<?xml version="1.0"?>
<rss version="2.0">
   <channel>
      <title>LSBM303 CIBM- TASK 1 by </title>
      <link>https://padlet.com/radi_83/mddgmmn2udwpscol</link>
      <description>Radostina Petrova </description>
      <language>en-us</language>
      <pubDate>2021-12-26 22:01:09 UTC</pubDate>
      <lastBuildDate>2021-12-26 23:30:49 UTC</lastBuildDate>
      <webMaster>hello@padlet.com</webMaster>
      <image>
         <url></url>
      </image>
      <item>
         <title>What is the impact of COVID-19 on Commonwealth countries’ global and intra Commonwealth goods and services exports, and what are the prospects for trade recovery?</title>
         <author>radi_83</author>
         <link>https://padlet.com/radi_83/mddgmmn2udwpscol/wish/1964672254</link>
         <description><![CDATA[<div><strong>1a. Affect of Covid 19 on Commonwealth countries&nbsp;</strong></div><div>Covid-19 is regarded as the blunder for the management of business organisations and for the lifestyle of people because most of the business management has collapsed and not able to perform again. The trade of commonwealth countries becomes at their lowest point because all the routes of the trade are closes and not any single non-essential business activities are allowed to be perform. The brief discussion related to impact of pandemic on the intra commonwealth goods and services are given below:&nbsp;<br><br></div><div><strong>Negative growth of the economy&nbsp;<br></strong><br></div><div>One of the most important impacts of the covid-19 is that it makes the growth of all the economies of commonwealth countries negative. The major reason for the negative growth of economy is implementation of lock down by the government of these respected countries. No, the business is allowed to conduct their operation which is related to the market. Business is the important tier of economy because it holds most of economic share. The closure of these business activities enables the economy to go on recession. The economies of these countries require huge investment to recover their business, and which is not possible due to the weak cash flow. The pandemic of COVID-19 caused havoc on the economies of most Commonwealth nations. As of March 20, 2021, 20 million people had been infected and 1 million people had died across the Commonwealth (Roser et al., 2020). The Commonwealth's global and intra-Commonwealth trade flows plummeted as a result of the crisis.Commonwealth economies fell by roughly 10% in 2020, compared to pre-pandemic growth trends, making this group of countries a fascinating case study for studying the pandemic's repercussions. While some have been able to contain the virus and restore production and trade, most Commonwealth countries are still fighting the pandemic at the time of writing.<br><br></div><div><strong>Increases import and export duties<br></strong><br></div><div>The impact of covid-19 also seen on the revenue of government of these countries and their incomes becomes low. The main reason for the decrease in the government revenue is the stoppage of business activities which enables then to incurred huge taxation loss and many other. It is also one the reason of slow economic growth. The government requires huge funds for the recovery of economy and to break even their losses, so it increases the import and export duties on the trade. The import and export duties play an important role in the profit margins of business organisations because decreases them and impact on the financial position of the organisation. The countries which are involves in the commonwealth group has many companies which impacted thought this hike in changes and some of them decreases their import and export and become limited to their local markets which negatively impact the international trade between these countries.&nbsp;<br><br></div><div><strong>Increases inflation<br></strong><br></div><div>Inflation is one of the greatest impacts of covid-19 in all the countries of the world and also on the countries which are the part of these commonwealth groups. The rates of good and services are increased in the market and the reason behind them is the increase of rates of raw material. The most important part which plays important role in inflation is slow rate of international trade due to some trade restrictions.&nbsp;<br><br></div><div><strong>b. Identify and evaluate the sources of future growth including from the Commonwealth advantage.