Impact of COVID-19 on the Economy of Selected Countries

ECON236 Advanced Microeconomics

Task

Economics 1 Assignment Topic for online Diploma Classes

The outbreak of the COVID-19 coronavirus pandemic which became publicly recognised in end-January 2020 has affected many economies worldwide. The pandemic has impacted the global hospitality and tourism industry directly and has been disrupting global supply chains since then, adversely affecting many countries around the world.

As a Researcher working for a local Academic Institution, you have been tasked to conduct a research and prepare a 2-section report on the impact of the COVID-19 coronavirus pandemic on ONE (1) of the following countries:

a) Singapore

b) Malaysia

c) China

d) Spain

e) United States of America

In the first section of the report, discuss the following:

1) Identify and research on ONE (1) product which saw extreme changes in demand and/or supply during the pandemic. Assuming that everything else remains constant, evaluate and illustrate using the demand/supply model(s) to predict how the equilibrium price and quantity of the product will change. (10 marks) [Suggested word count: 200 words]

2) Research and describe how the pandemic had affected ONE (1) key industry in the country chosen. (15 marks) [Suggested word count: 500 words]

In the second section of the report, discuss the following:

1) How the pandemic impacted the production activities of the country. You may research and discuss based on the trends of relevant GDP-related indictors before and after the outbreak of the pandemic. (15 marks) [Suggested word count: 500 words]

2) How the pandemic impacted the labour market by studying the trends of labour market indicators such as unemployment rate and labour force participation rate. [Suggested word count: 500 words] (15 marks)

3) How the pandemic impacted the price level in the economy by studying the inflation rate trend in the economy. (15 marks) [Suggested word count: 500 words]

4) How the government tried to reduce the adverse impact of the pandemic. Identify and elaborate on the economic measures implemented by the government and explain what the policy were meant to achieve. (15 marks) [Suggested word count: 500 words]

Date of submission:

First Section (through email to Lecturer)

a. Lesson 10 (Full-time)

b. Lesson 5 (Part-time)

Whole Report (through the LMS system)

a. 5 days after Lesson 14 (Full-time)

b. 5 days after Lesson 7 (Part-time)

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