Impact of COVID-19 on globalisation

COVID-19 is currently changing our understanding of the world around us. It has challenged many of our ideologies: from capitalism to neo-liberalism, from the over-significance of work to realising work-life balance, and from globalization to nationalisation.

In this post, the authors argue that COVID-19 pandemic is an inevitable result of globalisation and that the pandemic, in turn, has seriously threatened the world’s globalisation. The pandemic had disrupted the international legal order: legally, socially, politically, and economically. Nonetheless, we contend that the pandemic’s adverse effects on globalization is temporary, and that it would provoke more international cooperation among nations on the long run. In order to demonstrate the argument, the authors lay down the social, political, legal, and economic effects of the pandemic on globalisation.

Read the paper here

Sponsored Content

Leave a Comment

Europe’s response to COVID-19

Europe’s response to COVID-19

European real GDP is now projected to contract by 7 per cent in 2020, its biggest decline since World War II, followed by a rebound of 4.7 per cent in 2021. But the recovery’s strength will depend crucially on the course of the pandemic, people’s behavior, and the degree of continued economic policy support. 

Sort content by

Lessons from COVID-19 for private debt

The global economic shutdown triggered by COVID-19 has put the North American private debt industry to its first major test. What lessons can be learned from the global financial crisis that are relevant today? What lessons are emerging as a result of COVID-19? And how might the industry evolve?

The great lockdown

The global economy is projected to contract sharply by –3 per cent in 2020, much worse than during the 2008–09 financial crisis. In a baseline scenario--which assumes that the pandemic fades in the second half of 2020 and containment efforts can be gradually unwound—the global economy is projected to grow by 5.8 percent in 2021 as economic activity normalises, helped by policy support. The risks for even more severe outcomes, however, are substantial.

Global economic effects of COVID-19

Congressional Research Service, which provides research to the US Members of Congress outlines the global economic effects of COVID-19.

How RI should be responding to COVID-19

The PRI is working with signatories to further develop thinking on what the COVID-19 crisis means for investors. It is establishing two signatory participation groups to coordinate and develop investor responses, focusing on short term responses, and a future economic recovery phase.

Economic impact of containment measures

This OECD note provides illustrative estimates of the initial direct impact of shutdowns, based on an analysis of sectoral output and consumption patterns across countries and an assumption of common effects within each sector and spending category in all countries.

Greening the recovery

The COVID-19 crisis won’t have a lasting impact on climate change, but the response will—fiscal policymakers should thus aim to make the recovery green according to the IMF.