigate the economic impacts of the pandemic.
The European Commission forecasts that the Spanish economy will grow 5.9% in 2021, outpacing the EU average growth rate. However, the pandemic will continue affecting the economy in 2021 and 2022. Public debt will decline slightly but remain well above the EU average, and unemployment will remain twice the EU rate, though it will gradually decrease. While growth is expected, the recovery remains dependent on factors like pandemic evolution, vaccine efficacy, tourism recovery, and economic support measures.
WORLD INVESTMENT REPORT 2020 BY UNITED NATIONS CONFERENCE ON TRADE AND DEVELO...MYO AUNG Myanmar
WORLD INVESTMENT REPORT 2020
UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT UNCTAD
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Global foreign direct investment projected to plunge 40% in 202016 June 2020
COVID-19 causes steep drop in investment flows, hitting developing countries hardest. Recovery is not expected before 2022, says new UNCTAD report.
Running head IMPACT OF COVID 19 ON TOURSIM INDUSTRY OF UAE1.docxwlynn1
Running head: IMPACT OF COVID 19 ON TOURSIM INDUSTRY OF UAE1
IMPACT OF COVID 19 ON TOURSIM INDUSTRY OF UAE 5
IMPACT OF COVID 19 ON TOURSIM INDUSTRY OF UAE
STUDENT’S NAME
PROFESSOR’S NAME
COLLEGE
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Abstract
The major source of economic stabilization in Middle East countries is oil production and export. The recent pandemic is causing turbulence to the economies of the Middle East region. A sudden drop in domestic and external demand for goods and products especially crude oil, downfall in the crude oil prices, halts in the production due to labor shortage are some of the major impacts observed in the region. Additionally, falling consumer confidence coupled with the tightened financial condition is also decreasing the economic activities in the region. The World Travel and Tourism Council have warned the COVID-19 pandemic could cut 50 million jobs worldwide in the travel and tourism industry.Once the outbreak is over, it could take up to 10 months for the industry to recover. The tourism industry currently accounts for 10% of global GDP. The UAE economy derives much from its tourism industry. Studies project the travel and tourism industry will contribute about Dh312.4 billion to the UAE’s GDP by 2027. It is apparent that the industry and its employees are the backbone of the economy. But if businesses in this industry don’t receive immediate aid from the government, the chances of them surviving the coronavirus outbreak are slim even though they were growing at a commendable rate before the outbreak (Hill, 2020). The corona virus epidemic is putting up to 50 million jobs in the global travel and tourism sector at risk, with travel likely to slump by a quarter this year. The United Arab Emirates has implemented a travel ban on non-Emiratis residents, reduced customs fees and municipality fees, cut interest rates and is rolling out a $27 billion stimulus package to attempt to reduce the impact of the corona virus on the economy. With tens of thousands infected across the region and thousands of lives lost, it is clear that Covid-19 will exacerbate governance failures, sectarianism, tensions between secularists and Islamists, and deepens economic cleavages within and between the states. The United Arab Emirates began implementing social distancing measures whilst the virus was still at its infancy.
The impact would be felt most on the economic front as capital markets tumble, tourists evaporate in the midst of a ban on flights and lockdowns, and oil prices contract. Chinese buyers are involved in a significant portion of real estate transactions in the UAE. With China still recovering from the virus, these Chinese buyers have postponed making new purchases. Given the vast economy of UAE with its glut of property, even before the virus, this city-state is confronting economic catastrophe. With the UAE cancelling its Expo 2020and Saudi Arabia not allowing the annual haj pilgrimage to take place, hundreds of millions of dollars were lo.
Promoting Export-Led Economic Growth in Nigeria –The Export Processing Zone O...inventionjournals
The volatility in crude oil production in Nigeria, which in recent times, have been heightened by militant attacks on critical oil installations in the Niger Delta area and the continued price spiral in international oil market has once again brought to the front burner anxieties about the future of the oil sector in the Nigerian economy. The unfolding scenario has again exposed the Nigerian economy to downside risks of volatility in oil prices with attendant consequences and multiple effects on the economy and businesses as well.. Since the third quarter of 2015, fallen prices of crude oil and fluctuations in crude oil production in Nigeria have conspired to put the country’s economy in dire straits. The oil price has fallen by more than 50 percent since June 2014, when it was $115 a barrel. It is now consistently below $50 and has been as low as $37. These developments have put the nation’s fiscal operations in quandary. The government has rightly responded by putting in place various fiscal and monetary measures to stem the tide. The federal government has adopted some austere measures to cushion the effect of the persistent drop in revenue. However, the implementation of these short-term measures to shore up revenue could be impeded by political exigencies which often times overrides economic rationality. Thus, a more comprehensive and alternative approach that will promote non-oil export will be a better option. To this end, the authors recommend the revitalization and retooling of the Export Processing Zone (EPZ) Scheme in order to effectively diversify the economy away from oil to an export-led economy.
The Republic of Angola is an African country that declared independence from Portugal in 1975. It has a population of over 30 million and relies heavily on its oil and diamond industries. The emergence of COVID-19 has negatively impacted Angola's economy by reducing oil prices and revenues, slowing other key sectors like construction, and increasing inflation. In response, Angola needs to implement an immediate action plan to prioritize health, support businesses, and diversify its economy in order to stabilize and promote recovery.
Global economic outlook due to covid 19M S Siddiqui
Global coordination and cooperation-of the measures needed to slow the spread of the pandemic, and of the economic actions needed to alleviate the economic damage, including international support-provide the greatest chance of achieving public health goals and enabling a robust global recovery.
The presentation summarizes the impact of the COVID-19 pandemic on businesses globally. It led to an unprecedented shock worldwide, stopping global progress. There were massive revenue losses, business closures, layoffs and liquidity issues. The negative impact on sales was large and persistent across firms. Most businesses adjusted employment through reducing hours and wages rather than layoffs. There was significant heterogeneity in the effects across countries, with smaller firms facing more financial constraints.
ANALYSIS OF ALL SECTORS OF INDIAN ECONOMY.
An analysis of the consumer retail sector (including food and beverage, apparel and footwear, beauty), automotive, travel, and hospitality services.
The document provides an overview of Kenya's macroeconomic environment and fiscal budget for 2020/21, which has been significantly impacted by the COVID-19 pandemic. It summarizes that the global economy is projected to contract sharply in 2020 due to the pandemic. Kenya's GDP growth is also expected to decline sharply to about 2.3% from 5.4% in 2019. The pandemic has adversely affected key sectors in Kenya like tourism, trade, manufacturing, and agriculture. The fiscal budget for 2020/21 has been adjusted downwards to KSHS 2.7 trillion to create fiscal space in light of lower revenue projections and the President's KSHS 53.7 billion stimulus package focuses on boosting key sectors to mitigate the
The coronavirus pandemic is disrupting global supply chains and international trade, causing the global economy to shrink by up to 1% in 2020 according to UN estimates. Under a best case scenario where declines in private consumption, investment and exports are offset by government spending increases, global growth would fall to 1.2%. However, under a worst case scenario where demand falls sharply in major economies like China, Japan, South Korea, the US and EU, the global economy could contract by 0.9%. Industries relying on long distance travel like air transport are expected to face revenue losses between $63-113 billion.
THE IMPACT OF COVID-19 ON THE JORDANIAN ECONOMY AND ENTERPRISESectijjournal
This study investigates the impact of Covid-19 on Jordan's economic climate as well as Jordanian
enterprises. Starting with observing the procedures taken by the government of Jordan, then a discussion
and overview of the economic effect of the epidemic, and finally a discussion of the impact of COVID-19 on
enterprises in Jordan. The Results of this paper conclude that there is an economic impact of coronavirus
across the whole country. The impact is determined not only by the ramifications of the virus's spread on
the larger economy but also by the form of the government's reaction, which includes mobility restrictions
and other emergency measures, as well as Jordan's main development partners' support and the indirect
impacts caused by companies' responses to problems they have experienced, such as layoffs and wage
reductions to save expenses, when reporting repercussions. The study covers a period of two years from
2019 to 2020.
