So far, we have discussed economic globalization in class. In today’s globalized world, when the economy of one country is hit, the economy of other countries will also be affected. In recent months, there has been an outbreak of coronavirus in China, which has a very negative impact on people’s health. At the same time, large Numbers of people are dying from coronaviruses. In order to protect people’s lives, the Chinese government has taken measures such as banning people from going out. Because of that, almost companies close, which has hit global supply chains hard. According to Tan (2020), about 22 million businesses are unable to operate because of the coronavirus, which directly affects at least 56,000 companies around the world with suppliers. In addition, the garment industry in many countries has also been affected. China is the world’s largest producer of cotton. And Cotton is the main raw material used in garment manufacturing. However, during the process of coronavirus outbreak, China’s exports of cotton fell sharply compared with before, leaving many producers unable to get enough raw materials. In short, with the outbreak of coronavirus, the global supply chain has been greatly disrupted.
In my opinion, the coronavirus has a very bad effect on people’s health and the country’s economy. At the same time, damage to one country’s economy will affect the economies of others. To deal with the threat of the coronavirus to the global economy, governments need to do their best to pull through.
Tan, H. (2020, February 20). Coronavirus outbreak in China spurs supply chain shifts that began during trade war. Retrieved from https://www.cnbc.com/2020/02/20/coronavirus-outbreak-spurs-supply-chain-shifts-started-by-us-china-trade-war.html