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International Journal of
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VOL. 6, ISSUE 4 (2020)
Impact of COVID-19 on global trade and Indian scenario
Authors
Vasundhara Mahajan, Rishabh Arora
Abstract
It is not the strongest of the species that survives, nor the most intelligent, but the ones most responsive to change – Charles Darwin. COVID 19 has magnanimous crisis globally. The virus is being spread widely hampering the economy of various countries. There are predictions that global trade will be declined to third due to the recession cause by the COVID 19. With the advent of spreading virus, trade is essential to sustain livelihood and lives and international co-operation is necessary to maintain the inflow and outflow of the trade. The widespread of virus lead to closure of various financial markets, events and businesses, corporate offices and encouraged social distancing. Due to the increase in the number of isolation days, international travel restrictions and monetary policy decisions have grievously affected the level of business activities and the opening, closing, far and wide stock price of major stock market indicator. The restrictions imposed in the intramural movement and spending on higher fiscal policy in economic activities had a positive impact, though there was huge climb in the increase for number of coronavirus counts but did not had much effect in the magnitude of business activities. The paper seeks to highlight the impact of COVID 19 on world trade leading to underutilization of labour and capital, drop in travel services, an increase in international trade costs. The challenges, trade is essential to sustain a livelihood through the transparency in trade and global markets, continuing global supply chains, avoidance of making things worse, underpinning national policies, Government not to impose new tariffs or trade restrictive measures. The paper sheds light towards the scenario before, during and future predictions of market the post pandemic. The problems and challenges faced during the pandemic.
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Pages:04-08
How to cite this article:
Vasundhara Mahajan, Rishabh Arora "Impact of COVID-19 on global trade and Indian scenario". International Journal of Law, Vol 6, Issue 4, 2020, Pages 04-08
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