Impact of COVID 19 on the Aviation Industry in Nigeriaijtsrd
This paper is a timely examination of the novel Corona Virus Covid 19 that is currently ravaging the entire world. The main objective of this research is to study the impact of this global pandemic on the aviation sector in Nigeria. The methodology adopted is basically qualitative, explorative and analytical in nature, involving the use of secondary data via journal publications, government official documents, health authorities’ data and internet materials. This due to the fact that the virus is novel and very recent. The study found out that the Covid 19 pandemic has thrown the entire global economic, political and social systems into turmoil. The Nigerian economy and aviation sector in particular, has been in a meltdown, which had been thrown into a huge crisis. Some of the negative impacts of the scourge on the Nigerian aviation industry include closure of airports and banning of flights, increasing industry debt profile, negative impact on tourism, increased competitive pricing and severe loss of jobs. In terms of future prognosis, it will be quite a while before the sector recovers and whenever it re opens, the most immediate visible change will be social distancing, touch less travel with passengers needing to be fit to travel. The turnaround time for local and international travels will increase as aircraft will be need to sanitize each time the planes land. Furthermore, there will be increased movement towards the digital space and most of the flight operations will be on digital platforms. Siyan, Peter | Adegoriola, Adewale E | Agunbiade, Olabode "Impact of COVID-19 on the Aviation Industry in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-5 , August 2020, URL: https://www.ijtsrd.com/papers/ijtsrd31787.pdf Paper Url :https://www.ijtsrd.com/economics/other/31787/impact-of-covid19-on-the-aviation-industry-in-nigeria/siyan-peter
This presentation contains the positive and negative impacts regarding corona. I made it from various resources and wanted it share it publicly, so that others can also use it.
IMF World Economic Outlook - April 2020 (as updated by June 2020 Forecast)DVSResearchFoundatio
Key Takeaways:
- Global Prospects and Policies
- Deep Downturn in 2020 and Uncertain Recovery in 2021
- Policy Tracker on Responses to COVID-19
- Commodity Market Development and Forecasts
- Global Government Debt and Fiscal Deficits
Effects of Covid 19 Pandemic on International Financial ManagementYogeshIJTSRD
The COVID 19 pandemic and the oil crisis have caused the constant depreciation of the currency in emerging countries to accelerate cause instability in the global financial market. Prices of risk assets have dropped harshly ever since the pandemic’s eruption. However, COVID 19 measures have brought about some positive effects on stakeholders of international financial management. Central banks will remain crucial to safeguarding the stability of global financial markets and maintaining the flow of credit to the economy. Financial, monetary, and fiscal policies should aim to reduce the impact of the coronavirus COVID 19 and ensure a stable, sustainable recovery once the epidemic is controlled. Ongoing international coordination will be essential to support vulnerable countries, restore market confidence, and reduce financial stability risks. Chi-Koffi Linda Christelle Yapo | Wang Weidong "Effects of Covid-19 Pandemic on International Financial Management" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-3 , April 2021, URL: https://www.ijtsrd.com/papers/ijtsrd39798.pdf Paper URL: https://www.ijtsrd.com/economics/international-economics/39798/effects-of-covid19-pandemic-on-international-financial-management/chikoffi-linda-christelle-yapo
The document discusses the economic impact of the COVID-19 pandemic on Sri Lanka and provides recommendations. It finds that the Sri Lankan economy is expected to grow at only 2.2% in 2020 due to the pandemic, down from previous estimates of 4.5-5%, and that a recession is possible globally. Key sectors like tourism, apparel and textiles, construction and retail will be severely impacted. It recommends that Sri Lanka establish an economic task force and provide tax incentives to export industries to attract investment and foreign exchange. The Sri Lankan government has announced an economic stimulus package including debt moratoriums and loans to support businesses during this difficult time.
The document discusses the effects of the recent decline in oil prices on different regions and countries. It finds that net oil exporting nations like those in Africa will see decreased revenues, currency devaluations, and limitations on public spending and GDP growth. Gulf states are generally better prepared to handle low prices due to sovereign wealth funds. Europe benefits as a net oil importer with lower costs. Russia is negatively impacted due to its heavy reliance on oil revenues.
The document discusses the impact of COVID-19 on selected sectors of the Indian stock market. It notes that the aviation, financial, and automobile sectors were hit hardest. Aviation stocks like SpiceJet and IndiGo declined significantly due to reduced domestic and international traffic. Pharmaceutical stocks increased in value due to higher demand for medicines to fight COVID-19, with Sun Pharma and Dr. Reddy's Laboratory's shares performing well. Automobile sales dropped sharply, especially for commercial vehicles, with only tractor sales holding steady. The pandemic significantly impacted major sectors of the Indian economy and stock market.
The document provides an economic update from the Young Fabian Economy & Finance Network. It summarizes recent economic developments in the UK and risks facing the global economy. Business and consumer confidence had risen in the UK after the election but are expected to be impacted by Covid-19. Stock markets worldwide plunged due to the oil price war between Saudi Arabia and Russia exacerbating fears around Covid-19. Global supply chains have been disrupted and key industries like travel, automotive and electronics have been affected. Most major economies are expected to see reduced growth in 2020 due to the virus.
After a sluggish recovery in 2021 pressured by the outbreak of the Delta variant, CLMV economies are expected to see a stronger recovery in 2022 supported by higher vaccination rates, resilient exports, and a gradual return of international tourists.
On the domestic front, higher vaccination rates have allowed authorities to relax lockdown measures, supporting a gradual domestic demand recovery. Officially confirmed COVID-19 cases have plummeted in Cambodia and Myanmar, while Laos and Vietnam have seen steady declines. Recent COVID-19 restrictions have been less stringent than in the past as CLMV economies adapt to living with COVID-19 and resort to partial lockdowns instead of nationwide lockdowns. Additional fiscal stimulus is expected to shore up domestic demand in Cambodia and Vietnam due to their adequate fiscal space, whereas Laos and Myanmar’s space for fiscal stimulus are more limited. Nonetheless, scarring effects from the pandemic would remain a drag on economic activity particularly through elevated unemployment rates and weakening household incomes.
On the external front, continued global economic growth and border reopening should underpin external demand recovery, supporting exports and foreign investment. CLMV exports are expected to see continued growth in 2022, albeit at a slower pace than 2021, as global demand for goods remains resilient especially for electronics and work-from-home products related to new lifestyles. With a lower economic uncertainty, FDI inflows should gradually return to the region aided by easing border restrictions and shortened quarantine requirements. Foreign trade and investment into the region would also benefit from RCEP which became effective in January. Despite that, the Omicron outbreak remains uncertain, and a prolonged spread would pose downside risks for external demand through possible supply chain disruptions.
Border reopening would also allow tourists to return gradually, with stronger growth expected in the second half of 2022 as Omicron concerns abate. However, Chinese tourists, which constitute a dominant share of international tourism in the region, are still barred by tight border restrictions. With China’s Zero-Covid policy and high transmissibility of the Omicron variant, EIC believes China’s border reopening for international tourism will be delayed to late-2022 or may be put off until 2023.
Factors to watch for CLMV economies in 2022 include 1) the Omicron variant or other emerging variants and risks of additional outbreaks, 2) vaccination progress and plans to ease border and mobility restrictions, and 3) fiscal and financial stability, particularly in Laos and Myanmar, amid higher public debt burden and monetary tightening in developed economies. Country-specific factors are also important to monitor, including the political situation in Myanmar and the recent opening of the Boten-Vientiane railway in Laos.
The story of Nigeria's 2016 currency crisis fits within the first generation theory of currency crises. Nigeria's economy is heavily dependent on oil exports, which account for over 80% of government revenue. When oil prices dropped significantly in 2015, Nigeria's currency, the naira, came under pressure. To defend the currency peg, the central bank sold foreign reserves heavily, depleting reserves. Restrictions on access to foreign currency hurt the private sector. Ultimately, the central bank abandoned the peg in 2016, leading to a large devaluation of the naira.
