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NATIONAL ECONOMIC UNIVERSITY ADVANCED EDUCATION PROGRAM International Economics Individual assignment How COVID-19 is affecting the world economy, our economy, and my life Student name: Ngo Gia Minh Class: Advanced Finance 60B IDs: 11183333 Hanoi, October 21, 2020
On November 17, 2019, the world’s first COVID-19 patient was in Hubei, China. And now, after 11 months, the world is still suffering from this deadly virus. Hundred of million people all around the world become the victim from the pandemic. One way or another, it affects to the world economy, our country Vietnam, and even me. When the virus spread out of China, many do not even think how dangerous it is, how badly it damaged the economy in the next few months. After gone through many pandemics in the past such as the Black Plague (bubonic plague), Influenza, Smallpox, or Cholera, people are not afraid such disease will appear anytime then. Even the latest Ebola outbreak only appears in some African countries can be stopped or keep the virus stay only in its pathogen zone. We human were believing in the current medical technology, believing that no disease can carry in anywhere in the Earth. Unfortunately, the COVID-19 is nothing like we have ever faced before. At that time, doctors and scientists could not know sure the disease’s actual symptoms, no vaccines could be made to reduce the virus process. The most accurate thing we know is that in order to slow down the contagious virus through breathing in the community, everyone is recommended to wear a mask every time we go outside. While many Eastern country like China, Vietnam, Korea, Japan follow the instruction strictly, their governments even punish any individuals who do not comply with the protection rules; in America and Europe, people did not seem to care much about it, they thought COVID-19 is just some new kind of flu. What make me surprise is that manty people had the preconception about wearing a mask in the community. And whatever is destined to happen will happen, over 34 million people in the world has the virus, over 1 million deaths. And it gives the world a huge impact on the economy. The global economy is now engulfed in a health crisis. On the televisions, newspapers, Internet, we have seen governments all around the world respond to the health and economic crisis in a swift, but largely uncoordinated manner which is unsurprising given there is a no ‘one size fits all’ policy response to this situation. They cannot be sure what to do, how to unanimously approve the most suitable plan for the country, the people. The only thing can be certain about the current global economic outlook is that it is uncertain - whether it be when the pandemic will be ‘over’, or the comparative impact of the immediate health crisis and subsequent economic dislocation. According to many economists, the COVID-19 pandemic pushed economies into a Great Lockdown, which helped contain the virus and save lives, but it also triggered the worst recession since the Great Depression. People who jobs relate to tourism, recreation, culinary and education are facing unemployment. Companies and firms do

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