scholarly journals The Global Economy During COVID-19: A Study on Increasing Disparity

2022 ◽  
Vol 17 (2) ◽  
pp. 68
Author(s):  
Mohammad Ariful Islam ◽  
Syed Masrur Tehzib

COVID-19 has become an ongoing issue in the present business world. The topic raises confusion and debate over many resolved issues. Not only the developing but also developed countries faced the heat-shock of this micro-infectious agent. But the power to regain and cope with the uncertainty has not been the same everywhere. To some extent, the developed nations have been able to tackle the bad days with their enriched resources, manpower and efficient system whereas this has become a total collapse for the developing and underdeveloped nations. Inefficiency and lack of social security have made life unbearable for the general people in these areas. What is the condition of the vaccination program? Whereas it is costly for the developed nations, it has simply become a dream for the developing nations. No one knows when the world will get a hundred per cent population with vaccination. In this paper we will cover these issues also we will take a look at the ravages of the pandemic in both worlds, as well as identifying the amalgamation of reasons behind the terrible second-wave in India and other developing nations.

Author(s):  
Richard L Oehler ◽  
Vivian R Vega

Abstract The development of effective vaccines during the SARS-CoV-2 pandemic has been credited as a towering achievement in modern science. Since the end of 2020, the vaccine rollout has offered the promise of vanquishing the pandemic in the United States and other developed countries. Even as the U.S. and other wealthier nations encounter both setbacks and successes in their COVID-19 eradication efforts, developing countries around the world are likely to face far less fortunate fates. With much of the world’s vaccine production and distribution capacity reserved by wealthier nations, impoverished countries stand to face devastating financial, social, and health-related impacts. The consequences of this disparity will resonate deeply into the collective fabric of these countries, ensuring that the economic and geopolitical imbalance between developed and developing nations will widen even more substantially. Wealthier countries must do more to eliminate the inequality that exists in widespread SARS-CoV-2 vaccine availability in less-developed nations. Like HIV, TB, Malaria, and other global epidemics, COVID-19 cannot be forgotten just because the pandemic is eventually contained from the shores of wealthier nations. For as long as the pandemic rages in any corner of the globe, the world will never be truly rid of COVID-19. And all nations, rich or poor, will suffer the consequences.


2020 ◽  
pp. 147-158
Author(s):  
Asantha Senevirathna

 COVID-19 pandemic has become a major crisis in 2020. The pandemic has claimed thousands of lives and is spreading a negative economic impact around the global economy. The pandemic has caused a devastating impact on human life in many of the countries without a clear distinction among developed or developing nations. Sri Lanka is facing the heat of the pandemic gradually since January and has taken various measures to combat the situation. The COVID-19 pandemic forwarded a greater challenge to Sri Lanka since the country has faced various disasters in the recent past and question marks remain about the government’s response. The Sri Lankan government response to the current COVID-19 crisis has been largely successful and is ranked among the best responsive countries in the world. This paper discusses Sri Lanka’s strategies in dealing with COVID-19 pandemic and possible future challenges related to the issue.


Author(s):  
Anthony Akai Acheampong Otoo ◽  
Li Zhiwen ◽  
Charles Oduro Acheampong Otoo ◽  
Maxwell Opuni Antwi

The clear differences between developing nations and developed nations have posed an enormous problem in trying to design a “one-size-fits-all” theory of Electronic Commerce (EC) adoption. Most prior studies have proposed that generalizing findings of developed countries to the context of developing countries are of worry (Rahayu & Day, 2015; J. Tan, Tyler, & Manica, 2007). Table 1 shows the ICT Development Index (benchmarking tools to monitor information society developments worldwide) of some countries that have hosted the earlier literature on EC International Telecommunications Unions (ITU, 2017). These statistics may well indicate that businesses in developed countries and developing countries vary with regard to information technology and EC context<strong>.</strong> The latest ITU report in 2017 on ICT Development Index, ranks Ghana as the 112th country regarding ICT development in 2016, which shows a slight decline in the ranking compared to 111th in 2015 (the IDI value increased from 3.75 in 2015 to 3.99 in 2016). This may suggest that Ghana does not have appropriate infrastructure for effective e-business compared to countries like Singapore, China and USA.


2017 ◽  
pp. 1-19
Author(s):  
Sukanya Banerjee ◽  
Siddhartha Sankar Nath ◽  
Nilanjan Dey ◽  
Hajime Eto

Medical tourism is related to the travel of patients from one country to another in order to obtain medical treatment in that country. There are several countries worldwide promoting medical tourism and attracting patients. Most of the developing nations attract the patients because of cost benefits whereas the developed nations attract patients who require complex surgeries or any kind of advanced medical treatment. The main aim of this research paper is to focus on the development of medical tourism industry, worldwide. Medical Tourism industry throughout the world is growing at a fast rate. It has huge potential for generating employment and earning large amount of foreign exchange. This will help in the country's overall economic development. Medical tourism incorporates multi-dimensional activity but basically it is a service industry. Hence, medical tourism is a vital revenue earning source especially for the developing nations. Hence, it can be said that it is a win situation for both the patients as well as the destination countries.


