- Identify and critically assess the major features of the Global Economy, the shifts in economic power, and FDI trends.
- 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:
- South Africa
Discuss the economic implications of recovery from Covid-19 for the chosen country.
- 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.
- 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.
- 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?
- Bring in a detailed example (an industry or company-specific example) to support the points you are making, so you provide practical insights.
- 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.
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