This essay focuses on the macroeconomic impact of the COVID-19 pandemic.The COVID-19 pandemic has forced most countries to rigorously pursue social distancing practices, close borders for international travel, and to shut down business venues for public gatherings such as cafés, restaurants, gyms and cinemas.
Analyse the macroeconomic impact of the COVID-19 pandemic for an allocated country.
1500 words excluding the coversheet and Section 5 References
In June 2020, the International Monetary Fund’s World Economic Outlook Update (https://www.imf.org/en/Publications/WEO/Issues/2020/06/24/WEOUpdateJune2020?utm_medium=email&utm_source=govdelivery) forecast a 4.9% contraction of the world economy this year, compared to a 0.1% global contraction during the 2009 Global Financial Crisis. Governments and central banks around the world have taken various policy actions to limit the contraction of their economies on the one hand, and to speed up their recovery on the other.
You are required to:
a) assess the macroeconomic impacts of the pandemic on your allocated country’s economy; and
b) evaluate the effectiveness of the allocated country’s policy responses.
Your essay can include the following illustrative features:
· Up to five (5) figures (diagrams, graphs or tables) in total. Here, you can use a mixture of diagrams, graphs and tables provided the total number is no more than 5.
· You can include more than one variable in a graph or table.
· You must produce your own figures, rather than cut and paste from other sources.
The country you must use for this assignment is based on the last digit of your student number: For example, if your student number is 44194356, then you need to work on country number 6 – the United Kingdom.
The following is your guide to researching and writing each section of your essay. Word limits are also suggested.
1. Introduction (~100 words)
2. The Economy Before the Pandemic (~200 words)
Assess the macroeconomic performance of your country based on macroeconomic indicators covered in this course, e.g. GDP per capita, inflation, unemployment etc., prior to the pandemic.