Similar to Socioeconomic Impact of COVID-19 in Oil Exporting Countries: An Analytical Review of the Macroeconomic Indicators in Nigeria (20)
The study of spatial socio-economic development constitutes a significant field of analysis of innovation creation and diffusion. Understanding the spatial evolution of the different socio-economic systems in the age of globalization requires a synthesizing and integrated theoretical approach to how innovation is generated and replicated. This article aims to study three significant spatial socio-economic development theories –the growth poles, the clusters, and the business ecosystems. A literature review reveals that (a) the concept of growth poles concerns mostly the analysis of spatial polarization between specific territories and regions, (b) the clusters concept addresses the issue of developed inter-industrial competition and co-operation from a meso-level perspective, and (c) the analytical field of business ecosystems provides an evolutionary approach that can be valorized for all co-evolving spatial socio-economic organizations. In this context, an eclectically interventional mechanism to strengthen innovation is suggested. The Institutes of Local Development and Innovation (ILDI) policy is proposed for all firms and business ecosystems, of every size, level of spatial development, prior knowledge, specialization, and competitive ability. The ILDI is presented as an intermediate organization capable of diagnosing and enhancing the firm’s physiology in structural Stra.Tech.Man terms (strategy-technology-management synthesis).
The formulation and implementation of development plans serve as the benchmark for evaluating economic progress in different sectors of an economy. Since independence, successive administrations in Nigeria have paraded different economic development plans. At the continental level also, several development programmes have been articulated for driving development in the countries of Africa. Many times, supposed laudable economic programmes have failed to identify with the interest of citizens, largely due to poor communication of such programmes. This study investigated citizens’ participation in the implementation of Nigeria’s Vision 20:2020. Among others, the study asked the following questions: to what extent are Nigerian citizens aware goals of Vision 20:2020 economic blueprint? What were the media used in popularising Nigeria’s Vision 20:2020 economic blueprint? The study was anchored on the Participatory Development theory. The survey research design was used to study a population of 84, 004, 084 from which a sample size of 384 respondents was drawn. The sample was based on Keyton’s sampling system. Findings of the study showed that many citizens of Nigeria do not understand the goals of Vision 20:2020. It was also found out that many citizens of Nigeria cannot identify development projects executed in line with the goals of Vision 20:2020. Based on these findings, the study recommended, among other things, that the Nigerian government should partner with civil society organisations to popularise the goals of Vision 20:2020. It was also recommended that citizens of Nigeria should be encouraged to participate in the formulation and implementation of development programmes.
The central purpose of the study is to evaluate the programs, project planning and management in Ethiopian Red Cross society and its comparison with procedures of project planning and management system. The study found that Ethiopian Red Cross society has been working on a lot of community development projects in Ethiopia for several decades. Most projects were principally emphasized on disaster and risk reduction. Different organizations use diverse project procedures to achieve the anticipated objectives. This also true for the Ethiopian Red Cross society projects. The Ethiopian Red Cross society had integrated some unique style of project planning and management system in its project. Thus, there was no total departure in the whole system of project development phases. Every cycle of the project life spans are used beginning from the point of concept initiation to final implementation and closure phases.
Although Africa’s contribution to the world’s greenhouse gas emission is the smallest compared to other continents, yet they tend to be affected most by the variability in Climate. Malawi is not an exception to this climate change, as they are not just faced with rising temperatures and variable rainfall patterns, but with reoccurring droughts and severe flooding. Agriculture has been noted to contribute significantly to not only climate change but also has significant impacts on global warming through its greenhouse gas emissions. Nevertheless, not all farming systems impact negatively on climate change. Conservation Agriculture is a farming system that encourages no or minimum soil disturbance, maintenance of a permanent soil cover, and diversification of crop species. These three interlinked principles combined with good agricultural practices promote biodiversity and normal biotic processes, both on and under the ground surface, thereby increasing the productivity and nutrient use efficiency of water, into a more resilient farming system which will help sustain and improve agricultural production. This review looks at Conservation Agriculture practices in the Machinga Agricultural Development Division of Malawi and its role in climate change mitigation and adaptation. This paper shows that Conservation Agriculture has played an active role in the adaptation and mitigation of climate change effect by reducing atmospheric greenhouse gas emissions but suggested there is a need for the government to formulate a CA framework that is founded on the three interlinked principles and not just based on soil and water conservation principles which are currently being advocated and practised.
The study was conducted on issues affecting the academic achievement of female students in selected primary schools of Jimma Arjo woreda while its objective was to investigate the major factors that affect the academic achievements of female students in primary schools of four sampled primary schools/Arjo primary school, Andinnet, Arbi-gebeya and Wayu Warke primary schools. Female students academic achievements show an upgrading from time to time, but still the rise is delicate when contrast to males. The finding identified the five broad categories, Family related, school related, socio-economic related, cultural related were the major factors that affect the academic achievements of females’ education. The common issues household responsibilities, low awareness of parents towards females education, parents financial problems, parents education level, lack of school facilities, school distance, the nature of teacher student relationship, the study behavior female students implement, teaching method teachers use, early marriage, less avails of role models are the main reasons for squat academic achievements of female students on education. To alleviate these upward parents awareness to wards the benefit of educating females, motivating female students, providing financial supports for the poor female students, improving school facilities and protecting female from abduction and early marriage/from any harmful traditions were recommended.
The economic loss of timber caused by over stumps and defects is an essential issue in forest science but study regarding this is very limited in Nepal. Thus, this research was objectively conducted to assess the volume of timber loss and associated monetary loss caused by over stumps and defects in logs and reason behind this. Three community forests namely Deurali, Jay Durga and Raniphanta community forests were selected for this research. Total enumeration was done so 375 stumps and 224 defected logs were measured from15 March to 15 April, 2019. The height and diameter at the butt end were measured using simple tape and D-tape respectively. Additionally, the length and diameter of defects in log was recorded. Total thirty key informant interviews and three focus group discussions were organized to assess the major causes of over stumps and defects. The timber volume loss caused by over stumps was calculated using cylindrical volume formula and volume loss caused by defect was calculated using formula, i.e. gross volume - net volume. The price of wood was collected from community forest to calculate the monetary value of timber loss. The principal component analysis was applied to assess the major causes of over stumps and defect in log. The highest total volume loss was recorded around 15.217 m3 (28.49%) caused by over stumps and out of this, it was 53.41 m3 timber loss in Deurali community forest. The loss due to defects in tree was ranged from 128.57 to 284.21 m3 in the community forests. The monetary value of loss caused by over stump was US$ 6971.14 of Shorea robusta in Deurali community forest and it was US$ 8100.52 because of defect. The principal component analysis showed that use of saw and axe for felling the trees in the community forests was considered as highest factor of over stump and diseases and over mature trees were key factors of wood defect. The research will be useful for policy makers and scientific community to monitor the timber loss.
Background: The role of the pharmaceutical industry in a country such as Nigeria in the provision of safe, high quality and efficacious pharmaceutical products to meet the healthcare need of the populace, cannot be over-emphasized. This study was undertaken to critically look at the issues affecting Medicines’ Security in Nigeria. Methods: A self-completion questionnaire was used for data collection. The questionnaire was administered to participants of an Industry event in September 2017. Data collected were analyzed using Statistical Package for Social Science. Results: A total number of 800 questionnaires were administered to the participants and 529 of the questionnaires were included for analysis. Male participants (58.6%) were more than female participants, all age groups were well represented and more than a third of the respondents had first degree as their minimum qualification. Majority of the respondents (91.3%) indicated that Ministry of Health and its agencies were key to protecting the pharmaceutical sector, while slightly less of that proportion (79.1%) indicated that they patronized Nigeria pharmaceutical products. Almost all the participants (91.7%) supported the need for the local pharmaceutical industry to have access to sustainable funding and other incentives. A similar proportion (89.6%) of the respondents indicated that the local pharmaceutical industry should be prioritized in policy making and implementation. A significant proportion of the study participants (82.3%) indicated that access to medicines in Nigeria is a security issue. Conclusion: To ensure Medicines’ Security and attain medicines self-sufficiency in Nigeria, radical policies must therefore be put in place, together with enabling good business and industrial environment by the government in order to protect, promote and grow the local pharmaceutical industry in Nigeria.
