Assessing the Economic Implications of Recovery from Covid-19 and Future Impact on International Tra

International trade during the Covid-19 pandemic

1. Identify and critically assess the major features of the Global Economy, the shifts in economic power, and FDI trends.

2. Employ Comparative Advantage and related trade models in analysing a country’s role in the world economy.

“There is an urgent need for global stakeholders to cooperate in simultaneously managing the direct consequences of the Covid-19 crisis.” (WEF, 2021).

To improve the state of the world, the WEF have started “The Great Reset Initiative” (GRI) project (www.weforum.org/great-reset).  It offers insights to help inform all those determining the future state of global relations, the direction of national economies, the priorities of societies, the nature of business models and the management of a global commons.

Supported by the GRI project, assess the future impact upon international trade from the continuing Covid-19 pandemic upon ONE of the countries listed below:

1. Brazil
2. Russia
3. India
4. China
5. South Africa

Discuss the economic implications of recovery from Covid-19 for the chosen country.  Ensure you include:

• Trade relations with main trading partners
• FDI inflows and outflows, and,
• The country’s economic growth forecast (EGF).

Should you include facts/figures relating to your country’s EGF, it is much more important you support them with written critical analysis.

Also, drawing upon the economic principles covered in this module, assess how the country has responded to Covid-19 with their economic policies.  For instance, examples and critical analysis of their supply-side and/or demand-side economic policies.

Aspects to consider:

1. Introduction: what is globalisation and define some of the terms that will be included in your report. Begin with the global perspective by providing an appraisal of the current global internal trade situation and global FDI flows. For example, 2020’s international trade contracted by 40% (WEF, 2020).
2. Then move in from a global view to a national view, to include macroeconomic data for your country of choice (e.g. national unemployment rates, inflation, GDP trends, etc.) and start to explore how Covid-19 has impacted that county’s economy and trade (how have supply chains been disrupted?). How has the country responded, i.e., supply side and or demand side economic policies?
3. Bring in a detailed example (an industry or company-specific example) to support the points you are making, so you provide practical insights.
4. Finally, what are the overall implications – what are the country’s future options and what might they be rethinking concerning their international trade strategy so-as-to reduce their vulnerability to this global economic shock? Considering the WEF’s GRI project, what is Globalisation’s longer-term outlook? It is imperative that you add critical analysis into your discussions.
5. Conclusion - summarise your report and the main points that have been addressed. Do not add anything new in your conclusion section.
6. References - as a guide, aim for 1 reference per 100 words, so approximately 20 references for this whole report.
7. Appendices – They regularly add value plus have potential to save valuable word count in your report. For instance, you could develop your own visual model/forecast of your chosen country’s future economic outlook.

Please focus your discussion on the economy and trade given that this is an assessment for your International Strategic Management Module. Please do not use up your valuable word count going into depth about the health implications of the Covid-19 pandemic.  Instead, keep focused upon the business-side.

Assessment Criteria:

• Demonstrate a critical understanding of a range of theories of international production.
• An ability to apply a number of perspectives in your critical evaluation of implications.
• Evidence of extensive reading.
• An ability to structure a coherent, critical argument.
• Accurate use of the Harvard Referencing system.

1-Introduction – Brief background context- what is Globalisation? Define some of the terms you will use in your report (e.g. FDI and protectionism). Clearly outline which country your report discusses in detail and state which company/industry example you will draw on in your report discussions signpost the reader to what you will look at and discuss further in the main body of the essay.

2 - What is the general picture in terms of international trade during the uncertainty of the coronavirus pandemic and what role does your country of choice play in the world economy?  For example, is this a developed economy or an emerging economy? FDI trends and GDP growth forecasts could be included here.  (Aim to increase critical analysis themed content, as opposed descriptive).

3 - How has your country of choice responded to international trade issues – who are their main trading partners though remember to focus your examples on one trading partner/nation.  What are your country’s main imports and exports and how have these been affected? How have supply chains been disrupted –.

4 – bring in a detailed example to support the points above – either a company example or industry example for your country of your choice. Provide the practical insight to what the economic implications of Covid-19 have been for a company / industry in this country.

5 - Application of appropriate economic trade theory – such as absolute and comparative advantage or supply and demand side economics to explain how and why the country has responded the way it has.  Remember Ricardo’s Economic Theory.

6 - Finally, what are the overall implications - is your chosen country rethinking their international trade strategy to reduce their vulnerability to the global economic shock? What is the longer-term outlook for globalisation? Any other relevant considerations, such as the anti-globalization critique or cultural implications, which are of relevance for your chosen country in question and the economic implications of Covid-19 for them.

7: - Summary and conclusions – reiterate the main points of your report in this final paragraph. Do not add anything new into your conclusion, but just summarise the main points you covered to answer the question.