TÓM TẮT SÁCH TRẮNG KINH TẾ VÀ THƯƠNG MẠI QUỐC TẾ 2020

As a result of the impact of the novel coronavirus pandemic, the world is facing the worst economic crisis in the postwar period. In essence, the economic crisis triggered by the coronavirus pandemic (COVID-19 Crisis) is attributable to the fact that face-to-face interactions have been limited in many countries due to travel and shelter-in-place restrictions imposed in order to contain COVID-19 outbreaks. Those restrictions have affected the economy on both the supply and demand sides. On the supply side, because of the stagnancy of the movement of people as well as the limits on person-to-person interactions, production activity and logistics operations came to a halt, causing a shortage of goods. Moreover, the restrictions have resulted in disruptions of cross-border supply chains because international division of labor advanced, and the provision of non-essential services, including entertainment and restaurant dining, has been suspended due to lockdowns and voluntary business restraints. On the demand side, as a result of shelter-in-place restrictions, voluntary restraint, and travel restrictions intended to contain COVID-19 outbreaks, demand for services involving face-to-face interactions shrank and demand for durable goods also fell steeply. Furthermore, the supply and demand shocks have had spillover effects on income and employment. As there has been a considerable impact on employment, mainly in face-to-face service industries, the COVID-19 Crisis has raised unemployment rates to the highest levels since the Great Depression in the 1930s. In short, uncertainties over the future course of the pandemic, rising unemployment rates, and sluggish income have caused consumption and investment to decline rapidly, triggering a vicious cycle of economic shocks.

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