Agricultural Informatics is a valuable domain in the field of interdisciplinary sciences. This is responsible for the applications of Information Technology, Computing and similar technologies into the agricultural activities. This is the combination of Agricultural Science and Information Sciences. The field due to technological nature is much closed with the Agricultural Engineering or Agricultural Technology. There are many allied and similar nomenclature of the fields but all of these are primarily responsible for the same purpose. The field is rapidly increasing in recent past and most practiced in the developed nation. However, in developing countries as well Agricultural Informatics becomes an emerging field of practice and growing rapidly. Agricultural Informatics is growing both in pre and post agricultural activity. This branch is considered as branch of Information Sciences & Technology due to its technological applications in the field of agriculture and allied areas. Information Sciences are the broadest field within the allied branches and growing rapidly. Agricultural Informatics educational programs have started in recent past in different level and stream of education viz. science and technology. However within the broad periphery of Information Sciences it could be offered in other streams and under the wide variety of Information Sciences. This paper is broad and interdisciplinary in nature and deals with the aspects of the Information Sciences and Technology including features, nature, scope and also the potentialities in respect of Agricultural Informatics.
Agriculture has been the major source of livelihood in Nigeria, primarily because the environment is favorable for Agricultural practice. On the basis of climate, topography and vegetation the country is divided into five agricultural zones, namely Dry sub humid, Sub-humid, very humid and swamp/flood. Subsistence agriculture formed the major system of farming in the olden days which provide food crops for human consumption, while surplus are transported to the local markets for sale. Subsistence agriculture also forms the basis upon which all other system of farming are built. Hence, this paper examines the problems and prospects of subsistence agriculture in Ibarapa East local Government Area of Oyo State. Ten farming centres were used as samples in the area. Questionnaires were used to collect relevant data. Percentage and T-test distribution techniques were used to analyze the data. The findings show that there is low agricultural production in the study area as a result of problems such as shortage of fund, land tenure system, inadequate transportation system among others.
The outbreak and subsequent spread of COVID-19 to the West African sub-region have brought significant changes to the different aspects of our lives and grounded educational and socio-political and economic activities of ECOWAS member states. The pandemic has exposed the poor state of the health systems and shortage in medical supplies and protective gears to cope with the health emergency. In response, strict restrictions were put in place to curb the spread of the virus and these have drastically affected peoples’ lifestyles. However, there has been huge increase in the use of technology in business, education, religion and other activities as people adapt to the changing times in the sub-region. It is the argument of this paper that things cannot return to the way they were before the pandemic, but West African states must strategically plan for the Post COVID-19 era to survive the massive wave of unemployment, socio-economic meltdown and changes in lifestyle. The paper concluded that while the fight against the virus in the sub-region was not collective, post-pandemic recovery must be coordinated, strategically plannedamong member states. It was recommended that the governments should be flexible enough to retain the use of ICT and technology alongside the conventional ways of doing things in the post-pandemic era.
Undoubtedly, religion is one of the main factors that increasingly contribute to the shaping of international relations. As it was in the European middle ages, religion and geopolitics have always had ties of one sort or another. Imperialism and nationalist doctrines have found purpose and justification in religious differences and, religious zealotry was functioned to be both cause and consequence of the concentration of state power and the rivalries among existing competitors. The involvement of numerous religious groups and movements in the political scene led the situation to be extremely complicated. The purpose of this article is to see to what extent religion as a soft power has a role in forming international politics. Also, to discuss the role the superpowers and regional powers play in dealing with the question of religious issues. With an argument that these issues including religious conflicts are led by international and regional powers which function these groups in a proxy war to be part of their rivalry overpower, and to achieve their national interests through their foreign policies at the cost of considerable environmental degradation and a massive death toll of people.
This study examines and explicates the lexico-semantic parameters, which Joseph Edoki deploys to convey his themes in The Upward Path, his second novel. Edoki is a contemporary Nigerian novelist who is preoccupied with the socio-political problems in Africa with the hope of a brighter future. The novel is the story of Mr. Gaga, a Rhwandan American PhD student, on a fact finding mission in Savannah, an African country, for his Thesis entitled ‘’ Why Africa is Underdeveloped’’. For failing to portray Africa in line with the negative views about the continent in his proposal, Gaga’s supervisor recalls him back to America in anger. But in defense of his conviction and research findings about Africa, Gaga remains in Savannah to complete his Thesis. This study is of significance because as a linguistic study, it will serve as a springboard to future researches in the language of African literature. Moreover, the good governance, which Edoki presents in Savannah, the fictional country, in which the novel under study is set, is a blue print for the development of Africa.
The increasing involvement of women in the advancement of insurgency in Nigeria has become a thing of great worry. The question often asked is as to whether their involvement is induced or free-willed. The concept of consent is on different layers and one would imagine the extent of consent given before they become members of the sect or culprits. The different ways women have been used to perpetrate the activities of Boko Haram ranges from threats to abuse, Indoctrination to hypnotism and many others. Due to the subtle and unsuspecting nature of women, they form a good strategy for members of the sect. However, their involvement is not evidence against them as they face situations that almost deny them the opportunity to choose whether or not to subscribe to the forceful approach used by Boko Haram insurgents!.
The art of using language for public expression in order to persuade target audience to support development initiatives is a key reason for graphic communication. This requires communication actors particularly, the graphic encoder to know salient input and output variables of communication for effective mediation. However, the prevalence ignorance of these variables, often results in ineffective media production that is counter-productive to development. Therefore, this paper focused on production of practical rhetoric in graphic language for development programmes. The paper employed the critical-historical-analytic examination and content analysis methods. It introduced the reader to the need for practical rhetoric in visual communication. Furthermore, it highlighted the salient input and output variables that the graphic communication actor need be conversant with in order to produce visual rhetoric, using the McGuire’s Communication/persuasion Matrix. And it exemplified graphic media that result from application or neglect of the knowledge of the variables. The paper found that consideration of the variables afforded production of effective rhetoric in graphic language. The paper ended with the need for graphic encoders to internalize knowledge of the input and output variables and utilize it during the process of media production to generate visual rhetoric with desired effect.
The Niger delta of Nigeria has been besieged by a lot of crises, which have posed serious security risks to the region. This has adversely and seriously affected not only the region, but Nigeria in general. The processes of crude oil extraction in the Niger delta have resulted in ecological degradation and oil pollutions, thereby doing a lot of damages to the farmlands and fishing waters of the people, whose major occupations are farming and fishing. Petroleum, the main source of Nigeria’s revenue is obtained in the Niger delta. Yet, Deltans are confronted with a lot of problems; they are impoverished, exploited, neglected and marginalized despite the economic value of the region to the Nigerian economy. No serious or commensurate efforts are made by the government or the multinational oil companies operating in the region to compensate the people for the losses they suffer through oil pollutions. This has resulted in a lot of protests and violence, culminating in the social unrest in the region. To this effect, there have been reactions to the crises in diverse ways. Though such efforts have yielded little dividends, the crises have persisted. Niger delta deserves priority attention in terms of human and infrastructural developments. In the literary circle, some Nigerian literary artists have expressed concern over the issue with a view to creating awareness on the seriousness of the crises, and advancing suggestions that will proffer permanent solutions to the problems. This paper examines and expounds how Helon Habila deploys the mood system as a language tool in his novel, Oil on Water, to address the Niger Delta crises. He advances suggestions to put an end to the crises in order to restore peace, and enhance sustainable development in Nigeria.
The paper seeks to analyze the larger concept of multiculturalism and to further determine its role and importance in modern Georgia. The agenda of cultural diversity is often subject to criticism, accused for being responsible for endangering modern societies. Such statements will be critically analyzed within the context of the increasing far-right sentiments among Georgians, as reflected in a what can be described as a radical march which took place in Tbilisi on the 14th of July 2017, creating risks of further deteriorating of the situation in the country, given the general macro-economic instability of Georgia and undermining democracy. This paper concludes that it is very important to establish an innovative new model of Georgian citizenship, and one which will address all the accumulated misunderstandings now existing in society. It is expected that this will enable multiculturalism to be perceived more appropriately, i.e. as a unifying ideology rather than a dividing force.
