Corona virus has impacted the world in many significant ways, and it has brought to the fore our basic human instinct: survival.
A global crisis is evident all around us, on news stations, articles, newspapers etc. Drastically low figures of stocks, businesses, GDP growth, [almost everything] seems to be on the decline, and all these points in the direction of a looming global recession.
As opposed to previous cases of recession; globally or limited to a specific country, which were caused by failure of banks, or a fall in the stock market, this one would be the result of a pandemic which slowed down global economies to a startling halt.
It is yet unclear when the pandemic would come to an end, or if we would have to adapt to live with it, but the reality is at some point the world would have to start moving again; we are already seeing signs of that in some countries.
What would be the situation, post covid-19?
One major goal of nations at the end of this pandemic would be to accelerate the economy, by encouraging spending, through providing loans to individuals and businesses, but nations are interdependent, with international relations playing a huge factor in the growth of an economy. Would this change and nations begin to take a more Do It Yourself approach?
While coronavirus is a global crisis, it has been tackled differently in various regions and we would have nations free from the virus, while others still battle with it, and some others still may have to adapt to living with it, how much of an impact would this have on international trades?
Asides natural resources, like oil and gold which nations possess inherently, other resources can be integrated in; Machine parts, food resources, etc. This could lead to greater internal investments on skills; and could increase employment, this would have more impact on nations with trade deficit. Although this would still have to be done in consideration of the Heckscher-Ohlin Model; which encourages nations to produce that which utilizes their abundant resources, but a heavy dependence on imports have allowed nations overlook possibilities that can be harnessed and maximized.
Side note: Do you also think this would have an effect on an individual level? Services such as in-house painting, furniture moving, plumbing work, food delivery etc from outside sources, the fear of contracting a virus could lead more people to take a more Do It Yourself approach and what impact would this have on home delivered services?