The term globalization comprises a range of social, political, economic and technological interactions that occur between different countries. Globalization develops a platform for the exchange of ideas and commodities across the borders. Over the years, human societies across the world have established progressively closer links. Globalization helps to boast individual economies around the globe by making markets more efficient, increasing competition and spreading wealth more equally.
Extraordinary changes in transportation, communications and computer technology have given this a new life and made the world more interdependent than ever. In today’s era, technology, money, and raw materials move ever more swiftly across national borders. Along with products and finances, ideas and cultures circulate more freely. Due to this current COVID-19 situation, globalization in future might be at risk. Countries around the world have taken steps to deal with the virus.
Another consequence of the coronavirus crisis may be reduced business travel. Technology experts have long discussed that videoconferencing and chat apps would eliminate the need for most business travel and allow many people to work from home more. Yet until the coronavirus crisis, business travel had continued growing, seemingly inevitably.
Temporary lockdown is imposed to minimize the spread of corona virus. This temporary lockdown might cause permanent changes in economy. Entertainment industry, which is the strongest pillar of globalization, is closed due to the current situation. It has been seen that concerts, reality shows, dramas, and film industries, the basic sources of cultural exchange, have suspended their activities. We are also observing that Coronavirus is a threat to sports and games and the cancelation of cricket, basketball and football tournaments and EURO 2020, is the biggest example of how the Convid-19 pandemic is changing the international dimensions.
As the number of COVID-19 cases increased in China, world became afraid and many countries started cutting their ties with China. The multinational companies started taking out their investment from China and other global markets. Today, global index market has declined. $3 trillion decrease in the global GDP has been observed. It is also noteworthy that flight operations around the world are halted. The ban on traveling of people is causing damage to economic activities that will be disastrous for global economy in future.
It is very unfortunate that when the coronavirus outbreak began in Italy, no European country took a step to help them. Making this condition worse, many European countries didn’t export the necessary health equipment like test kits, masks and protective gears to fight this virus. This behavior has a lesson for the times to come that during emergency situations, the concept of globalization contains no value and every state has to depend on its own resources.
It is evident from the above discussion that due to COVID-19, the future of globalization is in jeopardy. When this pandemic is over, it is the duty of international society to reconsider the original concept of liberalism and globalization and establish better health and economic systems that must remain in intact even if have to face another pandemic in the future.
by: Abeer Arshad
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