The purpose of the research is to examine importance of Georgia’s current relations with its neighboring Russia and Azerbaijan and to estimate risks that deterioration of these relations can bring to Georgia’s economy. Of particular interest is to understand who stands behind the tensions happened in Georgia in the run-up to the tourist season of 2019 or at least to figure out possible motives behind the events. Interdependence of the states is analyzed through historical review of their relations and estimation of their current mutual interests. Considering risks and aspirations of the sides in the tensions, the motives behind are suggested. The data received depicts that none of these tensions were initiated by Georgia following its interests, on the contrary, its ruling party’s most visible achievement had been the ability to maintain positive and beneficial relations with both Russia and Azerbaijan. Thus, the Georgian government considered to be a victim in this case. The paper concludes that Georgian government is unable to react on provocations in a timely fashion due to absence of agreement in the ruling party and being quite fragile for outside forces that try to influence the country’s political processes. Unless Georgia manages to build more interdependent or less dependent relations with superpowers, it will be unable to avoid repetition of such manipulations.
This study explores a potential reposition of the triple helix model of university-industry-government relations in terms of micro-level analysis. In this direction, we evaluate the development of helix theory over time, by reviewing the relevant literature divided into three successive phases: the phase of theoretical foundation, the phase of conceptual expansion, and the phase of recent developments and systematic attempts of implementation. In this conceptual study, we estimate that a refocused triple helix model in terms of local development, by placing at the center of analysis the “living organization’s” dynamics in Stra.Tech.Man terms (synthesis of Strategy-Technology-Management), can be a possible direction of analytical enrichment.
The document analyzes the dynamic relationship between global oil prices and the exchange rate of the Eswatini currency (SZL) against the US dollar using daily data from 2005 to 2018. It finds a unidirectional causal relationship from global oil prices to the SZL/USD exchange rate using the Toda-Yamamoto Granger causality test, indicating that global crude oil prices influence Eswatini's nominal exchange rate. The study recommends that Eswatini's exchange rate policy consider global oil price movements to avoid misalignment of its currency.
This paper elaborates the hydraulic characteristics of the water supply network of the town of Puerto Ayora. First, it intends to replicate the household individual storage by simulating nodal tanks with the use of the EPANET software. Later, it uses the Pressure-Driven Approach (PDA) to develop a methodology that estimates the overflow of storage facilities, one of the main sources of wastage in Puerto Ayora. Finally, it uses the Demand-Driven Approach (DDA), with the aim of assessing the network in the future, under four population growth scenarios. With the chosen moderate growth scenario, two options are suggested in order to tackle the water supply issues at the end of the planning horizon.
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Socioeconomic Impact of COVID-19 in Oil Exporting Countries: An Analytical Review of the Macroeconomic Indicators in Nigeria
1. International Journal of World Policy and Development Studies
ISSN(e): 2415-2331, ISSN(p): 2415-5241
Vol. 6, Issue. 5, pp: 44-50, 2020
URL: https://arpgweb.com/journal/journal/11
DOI: https://doi.org/10.32861/ijwpds.65.44.50
Academic Research Publishing
Group
*Corresponding Author
44
Original Research Open Access
Socioeconomic Impact of COVID-19 in Oil Exporting Countries: An Analytical
Review of the Macroeconomic Indicators in Nigeria
Miftahu Idris*
Department of Economics, Taraba State University Jalingo, Nigeria
Oruonye E. D.
Department of Geography, Taraba State University Jalingo, Nigeria
Abstract
One of the most burning issues that have dominated the public sphere in Nigeria and other oil exporting countries is
the covid-19 pandemic and its attendant challenges. This pandemic is a shock on real economic fundamentals and
frictionless of the market. It introduces a barrier between the market forces with strong complementary feedbacks in
the real economy. The absence of precise vaccine or medication for the virus has necessitated the adoption of several
precautionary measures with the aim of containing its wide spread. Critical among which are the travel restrictions,
lockdown measures as well as social and physical distancing. These measures have detrimental effect on the demand
and price of oil in the international market. In view of that, this study evaluates the social and economic impact of
covid-19 in Nigeria taking into cognisance the effect on certain critical macroeconomic indicators. The study
adopted an analytical approach to supplement the much ongoing documentations on the subject matter. Result shows
that virtually all essential macroeconomic indicators are grossly affected with tax, remittances and employment
exhibiting severe consequences. Also, uncertainty, panics and lockdown measures are key to motivating higher
decrease in world demand. The supply disruptions and huge death toll generates a heightened uncertainty and panic
for household and business. This uncertainty and panic leads to drop in consumption and investment thereby causing
a decrease in corporate cash flows and triggered firm’s bankruptcy. Also, lay-off and exiting firms produce higher
unemployment while labour income decreased significantly. Since it entails a large amount of government
expenditure especially in the health sector which is required to contain the spread of the virus, there is needs for
government to diversify its revenue sources and thus drop over dependency on the oil remittance. Furthermore, there
is a need to support the financial system to avoid the health crisis becoming a financial crisis in the long-run.
Keywords: Analytical approach; COVID-19 pandemic; Macroeconomic indicators; Socioeconomic impact; Nigeria and oil
exporting countries.
CC BY: Creative Commons Attribution License 4.0
1. Introduction
In the global economy, countries with abundant natural resources have a comparative advantage as they can
export at lower prices and consequently the international quantity demanded for their product would be on the
increase. With this, export growth can be sustained in the global market and higher economic growth ensues.
However, it is an argument among economist that natural resource endowment is not necessarily required for
economic prosperity, thus the issue of resource curse emerge. This implies that natural resource endowment does not
always enhance output but rather hinder economic growth taking into consideration the Dutch disease. The outbreak
and fast spreading of covid-19 pandemic has made many countries of the world to imposed travel restriction and
domestic lockdown, resulting to the reduction in the demand for oil.
It is feared that after the covid-19 pandemic, another resource curse is blooming. Presently, crude oil is
witnessing the biggest demand shock in its history, as the price falls below USD 30 per barrel, following cessation of
world trade (which started in China since January, 2020) in the wake of the Covid-19 pandemic and which coincide
with the time of trade dispute between Saudi Arabia and Russia. Consequently, a considerable decline in the
transportation activities due to travel restrictions and lockdown measures have adversely decrease the demand for
oil. Hence oil exporting nations including Nigeria, Saudi Arabia, Russia and Iraq have recorded huge losses. Nigeria
depends so much on oil and gas revenue accounting to over 60% of its GDP growth, Saudi Arabia is also highly
dependent on its petroleum exports. Oil and gas contribute 50% of its total GDP. Russia, the world's largest country
by landmass, exports oil and gas that constitute 60% of its total exports and contribute 30% of its GDP. In Iraq, oil
plays an important role in boosting economic growth as it captures 65% of its GDP, and petroleum accounts for 94%
of total exports. As such, oil revenue and aggregate output growth rate in those countries are expected to shrink in
the fiscal year 2020 due to oil slump.
African largest oil producing countries such as Nigeria and Angola where oil revenues represent more than 90%
of exports and more than 70% of their national budgets will be greatly affected by the fall in oil prices in similar
proportion (African Union, 2020). This falling of oil prices will lead to the decline in the sustainability of the
Nigerian economy.
2. International Journal of World Policy and Development Studies
45
Scenario simulations of the International Monetary Fund (IMF) shows that the growth in global economy could
fall by 0.5 for the year 2020 (African Union, 2020). Other observers are also expressing fears that a fall in global
growth occur as a result of the direct effects of the covid-19 pandemic. There is apprehension that the global
economy may fall into recession in probably the first half of the year 2020.
The United Nations Economic Commission for Africa (UNECA) predicted the losses associated with the fall in
oil prices of the barrel at 65 billion US dollars, with as high as up to 19 billion US dollars of these losses expected in
Nigeria (African Union, 2020). For instance, Nigeria as a country made its budget estimate for the first quarter of
2020 based on expectation of oil price of a barrel at USD 67. The price of crude oil presently has dropped by more
than 50% (OECD, 2020). The Nigerian scenario explains the situation in other African countries that depends on oil
revenues in particular and raw materials in general, all of which will now be required to reduce their revenues
estimate for at least the next two quarters.
