Topic: Impact of Global Pandemic on World Economies
Specific Purpose Statement: The purpose of this speech is to outline the global economic problems caused by the coronavirus pandemic and how these problems could be dealt with.
Thesis statement: Due to the spreading coronavirus pandemic, global economies are experiencing major problems, including increasing unemployment, reduced international trade as well as reduced revenue for the governments. To protect the welfare of their citizens, global governments need to seek solutions to these problems.
The global coronavirus pandemic has affected our lives from different angles. However, by altering our economies, our welfare is threatened, and this poses a direct threat to our existence. In my speech today, we are going to look at how the pandemic has affected employment, international trade, and government revenues. By looking at the possible economic problems caused the global epidemic, we will be able to identify how we can deal with these problems.
Transition Statement: Having some insight on what our talk toady shall entail, let’s start by looking at the economic problems caused by the pandemic.
I. The level of unemployment has rapidly increased as more people are continually losing their jobs due to the pandemic.
A. According to a report that was released on 21 May 2020 by the IMF on Covid 19, many industries will continue to lay off their employees throughout the pandemic period due to the ongoing lockdowns.
B. Many countries have enacted lockdowns, and this has put various industries, including the tourism and the hospitality industry, at a standstill, resulting in increased unemployment.
II. Also, foreign travel bans in different countries have affected the international trade, which has had a direct impact on imports and exports.
A. With the aim of controlling the spread of the disease, many countries have closed their borders. According to a New York Times article by Salcedo, Yar, and Cherelus on 11 July 2020, many nations, including the US, Germany, South Africa, among other countries, are under travel restrictions.
B. Despite travel restrictions being a good solution to the spread of the pandemic, its effect is traumatizing to world economies.
III. Additionally, consumption has significantly reduced, thereby affecting government revenue.
A. Different nations are advising their citizens to stay in their homes. A BBC news article titled “Coronavirus: A Visual Guide To The Economic Impact” on 30 June 2020, noted that doing this only worsens the economic situation. A reduction in consumer spending translates to a decrease in government taxes.
Transition: Having looked at the economic problems caused by the global pandemic, it’s important that we take a look at the available solutions to these problems.
I. In line with increasing the rate of employment, the less affected industries can increase their human workforce to help reduce the unemployment problem.
A. According to Darius, Stephany, and Stoehr, 2020, in their research article titled “Which industries are most severely affected by the COVID-19 pandemic?” specific industries such as the insurance and health industries are less likely to suffer losses due to the pandemic.
B. Therefore, by employing more people in their workforces, these industries can help in counteracting the negative employment effects caused by the pandemic.
II. Secondly, travel restrictions should be restructured to allow the movement of goods into foreign markets, and this will help maintain international trade during the pandemic.
III. Thirdly, governments should enhance their support for online businesses where consumers can be supplied with consumer goods at the comfort of their homes.
Unemployment, reduced international trade, and decreasing government revenue all have an impact on our worldwide economy. Therefore, by seeking ways through which we could reduce the negative Covid-19 impact, we can save our global economies as well as our livelihoods. Thank you!
“Coronavirus: A Visual Guide To The Economic Impact.” BBC News, 2020, https://www.bbc.com/news/business-51706225.
“COVID-19: The Regulatory And Supervisory Implications For The Banking Sector: A Joint IMF-World Bank Staff Position Note”. IMF, 2020, https://www.imf.org/en/Publications/Miscellaneous-Publication-Other/Issues/2020/05/20/COVID-19-The-Regulatory-and-Supervisory-Implications-for-the-Banking-Sector-49452.
Darius, Stephany et al. Which industries are most severely affected by the COVID-19 pandemic? A data-mining approach to identify industry-specific risks in real-time, 2020.
Salcedo, Andrea et al. “Coronavirus Travel Restrictions, Across The Globe.” Nytimes.Com, 2020, https://www.nytimes.com/article/coronavirus-travel-restrictions.html.