International Comparison on Economics Impact from the COVID-19 Pandemic: Policy Analysis

Abstract

In the most recent Covid-19 pandemic, there was historical economic pressure placed on the world. Countries and governments were required to prepare themselves for the upcoming economic shock that would close the doors to businesses, halt gross domestic product (GDP) growth, and spike inflation rates. The four countries of the United States, the United Kingdom, Singapore, and Australia all produced some methods of early economic response to the Covid-19 Pandemic. However, not all parameters taken towards mitigating the pandemic economic effects proved effective. In order to understand how effective some of these responses were, each country's Gross Domestic Product, Inflation Rate, Gross National Income, Unemployment Rate, and Manufacturing output were tracked along with the recorded cases and deaths from Covid-19. In addition, each country's pre-pandemic responses were also identified to understand how these countries reacted in preparation for the pandemic and to determine if those responses were effective. The data shows in the varying conditions that countries which was suffering from a falling gross domestic product growth rate and a relatively meager inflation rate were significantly bolstered by the pandemic to much more favorable levels without much shock to unemployment. The research also discovered the negative relationship between the pandemic prevention polices and potential economic growth.