This has the potential of reducing the foreign exchange reserves of these oil exporting countries and their ability
to implement their development programs with ease, and with multiplier effect on ability to fight poverty and
improve on the welfare of their citizen. More worrisome is the fact that these countries will require significant
resources to fight the present Covid-19 pandemic with severe health and economic impact. As of April, 2020, it is
estimated that about 70 percent of the loaded cargoes of crude oil from Angola, Nigeria and African oil exporters
such as Gabon and Congo were unsold as the countries struggle with difficulty of finding buyers for their products
(African Union, 2020).
Instability in oil prices and of mineral resources generally has significant effect on economic growth and
exchange rate for Nigeria and other African countries as well as indirect impact on inflation through the exchange
rate (Akalpler and Nuhu, 2018). This development places oil producing countries of Africa at greater risk of
depreciation of their currencies during this covi9-19 crisis. It is estimated that Nigeria could lose up to $19b as the
country will be compelled to reduce its total exports of crude oil in 2020 by between US $14 billion and US$ 19
billion (compared to predicted exports without covid-19) (African Union, 2020).
Covid-19 pandemic has resulted into sudden falls in the prices of commodities, fiscal revenues, foreign
exchange receipts, foreign financial flows, travel restrictions, declining of tourism and hospitality, frozen labour
market, among others. The pandemic has impacted negatively on critical sectors of the Nigerian economy such as
tourism, hospitality, entertainment, travel, exports; with falling commodity prices and declining governments’
resources to finance public investment.
Nigeria depends so much on foreign sources of financing of its current deficits. This sources include FDI,
portfolio investment, remittances, official development assistance, and external debt. However, the anticipated
contraction or slowdown in origin countries could lead to a decline of the level of Official Development Assistance
(ODA), Foreign Direct Investment (FDI), Portfolio investment inflows and Remittances flows to the country. The
anticipated losses in tax revenues and external financing as a result of the disruption of economic activities by the
covid-10 will make it difficult for Nigeria to finance its development projects and lead to the external value of the
local currency reducing and a depreciation (African Union, 2020).
The covid-19 crisis has had enormous social and economic disruption to the Nigerian economy. As the
pandemic progresses slowly across the globe, studies by international organizations have less addressed the
economic impact on individual African countries and Nigeria in particular. Although, the rampaging effect of the
covid-19 is still on, it is important to examine the socio-economic impact of the pandemic on Nigerian
microeconomic indicators in order to have a better picture of the potential social and economic impact on the
country.
Exports and imports commodities of African countries are expected to drop by at least 35% from the level
attained in 2019. Thus, the loss in trade value is projected at around 270 billion US dollars. To contain the spread of,
the virus and medical treatment to contain it will require increase of public spending in Africa estimated to be at least
USD130 billion (African Union, 2020).
It has been estimated by UNTACD that the total African trade average value for the period (2015-2019) was
US$ 760 billion per year, which represents 29% of Africa’s GDP. Trade among African countries accounts for only
17% of total trade in the continent (African Union, 2020). Trade among African continents is seen as one of the
lowest when compared to other regions of the world, at 16.6% of the total. Experts observed that this situation is
very much rooted in the low levels of large industrial establishment, infrastructure development, financial and
monetary integration and the tariff and non-tariff barriers. This development makes the African economy more of
extrovert economy and sensitive to shocks and external decisions.
Consequently, the rest of the paper is organised as follows: section 2 presents and highlights the social and
economic impact of covid-19 in Nigeria in relation to sustainable growth; section 3 provides the challenges and other
complications of managing the pandemic in Nigeria; section 4 deals with the government response and other
initiatives as instituted by the federal authority in Nigeria; section 5 contains the materials and methodology used in
providing clarification to the covid-19 happenings in Nigeria; section 6 presents the results based on review from the
literature; section 7 provides the concluding remarks; and finally section 8 deals with the policy recommendations
based on observations from the current realities.
2. Social and Economic Impact of COVID-19 in Nigeria
In the global economy, countries with natural resource endowment have a lead as they can export at lower prices
and consequently the international quantity demanded for their product would be on the increase. Due to the covid-
19 pandemic, many countries have imposed a travel restriction and domestic lockdown, resulting to a decline in the
3. International Journal of World Policy and Development Studies
46
demand for oil. These however, have produced a detrimental impact related to social and economic measures on the
Nigeria economy. These measures are presented in the following sub-sections.
2.1. Social Impact
a. Increase in sickness and deaths - impact on human health (as shown by the increase in morbidity and
mortality).
b. Travel bans and lockdown - A lockdown means that the economy, in general, is not producing, and people
are not consuming. It would be practically difficult to achieve wealth distribution if there are no economic
activities generating revenue for the government. The disruptions to livelihoods are inevitable and will be
long-term, and the rebuilding process will outlast the presence of the virus in the country. The impact of the
general lockdowns weighs most heavily on the poor, who constitute a greater part of the informal sector of
the economy and depended on face-to-face contact. Many of them can hardly survive a day without work,
as they earn their food daily. The Federal Government policy of lockdown as a result of the pandemic
brought to a stop all income-generating activities for people engaged in non-essential services. The
lockdown also disrupted the food supply chain which led to increase in prices of foodstuffs and household
consumables across the country.
c. Closure of schools and educational institutions – thereby forcing students to remain at home indefinitely.
d. Increase number of corpses in mortuary – many mortuaries are already filled up and government is calling
on people to come and carry their dead relations and burry.
e. Cancellation of most social activities such as weddings, burial ceremonies etc. – with heavy financial losses
and inconveniences.
f. Increase in criminal activities.
g. Affected tourism activities – through shutdowns, movement restriction and cancellation of flights and hotel
reservations.
h. Stoppage of flight operation by airlines and road transporters – all airports are closed for both domestic and
international flights.
2.2. Economic impact
i. Cut down on Nigerian GDP growth in 2020 by some percentages: prior to the outbreak of the pandemic, the
situation of the economy of the world economy and that of developing countries like Nigeria was fragile, as
the global GDP growth was projected at 2.5 percent in 2020. The weak capacity of the healthcare system in
the country is likely to aggravate the pandemic and its associated economic impact.
ii. Oil price shock leading to economic contraction - oil prices lost over 50% of their value dropping from US$
67 a barrel to below US$ 25 a barrel. In response to support crude oil prices hit by the covid-19 pandemic,
major oil producers proposed to reduce production, as people consume less and decline in travel.
iii. Interruption of commodity supply chain leading to shortages of most basic household consumable goods
and food stuffs. The prices of key food commodities across the globe has the potential of impacting Nigeria
greatly because of the country’s high dependence on importation.
iv. Delayed or reducing Foreign Direct Investment (FDI)
v. Slowing down in overall economic growth.
vi. Disrupting ways of working for many individuals, businesses and government agencies.
vii. Many businesses especially SMEs are under great pressure and face potential closure and bankruptcy.
viii. Main stock market shares loss value and decline.
ix. Most non-essential industries closed down and workers settled.
x. Drastic decline in manufacturing in the country. The lockdown policy made most factories to shut down
operation.
xi. Discretionary spending as a result of uncertainties occasioned by the covid-19 pandemic.
3. Challenges of COVID-19 pandemic in Nigeria
With the increased number of daily infection and many workers lay-off and no definite end in sight, the covid-
19 pandemic has upended nearly every aspect of the Nigerian economy in terms of human and economic losses.
Including Nigeria, various governments around the globe are tremendously pursuing broad monetary and fiscal
policies to combat the economic fallout from the covid-19 pandemic. Unfortunately, such measure is appropriate for
combating cyclical fluctuations, not for this public health crisis. At present, Nigeria is facing a trade-off between
social order and economic collapse. This is because, much economic activities in the business environment involves
physical interactions among populace, and with the social distancing and lockdown policies being enforced, such
business activities come to a halt.
