discussion response

You must reply to at least three colleagues in a manner that extends the discussion. A simple “I agree/disagree” will not be accepted. respond in a manner that further extends the discussion.

post 1.

How Covid-19 affects your work, family and life?

For the last few months, I have been one of the few to be affected very minimally by the virus that has taken control over the world. Since last November, I worked for a retail bank as a Teller. The lock down started, we closed the lobby of all our branches, and continued normal business through the window lanes. I worked every day that I was supposed to, and did not have anything extra onto my workload. This ended up being very convenient as I had a full semester last Spring. Once our lobbies opened back up, we were asked to wear a mask while customers were in the building, but it was not mandated (We all wore one anyways). I was very appreciative being able to work, but saddened to see that other truly essential workers did receive any benefits that the unemployed did. The stories I heard from my Aunt during her time in the COVID unit were truly horrible and she was required to work double shifts some days.

The only difference my home-life changed was my inability to go to a gym. For the first month of lockdowns, our local gym in Michigan closed before opening back up. The fitness facility owners did not believe in the issues related to COVID, so they opened back up to 24 hours a day. I decided not go until it was officially opened up, but that definitely was not enjoyable not being able to go to the gym.

post 2.

How Covid-19 affects the currency value?

The economic impact that Covid-19 has had globally is staggering. Although, one may think that the economic toll has solely impacted businesses and workers, it has also impacted the currency value in many countries. Specifically, emerging market foreign exchange rates have been hit particularly hard due to global market sell-offs because of the pandemic (Smith, 2020). Based on the safe-haven status of the U.S. dollar, it has driven other currencies, like the South African rand, Mexican peso, and Brazilian real to record lows (Smith, 2020).  For example, the rand closed down 32% against the dollar, while the peso was down 24% and the real was 23% lower, according to Smith (2020). Additionally, the drop in oil prices due to global lockdowns and less consumption have impacted currency values, especially in those countries who rely on exports. However, Smith (2020) mentions that there are ways to ease domestic monetary conditions. One such way is for a country to allow their currency to depreciate on a real basis. Consequently, this will help to absorb market shocks. As the pandemic continues and country’s currency valuation is further impacted, more ways to absorb market shocks will most likely come to fruition.

References

Smith, E. (2020). Emerging market currencies have been hit by the coronavirus, but analysts say it’s not all bad news. CNBC. Retrieved from https://www.cnbc.com/2020/04/14/emerging-market-currencies-have-been-hammered-by-covid-19.html

post 3.

How Covid-19 affect imports and exports? Which countries’ imports and exports are affected most?
Covid-19 has affected all economies worldwide. It has cause various shifts in the way countries are importing and exporting. The virus has reduced trading global to a snail pace halt. The reaction of the different country leaders in response to the virus has caused the economic landscape of trading to suffer as swift, aggressive measures were not taken soon to control the spread. This lack of strong effort has caused several disruptions in the productivity of countries worldwide. Global trading fell about 17 % in May 2020, as most places had put a strong lockdown contingency in place as the virus continued to spread.

Countries such as the US, Japan, and the European Union exports have been affected significantly. In contrast, countries such as China that have fared better than others. The country’s swift reaction to the virus and promptly mitigating control has caused the country to see minimal exports. Overall, the Caribbean and Latin America are the regions experiencing the most significant impact on their exports due to the virus (Economic Commission for Latin America and the Caribbean, 2020).

The United States has seen effects on both the import and export sector (Dollar & Newby, 2020). One of the significant factors that have affected the import and export sector is closing many business places, such as manufacturing plants and warehouse areas. This has caused a backlog and disruption in the supply chain, hence one reason behind the slow-motion of export.

References

Dollar, D., & Newby, A. (2020, August 10). How is COVID-19 affecting US trade? Retrieved October 21, 2020, from https://www.brookings.edu/podcast-episode/how-is-covid-19-affecting-us-trade/

Economic Commission for Latin America and the Caribbean. (2020, August 06). The effects of the coronavirus disease (COVID-19) pandemic on international trade and logistics. Retrieved October 21, 2020, from https://www.cepal.org/en/publications/45878-effects-coronavirus-disease-covid-19-pandemic-international-trade-and-logistics

 

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