2009 ◽  
Vol 12 (2) ◽  
pp. 191-214 ◽  
Author(s):  
Sang-Hyup Shin

Globalization is now well recognized by many as an inescapable feature of the world today. In particular, in the middle of global economic crisis globalization is one of the hot issues drawing much attention from countries around the world. There are contradictory perspectives on globalization. There are many sweeping statements that assert that economic globalization is increasing global poverty and inequality between the rich and the poor in the world. There are also many others who insist that the poverty and inequality issues have been resolved in some sense through globalization. In order to find the answer to the question, firstly the meaning of globalization was fully explained. Based on the understanding of globalization, the questions such as how globalization has contributed to reduce the economic gap between the developed and the developing countries, and to reduce the poverty by analyzing the economic growth, the number of people living below the absolute poverty line and so on were analyzed. The reasons why globalization is a good opportunity for some countries while some other countries get not something from the globalization was also discussed in this research. We found that globalization has contributed to reduce global poverty and to increase the welfare of both the developed and developing countries. However globalization has impacted different groups differently. Some have benefited enormously, while others have borne more of the costs. The developed countries could get more economic benefits from the less developed countries through globalization. This means, inequality between the rich and the poor countries still remained as a serious threat in the global economy. And even among the developing countries globalization has impacted differently. The trends toward faster growth and poverty reduction are strongest in developing economies that have integrated with the global economy most rapidly, which supports the view that integration has been a positive force for improving the lives of people in developing countries There are two main reasons for the inequality existing between the developed and developing countries. The fist one is the difference of economic size and power between the developed countries and the developing countries started to exist from the late 18th century. The second one is the differences in the management skill in taking advantage of the globalization.


The Winners ◽  
2012 ◽  
Vol 13 (2) ◽  
pp. 147
Author(s):  
Enggal Sriwardiningsih

July 2007 is the beginning of the world’s subprime mortgage crisis. Since then, the world’s liquidity crisis occurred and never found any solution until now. The liquidity crisis began to spread from developed countries to poor countries, developing countries and emerging markets with two channels. This contagious crisis made growing economy and emerging economy fell. No country in the world survived, including Indonesia. This paper discussed the management of investments in Indonesia. It started from the spread of global crisis to Indonesia and its impact on investment in Indonesia. Then, we discussed the government's efforts to encourage investment. The last was the view of the investment for the next three years (2010-2014)


2021 ◽  
Vol 17 (2) ◽  
pp. 115-129
Author(s):  
Sumeet Gupta

There is a striking difference between developed and developing nations in terms of general insurance penetration and density. It was highest for United States in 2008. It was very closely followed by Switzerland. In fact, General insurance density and penetration both has always been high for these two countries. In this way, these two countries can be regarded as the world leader in general insurance industry. General insurance penetration has not shown much change over the years. For developed countries the average General insurance penetration for 2008 was 3.40 while that of developing nations was just 2.90. Also, there have been no major changes in these values since 2001.  Among developing countries, South Africa and Taiwan are fast gaining momentum. Russia is also a close competitor in terms of general insurance penetration. In the Indian sub-continent, it is Sri Lanka that has shown the maximum general insurance penetration and density. India is the next in the rank.


2007 ◽  
Author(s):  
Upendra D. Acharya

After providing a brief background on international law, the history of the right to development is discussed. International law, as it exists today, has been abused by developed nations in their position of power over underdeveloped nations. The right to development, first formalized by the United Nations in 1986 with the Declaration on the Right to Development, was meant to give people of the developing world a right to development. However, the right to development has been supplanted by the concept of sustainable development, as orchestrated by the developed nations. It was hopeful that organizations like the World Trade Organization would implement the right to development through trade; however, these organizations have become merely a tool for the developed nations and associated corporations to continue their dominance over developing nations. Environmental concerns in recent times have shifted the international focus from the right to development to sustainable development, and the right to development has been overlooked. A legal right to development must be recognized before sustainable development can be applied as a tool to benefit underdeveloped nations through environmental and trade-related policy.


Worldview ◽  
1982 ◽  
Vol 21 (3) ◽  
pp. 23-26
Author(s):  
Jeremiah Novak

The world economy and international economic institutions are in trouble. That, at least, is the opinion in informed circles following the Conference on International Economic Cooperation (CIEC) held in Paris last spring. There is a growing realization that CIEC failed to grapple with the systemic problems the world economy faces, a failure that threatens developing and developed countries alike.Despite Secretary of State Cyrus Vance's dramatic call for a “new international economic system,” the Paris conference failed to address systemic issues. Instead, the developed nations of the North angled for a separation of the issues of energy from those of development; and the developing countries of the South closed ranks by linking the two. Consequently neither side truly debated the crushing problems of the world economy.


2017 ◽  
Vol 9 (1) ◽  
pp. 9
Author(s):  
Aleksandre Mikeladze

Bitcoins’ technology brings a new level of innovation to business and communication across the world. However, the advantages of a virtual currency payment system face the threat from criminal activities occurring over a pseudonymous network where there is virtually no current regulation to cover illegal transactions. The current situation in Georgia is as follows: the second Bitcoin’s processing datacenter has opened in Georgia. While the virtual money is new even in developed countries, more unusual it is for Georgia, where local economists are more skeptical toward cryptocurrency. Therefore, they believe that electronic money is not controlled by any central bank that gives a lot of opportunities for illegal transactions. According to the Georgian experts, bitcoin is a very risky currency that can be used for money laundering, as it is completely uncontrolled. However, the Georgian central bank system claims that bitcoins are not dangerous, and the lack of awareness gives rise to talk about money laundering. The biggest challenge seems to be regulation of Bitcoin without hindering the potential for growth. While there is usually certainly a chance that Bitcoin could fail or be pushed out of existence by a more innovative technology, policymakers must be careful not to hinder a technology that could change the way global economy functions.


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