In the last 100 years, covid-19 crisis is the only pandemic that hit the integrated global economy, and most of
the market goods are outcomes of global supply chains where it involves physical interactions. As a result of the
covid-19 pandemic, economic growth in sub-Saharan Africa will fall from 2.4 percent in 2019 to between -2.1
percent and -5.1 percent in 2020, depending on the success of measures taken to mitigate the pandemic’s effect. In
other words, the region will experience it first recession in 25 years (Madden, 2020). This is necessary due to the fact
that, decreased economic activities in the region and disruption in the world economy will negatively affect Africa’s
participation in trade and value chains as well as limits foreign financing flows to the continent. The decline will be
4. International Journal of World Policy and Development Studies
47
primarily due to large contractions in South Africa, Nigeria and Angola driven by their reliance on oil exports whose
prices have fallen drastically. However, the region is projected to recover growth to positive level by 2021, although
it will remain below the levels attained in 2018 and 2019, respectively (Madden, 2020).
High public expenditure, better terms on interest rates and lower taxes may lure populace in the short-run, but
do not stimulate productive activity when people cannot work. The current challenge is not a generalised decreased
in aggregate demand as experienced during the Great Depression of 1930s, but a dramatic fall in the production and
consumption of goods and services that rely heavily on physical interactions, equally combined with increase in
production and consumption of products that do not rely on physical interaction. That is why business is at present
thriving for online stores but collapsing for transportation sector, restaurants, hotels and private educational services.
To curtail the negative impact of this pandemic, the Nigeria government have introduced several fiscal measures to
mitigate the undesirable economic impact. But such measures and other palliative initiatives are aimed to provide
income for closed (non-existing) businesses rather than generating income from the opening (existing) businesses.
While this initiative is appropriate for fighting economic depression or temporary decreased in aggregate demand, it
leads to misallocation of resources. Providing income support to people without jobs is inadequate without free
access to essential goods and services such as food and medical care. In Nigeria, access to these services is far from
assured leading to widespread anxiety and despair.
However, it would be negligent and reckless for any government to formulate policies on the assumption that
the present pandemic is a temporary phenomenon. It is irrational for policy makers to assume that given palliatives
to employers and employees is adequate to sustain them until the prompt return of economic normalcy. No one
knows the length and duration of this pandemic. If it takes longer time to contain the virus, then misallocation of
resources would induce public authorities to plan for a determined structural change. As a result, distributing
palliative and fiscal measures to closed businesses would cease to be an option, but providing employment
opportunities to larger populace become paramount and essential. On the other hand, if the pandemic is of short
duration, the Nigerian government must ensure that they are never caught as unprepared. This implies strengthening
the health sector and economic resilience to pandemic shock by ensuring that adequate skilled workforce are
available for any health or economic emergency. Therefore, regardless of the pandemic duration, there is need for
ultimate change in organisation and management of economic activities.
4. Government Response to COVID-19 Pandemic in Nigeria
Like it counterpart within sub-Saharan region and other oil exporting nations, the Nigerian government has
responded to the pandemic by developing adequate measures with the view to combating the menace and further
avoid it widespread and contamination. A good number of these measures include but not limited to:
i. Constitution of Presidential Task Force (PTF) to coordinate and oversee Nigeria’s multi-sectoral and
intergovernmental efforts to contain the spread of the disease.
ii. Establishment of network of testing laboratories.
iii. Lock down – banning of movement within and out of states.
iv. Social distancing – restriction of all forms of movement and maintaining of minimum of 1 metre distance
with one another.
v. Frequent hand washing with flowing water every 10 mins. Every government offices and private businesses
were required to provide free flowing water and hand sanitizers at the entrance of their premises.
vi. Establishment of isolation camps and isolation of suspected cases and individuals.
vii. Quarantine of exposed individuals and groups
viii. Distribution of palliative measures such as payment of conditional cash transfer to the poorest of the poor,
N-Power and distribution of food materials to vulnerable groups.
ix. Nigerian government seeking a combined $6.9 billion loan from international financial institutions such
IMF, World Bank and African Development Bank to enable it contain the challenges of covi-19 in the
country (Oni-Egboma, 2020).
x. Central Bank of Nigeria (CBN) fiscal stimulus package of 50-billion-naira credit facility to households and
Micro, Small and Medium Enterprises (MSMEs) most affected by the pandemic (Oni-Egboma, 2020). This
will enable beneficiaries to access funds to a maximum of N3 million. However, qualification requires
proof of collateral, such as property, which is exclusionary for the most vulnerable households (CSEA,
2020). There is fear that lack of a comprehensive database of informal workers, and their institutional
financial exclusion, will lead to the added risk that the funds will not reach the right people.
5. Materials and Method
The study adopted a conceptual review based on the available literature to explore the trend of the pandemic and
evaluates the social and economic effect of covid-19 epidemic on certain critical macroeconomic indicators that
provide the required nutrients and serves as fertiliser to the sustainable growth in Nigeria. The study is purely
qualitative and generated it data based on observational occurrences and documented evidences from the literature.
In other words, secondary materials are used and obtained through web-based generic search engines. This is
necessary due to the difficulties in quantifying the real impact of the pandemic as posed by high level of uncertainty,
volatility trend and a rapidly changing nature of the situation. The aim is to provide better understanding of covid-19
harms by exposing it socioeconomic effects and further assess the influence on national economy.
5. International Journal of World Policy and Development Studies
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6. Result and Discussions
There is no sector or sub-sector of the global economy that is not affected by the covid-19 crisis given it
continued mutilation on aggregate output growth. In line with the methodology adopted for this study, various
macroeconomic indicators that play a significant role in revitalising and accelerating the pace of sustainable
development are reviewed with the view to assessing the social and economic impact of covid-19 pandemic in
Nigeria. This would provide a clear understanding of how depth and magnitude is the pandemic towards affecting
social and economic wellbeing of the populace. The rationale for selecting these indicators is due to their relevance
and essential role played in the international economy. A good number of these essential macroeconomic indicators
include the followings:
Remittances: Financial remittances have been seen to be the largest source of international financial flows to
Nigeria since 2010, which account for about a third of total external financial inflows into the country. It represents
the most stable source of financial flows, as it has consistently increased in volume since 2010 (AU, 2020). The
global socio-economic impact of covid-19 pandemic has grossly decreased the financial remittances from
international development partners. As tourism remains significant sector of the economy, it employs over a million
people in Nigeria. But due to the pandemic, it has heavily been affected as countries begin to impose travel
restrictions and encourage social distancing. Similarly, with the economic activities in stagnation among many
advanced and emerging countries, remittances to Nigeria would significantly decline.
Foreign Direct Investment: The flow of FDI to Africa according to UNCTAD (2019), rose to $46 billion
notwithstanding the global downward, an 11 percent increase after consecutive declines in 2016 and 2017 (AU,
2020). Furthermore, there have been large-scale capital withdrawals from the continent before now; for instance, in
Nigeria the All Share Capital Index recorded its worst performance for a decade in early March, 2020 as overseas
investors withdrew their investment. This negative trend combined with deterioration in fiscal balances and the
decline in economic activities due to covid-19 pandemic, will make it more difficult for Nigeria to prosper.
Official Development Assistance: Nigeria has continued to heavily rely on official development assistance to
finance its development programmes because of its present economic conditions aggravated by the covid-19 health
crisis. As a commodity-exporting nation and high dependency on foreign inflows, the pandemic is expected to widen
fiscal deficit in Nigeria. The revenue collected by various governments within the sub-Saharan region is projected to
be 12 percent lower than without covid-19 pandemic. Since government expenditure will remain high in order to
combat the effect of the health pandemic, Africa’s overall fiscal balance is projected to deteriorate substantially to
around 2.7 percent higher than in non-covid-19 situation (Madden, 2020).
