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Effect of COVID-19 on Commonwealth countries 

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Effect of COVID-19 on Commonwealth countries 

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There are 54 countries in the Commonwealth, in Africa, Asia, the Americas, Europe and the Pacific. Commonwealth countries are diverse – they are amongst the world’s biggest, smallest, richest and poorest countries.

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Effect of COVID-19 on population on Commonwealth countries

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Effect of COVID-19 on population on Commonwealth countries

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Commonwealth economies contracted by around 10% in 2020, compared to pre-pandemic growth trends. As of March 20th, 2021, Commonwealth populations succumbed to 20 million infections and 1 million deaths. This crisis was accompanied by a severe drop in the Commonwealth's global and intra-Commonwealth trade flows.

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COVID-19 and commodities: Assessing the impact on exports from Commonwealth countries

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COVID-19 and commodities: Assessing the impact on exports from Commonwealth countries

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According to the study, commodities account for about half of Commonwealth nations' worldwide merchandise exports, but 35 commodity-dependent Commonwealth countries have a proportion of more than 80%. COVID-19 has been viewed as a worldwide negative shock that has harmed all industries and markets. Indeed, according to the estimations offered in this study, commodity exports to these five destination markets are likely to drop by $98 billion to $123 billion in 2020, compared to business as usual.

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Impact of COVID-19 on extreme poverty in the Commonwealth

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Impact of COVID-19 on extreme poverty in the Commonwealth

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According to the study, commodities account for about half of Commonwealth nations' worldwide goods exports, with 35 commodity-dependent Commonwealth countries accounting for more than 80% of total exports. COVID-19 was viewed as a worldwide negative shock that harmed all industries and markets. Indeed, according to the estimations offered in this study, commodity exports to these five destination markets will drop by $98 billion to $123 billion in 2020, compared to business as usual.

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In a recent analysis, the United Nations Conference on Trade and Development (UNCTAD) estimates the impact of COVID-19 on the global tourist sector in 2020. The graph below shows the findings of UNCTAD's'moderate scenario' simulation, expressed as a change in GDP and total revenue loss for all 65 Commonwealth nations for which estimates were derived in the study. In the UNCTAD's moderate scenario, a loss of one-third of annual incoming tourist earnings is assumed, equating to a four-month halt in international tourism.

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In a recent analysis, the United Nations Conference on Trade and Development (UNCTAD) estimates the impact of COVID-19 on the global tourist sector in 2020. The graph below shows the findings of UNCTAD's'moderate scenario' simulation, expressed as a change in GDP and total revenue loss for all 65 Commonwealth nations for which estimates were derived in the study. In the UNCTAD's moderate scenario, a loss of one-third of annual incoming tourist earnings is assumed, equating to a four-month halt in international tourism.

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Trade and the economic crisis facing the Commonwealth

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Trade and the economic crisis facing the Commonwealth

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The non-Commonwealth nations' final demand is modelled in the same way as the previous simulation, which includes the influence on both internal and foreign demand. The results demonstrate the direct impact of decreased external demand and the indirect impact of lower economic activity, which affects demand for intermediate inputs required by enterprises, for each Commonwealth economy. The simulation allows for the impact of the recession on multinational supply chains to be factored in this way. Finally, lesser economic activity has an impact on household income (i.e., wages paid to employees and owners), which in turn has an impact on domestic demand.

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The Impact of COVID-19 on the Global and Intra-Commonwealth Trade in Goods.

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The Impact of COVID-19 on the Global and Intra-Commonwealth Trade in Goods.

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COVID-19 has had an influence on Commonwealth trade flows in both exporting and importing nations, and the magnitude of the effect varies depending on the development level of trading partners. COVID-19 instances, including deaths, in high-income importing nations resulted in a decrease in Commonwealth exports, but COVID-19 cases in low-income importing countries resulted in an increase in exports. A global sample of nations discovered that the presence of COVID-19 in an exporting country had an influence on commerce. Restrictions aimed at limiting COVID-19 in high-income nations were linked to increased commerce between Commonwealth countries. Exports and imports of Commonwealth nations are expected to decline in the short term, according to short-term trade predictions.

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 The impact of COVID-19 across countries and industries

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 The impact of COVID-19 across countries and industries

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For all Commonwealth nations, the intensity of COVID-19's influence across industries. The impact was amplified by a mix of supply and demand shocks that spread across all sectors of the economy.
While industries such as education and administration were unaffected - thanks to the ability of people to work from home - retail, hotels, and restaurants suffered significant consequences due to their reliance on interactive forms of delivery.

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The fragile socio-economic fabric of the Commonwealth Caribbean has been further affected by COVID-19 (CC). 'Lockdowns' and a global fall in travel and tourism have suffocated economies. Higher levels of debt, unemployment, and psychological stress have resulted, disproportionately hurting vulnerable groups across the area. CC states have attempted to help businesses and individuals equally, boost economic activity, and safeguard livelihoods despite their limited size and resources. The authors recognize international and regional policy responses in this essay, but suggest that the current situation presents opportunity to increase functional collaboration and strengthen resilience.

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The Impact of COVID-19 on the Global and Intra-Commonwealth Trade in Goods (thecommonwealth.org)
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COVID-19 and commodities: Assessing the impact on exports from Commonwealth countries | UNCTAD
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Impact of COVID-19 on extreme poverty in the Commonwealth - The Commonwealth
-https://www.tandfonline.com/doi/full/10.1080/00358533.2021.1875663
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Impacts of COVID-19 in the Commonwealth Caribbean: key lessons: The Round Table: Vol 110, No 1 (tandfonline.com)

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Impact of COVID-19 on Commonwealth Countries

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Research on the impact of COVID-19 on Commonwealth trade and economic development.