THE EFFECT OF AN INFECTIOUS EPIDEMIC ON THE INTERNATIONAL MARKET: A CORONAVIRUS DISEASE CASE STUDY
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ABSTRACT
This study examined the effect infectious epidemics have on international markets. An examination of coronavirus as a case study The study population consists of 200 CBN employees in Abuja. The researcher utilized questionnaires as the data gathering instrument. In this study, a descriptive survey research design was utilized. The study utilized 133 respondents comprised of administrative personnel, economists, senior staff, and junior staff. The acquired data were tabulated and evaluated using straightforward percentages and frequencies.
Introduction
Introduction
Background of the study
COVID-19 is a global humanitarian catastrophe. The virus continues to spread around the globe, imposing enormous strain on health systems in the fight to preserve lives. As the virus spreads to countries with poorer incomes and worse healthcare systems, the human toll of this catastrophe will grow.
A further obstacle is the uncertainty surrounding COVID-19, including its scope and rate of spread; how long and widespread shutdown measures will prove to be necessary; the likelihood of treatments that can better manage symptoms, allowing health services to focus on the most severe cases; and the risk of “second wave” infections as the virus spreads around the world. Countries are falling to the virus in waves and are expected to recover at various dates. Clearly, the virus and its repercussions will likely be with us for some time (https://read.oecd-ilibrary.org/view).
Trade must continue to flow, both to secure the supply of necessary goods and to send a message of confidence to the global economy. Trade is crucial for saving lives and sustaining livelihoods. However, maintaining commerce requires cooperation and confidence, for example, that the market will provide essentials, that nations will not impose export restrictions, and that imports do not pose health hazards. During a period of trade tensions, when the international trading system was already subject to an increased number of new restrictions and distortions, such as tariff rises among big merchants and strong government assistance for key sectors, this presents a unique difficulty. Mobility constraints are currently complicating ongoing conversation efforts to control and prevent tensions through ongoing negotiations. However, in light of the significant economic hardship caused by COVID-19, it is more crucial than ever to avoid an escalation of the current trade hostilities.
Description of the problem
In order to analyze the potential economic impact of the coronavirus, it is crucial to consider not just the virus’ epidemiological profile, but also how consumers, businesses, and governments may react. COVID-19 will have the most direct impact on economic losses via supply chains, demand, and financial markets, influencing company investment, household spending, and international trade. And it will do it both through conventional, textbook supply-and-demand mechanisms and by introducing potentially substantial amounts of uncertainty.
The purpose of the study
The study’s aims are as follows:
Determine the risk of coronavirus on the global market
To determine the connection between coronavirus and the global economy
To determine worldwide market challenges during this outbreak
Theoretical theories
There is no coronavirus threat on the worldwide market
Coronavirus poses a concern on the international market
The second hypothesis
There are no foreign market challenges during this epidemic time.
During this outbreak there are difficulties on the international market
Importance of the research
The research will benefit both students and the wider public. The study will provide a thorough understanding of the effect infectious epidemics have on the international market. An examination of coronavirus as a case study This research will illuminate the economic significance of coronavirus. The paper will also serve as a resource for future researchers investigating comparable topics.
Limitations and scope of the study
The scope of this study encompasses the effect infectious epidemics have on the international market. The researcher faces a constraint that restricts the study’s scope;
a) AVAILABILITY OF RESEARCH MATERIAL: The researcher has insufficient research material, consequently limiting the scope of the investigation.
b) TIME: The time allotted for the study does not allow for a broader scope because the researcher must mix it with other academic activities and examinations.
1.7 DEFINITION OF TERMS
Global marketing is “marketing on a global scale that reconciles or commercially exploits global operational variances, commonalities, and possibilities in order to fulfill global objectives.”
Coronavirus: Coronavirus disease (COVID-19) is a newly found coronavirus that causes an infectious disease. The majority of those infected with the COVID-19 virus will develop mild to severe respiratory disease and recover without additional treatment. People who are older or who have underlying medical conditions such as cardiovascular disease, diabetes, chronic lung disease, or cancer are more prone to contract a serious illness.
The world economy or global economy consists of the international exchange of commodities and services denominated in terms of monetary units of account.
THE EFFECT OF AN INFECTIOUS EPIDEMIC ON THE INTERNATIONAL MARKET: A CORONAVIRUS DISEASE CASE STUDY
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