&nbsp;<br></strong><br></div><div>Commonwealth is the group of 54 countries under different developed and developing nations are included and all have some common goals. These goals are the sustainable development in these countries and to increase the trade between these counties. The brief discussion related to the sources of growth of these countries are given below:&nbsp;<br><br></div><div><strong>Increase in demand of healthy product<br></strong><br></div><div>One of the highest growths in the demand of goods are seen in the healthy product and services in all over the countries. The taste and preference of the customers are shifted towards the health consciousness because of the diseases spread in pandemic. The customer requires those products which promotes their health and increases their immunity. The customers also demand for those services where the safety of customers is the priority of the company. It will be the opportunity of growth for commonwealth countries if their businesses focus on this type of product and services.&nbsp;<br><br></div><div><strong>E-commerce<br></strong><br></div><div>It is related to those concepts under which the products are buy and sell online with the help of internet. There are many organisations in the world perform their business online and earns huge revenue such as Amazon, Flip-kart and many more. The businesses of these companies achieve great hike at the time of pandemic because no one can purchase the product from the offline markets due to the restrictions from government, so they simply order online, and their products are reaches to their home safely. After the lock down, when the markets are opened, the customers to purchase the product online and limits to visits the market due to huge crowd. It is an opportunity for the companies of commonwealth countries to make the online existence of their product and services and plays their role in the development of their nation. <br><br><strong>References: </strong><br><br></div><div><sub>Bessell, S., 2021. The impacts of COVID-19 on children in Australia: deepening poverty and inequality. </sub><em><sub>Children's Geographies</sub></em><sub>, pp.1-11.</sub></div><div><sub>Borland, J. and Charlton, A., 2020. The Australian labour market and the early impact of COVID‐19: An assessment. </sub><em><sub>Australian Economic Review</sub></em><sub>, </sub><em><sub>53</sub></em><sub>(3), pp.297-324.</sub></div><div><sub>Chiodini, J., 2020. COVID-19 and the impact on travel health advice. </sub><em><sub>Travel Medicine and Infectious Disease</sub></em><sub>, </sub><em><sub>36</sub></em><sub>, p.101824.</sub></div><div><sub>Escaith, H. and Khorana, S., 2021. Commonwealth Countries and the COVID-19 Pandemic: Impact Analysis on Merchandise Trade. </sub><em><sub>Published as Escaith, H and S Khorana (2021),‘The Impact of the COVID-19 Pandemic on Merchandise Trade in Commonwealth Countries’, International Trade Working Paper</sub></em><sub>, </sub><em><sub>2</sub></em><sub>.</sub></div><div><sub>Herr, R., 2021. COVID-19 in the Pacific Island Commonwealth: microstates managing a macro-challenge. </sub><em><sub>The Round Table</sub></em><sub>, </sub><em><sub>110</sub></em><sub>(1), pp.138-148.</sub></div><div><sub>Kanwar, A. and Carr, A., 2020. The Impact of COVID-19 on International Higher Education: New Models for the New Normal. </sub><em><sub>Journal of Learning for Development</sub></em><sub>, </sub><em><sub>7</sub></em><sub>(3), pp.326-333.</sub></div><div><sub>Shingal, A., 2020. The Impact of COVID-19 on Commonwealth Services Trade.</sub></div><div><sub>Smith, J., 2021. COVID-19, Brexit and the United Kingdom–a year of uncertainty. </sub><em><sub>The Round Table</sub></em><sub>, </sub><em><sub>110</sub></em><sub>(1), pp.62-75.</sub></div><div><sub>Varade, H. and Makhija, S., 2020. Impact of COVID-19 pandemic situation on consumer buying behaviour in Indian market-a review. </sub><em><sub>International Journal for Research in Applied Science and Engineering Technology</sub></em><sub>, </sub><em><sub>8</sub></em><sub>(5), pp.2584-2589.</sub></div><div><sub>Wright, C., 2020. Local government fighting Covid-19. </sub><em><sub>The Round Table</sub></em><sub>, </sub><em><sub>109</sub></em><sub>(3), pp.338-339.</sub></div>]]></description>
         <enclosure url="https://smithandwilliamson.com/media/7475/impact-of-covid-diagram-01.jpg" />
         <pubDate>2021-12-26 22:07:22 UTC</pubDate>
         <guid>https://padlet.com/radi_83/mddgmmn2udwpscol/wish/1964672254</guid>
      </item>
   </channel>
</rss>
