The Impact of COVID-19 Pandemic on the Global Market: A Literature Review

Abstract

The outbreak of COVID-19 has significantly impacted international trade, redefining globalization trends. This paper examined the data from similar research conducted worldwide from the start of COVID-19 until 2021. The authors looked at the imports and exports of numerous countries that the pandemic has severely impacted. To highlight the results, the findings revealed that the pandemic caused a broad economic shock, causing international trade to plummet, direct investment inflows to fall, and worldwide supply and employment to drop. The footwear, equipment, and transportation industries have suffered the most, whereas imports of medical products have had a positive influence.

Keywords: International Trade, Supply Chain, COVID-19

JEL Classification: F1, F6