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https://www.pharmaceutical-technology.com/features/covid-pandemic-impacting-economic-growth-prospects/

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https://m.economictimes.com/news/economy/policy/govt-extends-time-till-june-30-for-making-payment-under-vivad-se-vishwas-scheme/articleshow/82229445.cms

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https://www.thestar.com.my/business/business-news/2021/01/12/unemployment-rate-up-slightly-in-nov

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https://www.thebalance.com/inflation-impact-on-economy-3306102

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https://m.economictimes.com/markets/commodities/oil-rises-ahead-of-key-opec-meeting/articleshow/14072869.cms

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The government has extend the deadlines for making payments under the Direct Tax Vivvad Se Vishwas due the second wave of Covid-19 ragging across the India. The taxes collected by the federal government or collected by state and local government. The percentage is collected and what the revenue is used for varies greatly. Since the second wave Covid-19 ragging across the India, the country which affected live of people to do payment taxes might affected the government and its revenue and as well as the household income. Taxes vary with marital status, family size and other factors. To solve this problem that affected the government tax and household income, the fiscal policy can be used to stabilize the economy. For example, changes in tax and spending levels which can also help automatic stabilize such as unemployment insurance or food. By doing this, can stimulate aggregate demand in recession and hold down aggregate demand on potentially inflationary. On tax side, risk in aggregate demand mean that worker or firm throughout the economy to earn more money. Meanwhile, on the spending side, stronger aggregate demand mean can lower unemployment and fewer layoffs. By doing this, there is less need for government spending on unemployment or other, If aggregate demand were to fall sharping so thin, recession occurs, and the mix tax cuts and spending increase.

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Unemployment rates is typically to describe in newspaper or television report as a percentage or a rate. According to the Statistic Department the projection comes following the marginal month-on-month of percentage increase in Malaysia unemployment rate to 4.8 % with 764, 400 unemployment person in November 2020. This will remain competitive challenging situation for the labors supply. Based on article that Mod Uzir commenting on the unemployment rate for November 2020 dropped by 11, 000 persons to 15.2 million. At the glace, the number of employed person is might a small number but large risk in the unemployment rates mean large number of job losses due the conditional movement control order (CMCO) of Covid-19 pandemic. There were 142, 000 employed who temporarily not working in November as compared with 183, 600 person recorded in previous month. Meanwhile the Employment Insurance System reported 185, 236 persons as against 68, 555 job vacancies jobseekers. So to solve the problem of unemployment rates is by apply supply and demand model to unemployment. Labor marker should more toward an equilibrium wage and the quantity. At the equilibrium wage, the equilibrium quantity of supplied should be equals to the quantity of labor demands by employers.

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Inflation mean have to pay more for the same goods and services. A modern economy has millions of good and services which combine into single price level such as the inflation rate which is simply the percentage change the price level. The effected depend on the type of inflation. Based on the article, the walking inflation is 3% to 10% per year. It has heat the economic inflation raises prices which can lowering the purchasing power. The inflation effect the asset inflation, effect on retirements planning and impact on treasury bonds. For example, the inflation can be bad for person who had retirement planning as target amount must keep rising for the same quantity in life. In other words, saving will buy less as time goes on. So there a way the government can control inflation through microeconomic policy. For example, through the indexing in private markets which negotiated wage contacts that had cost of living adjustment (COLAs). This can guaranteed that their wages would keep up with the inflation. Besides that, an adjustment rate mortage (ARM) must have the interest rate varies with the rate of inflation. Let say that the retirement person planning to purchase a house, will able receive the lower interest rate if borrowing from ARM compared to fixed rate loan.  Lender can protected against the risk of higher inflation which reduce the real loan payment and interest rate can be cover. The policy maker of the high income economies appears to have learn some lesson about fighting inflation.

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Every country worries about economic growth especially Covid-19 pandemic. In the UK’s economic growth, the question is whether economic growth prospects in 2020 will affected due Covid-19 pandemic. However, based on the article Andrew Sentence, a business economist shared on how the Covid-19 pandemic affected the economic growth. This Covid-19 pandemic has put downward pressure which weakening economic growth in the UK and other countries. Over the decades, several factor have been responsible for disappointing economic growth in the UK and other countries. For example, ragging from more investment in technology and inclination towards a services oriented economy. For economic growth, there are conditions that have allowed for modern economic growth in the last two centuries. The Industrial Revolution can allowed for modern economic growth because of the widespread use of the power driven machinery. Modern technology such as machines can decrease the number of workers to do especially Covid-19 pandemic which can help to cut cost of organization. Meanwhile the new inventions and investments also generated profit. The profit provided fund for new investments which provided the opportunities for future profits. In short, technology and investment will produce more and at higher quality which help economic growths.

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The determinant of oil prices may impact by the supply and demand. The oil rises ahead during the key OPEC meeting. Based on the article, the price of UK oil rose ahead that could be show down between Saudi Arabia and Iran over how much the oil organization is producing. As the demand increase or supply decrease, the price go up. The price of oil as we know actually set in future oil market. An oil future contract is binding the agreement that gives on the right purchased oil by barrel at a certain price on a certain date in the future. For example, based on the article United States crude oil rose 62 cent to finish at $ 83.32 per barrel meanwhile Brude used to price international varieties of oil fell 86 cent to $ 97.14 per barrel. The price has fallen about 23 percent since reaching the high of $ 126.22 for the year in March. So the section of price ceiling and price floor can be apply in the supply and demand framework to analyze it. The price ceiling can help to keep price from falling while price floor can keep a price from falling below at certain level.  The backdrop of weaker economic growth in the U.S and China is one of biggest consumer of oil and debt crisis. So, given a value of supply must create equivalent value of demand in their economic. If the total supply always create an equal amount of total demand, the total economy of this country could experience to earn profit.

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EBE1083 GO3 - Individual Assignment_77681