debate on how covid 19 has promoted globalization(150 words)
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Answer:
economic globalisation will recover once the economic recession has ended and financial markets have recovered from the shock of the coronavirus. Participation in inter-regional GVCs and intra-regional GVCs will recover and economic globalisation will return to pre-corona levels.
Empirical historical data shows that, in the past, the world economy often reacted according to a ‘V-shaped’ model to an epidemic, meaning a quick down and a quick back up. After previous epidemics such as SARS in 2003 and the “Hong Kong” flu in 1968, economic growth fully recovered and more or less absorbed the economic shock.[13]
COVID-19 could also trigger a process of diversification of supply chains. Accordingly, global supply chains would be reshuffled, however, not reduced. This means the pandemic would cause individual companies to remodel their supply chains, but accumulatively, RVC and GVC participation could very well return to pre-crisis levels.