Tax: The greatest source of tax revenues was tax on goods and services. Tax-to-GDP ratio ranged from 5.7% in
Nigeria (African Union, 2020). It has been observed that credit default swap rates on five-year sovereign issues have
increased year on year in late March 2020 in Nigeria by 270% (EIU, 2020). Thus, the covid-19 crisis will create
scarcity of resources that is feared will affect public spending. There is general apprehension that government
spending on infrastructural development could drop by at least 25% as a result of lower tax revenues and challenges
in mobilizing external resources (African Union, 2020). This notwithstanding, Government spending to health care
system is expected to rise greatly as a result of the need to contain the spread of covid-19 pandemic and reduce the
impact on the economy.
Employment: While the economic measures are intended to support the formal sector, it is very important to
note the fact that the informal sector in developing countries contributes to about 35 percent of GDP and employs
over 75 percent of the labour force (African Union, 2020). The size of the informal sector represents nearly 55% of
the cumulative gross domestic product (GDP) of sub-Saharan Africa (AfDB, 2018), not minding if further studies
showed that it ranges from a high of 50 to 65 percent in Nigeria (International Centre for Tax and Development
ICTD, 2018). Excluding the agricultural sector, informality represents between 30% and 90% of employment
(African Union, 2020). Additionally, the informal economy in Nigeria is seen as one of the largest in the world,
which act as a kind of social shock-absorber in most of the largest cities of the country. In many African countries, it
is believed that as much as 90% of the total work force is in informal employment (AUC/OEDC, 2018). Close to 20
million jobs, found in the formal and informal sectors may likely be loss in the African continent if the present
situation of covid-19 pandemic continues. The disruption of the value chains, the lockdown of the population and the
closing down of businesses such restaurants, bars, retailers, informal commerce among others, would result to
disruption in many informal activities that provide the basic means of livelihood for the population. Considering the
size of the informal sector in Nigeria, the Federal government is expected to take measures that will support people
to make their daily living out of it. Supporting the informal sector is one effective measures that will help reduce the
spread of the covid-19 disease and support household consumption that is expected to reduce the potential of
conflicts and social unrest.
Health care system: it is feared that the covid-19 crisis will exacerbate the poor health systems on the African
continent. The requirements to manage covid-19 patients will overcrowd the existing health facilities and thereby
make it difficult for patients with high burden diseases such as AIDS, TB and Malaria to access adequate care,
thereby resulting into more morbidity and mortality. Furthermore, the covid-19 crisis will consequently create
shortage and scarcities of medicines and health equipment. Africa’s largest suppliers of medicines are the European
Union and Asia (African Union, 2020). Notwithstanding, the drug manufacturing firms in these countries were
forced to shut down their factories because of the drastic eradication measures taken in is such heavily affected
European countries such as Spain, UK, Italy and France. Therefore, if the covid-19 crisis is at its high stage, it will
be difficult for these countries to treat their patients. Landry and Gurin-Fakim (2020), predicted that African
6. International Journal of World Policy and Development Studies
49
countries will require additional $10.6 billion health spending to contain the pandemic. This anticipated health crisis
could have serious negative impact on the treatment of other diseases in Africa.
Nigeria as a country imports about 90% of its pharmaceutical products from foreign countries such as China and
India. Unfortunately, studies have shown that the annual earnings from substandard and/or counterfeit drugs in
Africa has risen above US$30 billion, according to the World Health Organization 2017 report of fake drugs trade in
Africa (African Union, 2020).
Furthermore, the present covid-19 crisis has proven to the African continent that it cannot continue to rely on
external suppliers for its internal consumption in products as very important as pharmaceuticals. Hence, African
countries are expected to use the opportunity provided by the pandemic to accelerate the implementation of the
Pharmaceutical Manufacturing Plan of the continent and the establishment of African Medicine Agency by
prioritizing investment for regulatory capacity development; pursuing the efforts towards convergence and
harmonization of medical products regulation in RECs; making adequate resources available for AMA as stipulated
by the successive AU Assembly resolutions on the matter.
Security challenges: It is also feared the covid-19 crisis is likely to pose security threats in Sahel region, as most
of these countries are already experiencing conflicts which have displaced large populations in the region. The covid
pandemic came at a time when the country is already overwhelmed by the security challenges and vulnerability,
conflict and violence from numerous sectarian group such boko haram terrorisms, community-based militias,
bandits, political instability and/or climate change. While the Federal and state governments and their institutions
strive to contain widespread of covid-19, this poses serious challenges to efforts to keep enforcing security and
defense across the country. The attack by the Boko Haram armed group in recent times along the Lake Chad which
led to the death of about 92 soldiers on 25th of March, reveals clearly the vulnerability of the region. More also, the
United Nations report of 30th
March 2020, reveals that as at February 2020, 765,000 people were internally displaced
and 2.2 million required humanitarian support in Burkina Faso (African Union, 2020). The outbreak and fast spread
of the covid crisis in this region has the potential to constrained security forces, health providers and international
relief organizations to provide support and assistance to local populations in the region.
7. Conclusion
This study has examined the social and economic impact of covid-19 in Nigeria taking into cognisance the
effect on certain critical macroeconomic indicators. The study adopted an analytical approach to supplement the
much ongoing documentations on the subject matter.
The outbreak of covid-19 has drastically changed the world direction and the conventional way humanity has
known life since time immemorial. The world has woken up to identify the rapid and wide spread expansion of the
pandemic which has its tentacles on virtually all continents recording a daily number of causalities and infections.
The absence of precise vaccine or medication for the virus has necessitated the adoption of several precautionary
measures with the aim of containing its wide spread. Critical among which are the travel restrictions, lockdown
measures as well as social and physical distancing. These measures have detrimental effect on the demand and price
of oil in the international market. Virtually all sectors are affected including industries, transportation and
agriculture.
The result of the findings shows that virtually all essential macroeconomic indicators are grossly affected with
tax, remittances and employment exhibiting severe consequences. In addition, uncertainty, panics and lockdown
measures are key to driving higher decrease in world demand. The supply side disruptions and huge death toll
generates a heightened uncertainty and panic for household and business. This uncertainty and panic leads to drop in
consumption and investment thereby causing a decrease in corporate cash flows and triggered firm’s bankruptcy.
Also, lay-off and exiting firms produce higher unemployment while labour income decreased significantly.
Accordingly, the covid-19 crisis is threatening the economies of oil-exporting countries and must therefore fight for
a predictable economic recession in the long-run.
Policy Recommendations
In line with the analytical results and observations from the literature, the following policy recommendations are
proposed:
a. There is a need to support the financial system to avoid the health crisis becoming a financial crisis in the
long-run. With the anticipated global recession becoming inevitable and also affecting emerging markets,
the glamour for intervention becomes paramount. A coordination between fiscal and monetary policies is
required to maximise and multiply impact and further provides a financial support to other policy measures.
b. Government should ensure that firms adequate cash flows to pay workers and suppliers especially small and
medium businesses, and to further avoid bankruptcy. More to that, workers should receive pay cheques
even in the quarantine to augment with the government palliatives.
c. Cash disbursements to household and businesses are highly imperative in this circumstance. Tax incentives
or cut, emergency loans and borrowings at favourable rate would prevent a collapse in the aggregate
demand.
d. Since it entails a large amount of government expenditure, especially in the health sector to contain the
spread of the virus, there is needs for government to diversify its revenue sources and thus drop over
dependency on the oil remittance.
7. International Journal of World Policy and Development Studies
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e. The unprecedented nature of the covid-19 crisis has made it very difficult for well to do citizens to depend
on foreign healthcare services and more difficult to solicit for international support considering the high
level of competing demand for medical supplies and equipment. Hence, integrated response is needed to
overcome the structural issues that make the country less resilient to shock and limit its range of policy
responses.
f. It is time for global coordination and no country has a fiscal capacity to stand alone. Therefore, Nigerian
government should connect with the rest of the world on how to combat the pandemic. Interconnected
society and economy requires a global coordination, and also a global shock requires a global response.
g. Government should step up campaigns to educate the general public on best practices including promotion
of personal hygiene, physical and social distancing, discouraging large public gathering, and encourage
employers to protect the jobs of employees who require quarantine or self-isolation. The campaign should
elicit the support and assistance of traditional, religious and civil society leaders for maximum effect.
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