IMPACT OF INFECTIOUS EPIDEMIC ON INTERNATIONAL MARKET
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IMPACT OF INFECTIOUS EPIDEMIC ON INTERNATIONAL MARKET
ABSTRACT
This study focused on the influence of an infectious outbreak on the international market. A case study on coronavirus. The study’s entire population consists of 200 CBN staff in Abuja. The researcher employed questionnaires to collect data.
The descriptive survey research design was used in this study. The survey included 133 respondents who worked as administrative, economic, senior, and junior staff members. The acquired data were displayed in tables and analysed with simple percentages and frequencies.
Keywords: Coronavirus illness, international market, Nigeria.
Chapter one
Introduction
Background of the study.
COVID-19 is a global humanitarian issue. The virus continues to spread over the world, putting health-care systems under unprecedented strain in the fight to preserve lives. The human toll of this catastrophe is expected to rise when the virus spreads to lower-income countries with weaker healthcare systems.
A further challenge is the uncertainty surrounding COVID-19, including the scale and pace of infection; how long and widespread shutdown measures will be required;
the prospects for treatments to better manage symptoms, allowing health services to focus only on the most serious cases; and the risk of “second wave” infections as the virus spreads around the world.
The epidemic spreads in waves, with countries succumbing and then recovering at different times. What is obvious is that the virus and its aftermath appear to be with us for some time (https://read.oecd-ilibrary.org/view).
There is an undeniable need to keep trade moving, both to secure the supply of necessary goods and to convey a signal of confidence to the world economy. Trade is crucial for saving lives and livelihoods.
However, maintaining trade flowing requires cooperation and confidence, such as the market supplying essentials, governments not imposing export restrictions, and imports not posing health dangers.
This is especially difficult during a time of trade tensions, when the international trading system is already subject to a slew of new limitations and distortions, ranging from tariff rises among large traders to significant government backing in important sectors.
Mobility restrictions complicate efforts to moderate and prevent tensions through continuing negotiations. However, given the significant economic hardship caused by COVID-19, it is more critical than ever to avoid further escalation of present trade hostilities.
Statement of the Problem
To analyse the potential economic impact of the coronavirus, it is necessary to consider not just the virus’s epidemiological profile, but also how consumers, businesses, and governments may respond to it.
COVID-19 will have the most direct impact on economic losses through supply chains, demand, and financial markets, influencing company investment, household consumption, and international trade. And it will do so in both standard textbook supply-and-demand models and by introducing potentially high levels of uncertainty.
Objectives Of The study
The study’s aims are:
To assess the threat of coronavirus on the international market.
To determine the association between coronavirus and the world economy.
To assess the challenges of the international market during this pandemic period.
Research Hypotheses
HO: There is no threat of coronavirus in the foreign market.
Hi, there is a threat of coronavirus on the international market.
Hypothesis Two
HO: There are no challenges to the worldwide market during this pandemic time.
Ho: there are obstacles in the international market during this pandemic moment.
Significance of the Study
The study will benefit both students and the wider public. The study will provide a thorough understanding of the impact of infectious epidemics on the international market. A case study on coronavirus.
The study will shed insight on the economic importance of coronavirus. The study will also serve as a resource for future researchers working on the same problem.
Scope and limitations of the study
The study’s scope includes the impact of an infectious epidemic on international markets. The researcher faces various constraints that limit the scope of the investigation;
a) AVAILABILITY OF RESEARCH MATERIAL: The researcher has insufficient research material, which limits the investigation.
b) TIME: The study’s time frame does not allow for broader coverage because the researcher must balance other academic activities and examinations with the study.
1.7 Definition of Terms
International market: Global marketing is “marketing on a worldwide scale reconciling or taking commercial advantage of global operational differences, similarities and opportunities in order to meet global objectives.”
Coronavirus: Coronavirus disease (COVID-19) is an infectious disease caused by a recently discovered coronavirus. Most patients infected with the COVID-19 virus will develop mild to severe respiratory disease and recover without needing any additional treatment.
Older adults and those with pre-existing medical conditions such as cardiovascular disease, diabetes, chronic respiratory disease, and cancer are more likely to acquire serious illness.
Global economy: The world economy or global economy is the economy of all humans on the planet, defined as the international exchange of commodities and services expressed in monetary units of account.
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