Answer to Question #206933 in Economics for Dipuo

Question

Quarter on same quarter of the previous year.

Present the collected data in a table format by comparing quarterly economic growth rates of 2019 and with that of 2020 on a quarterly of the same quarter of previous year.

Ensure that the table conforms to necessary table setting and requirements.

Provide a short interpretation on the data observations , me sure to comment on the economic impact associated with hard lockdown that stated during March 2020.

Answer 1

The global economy entered 2020 with a number of challenges. The UK's withdrawal from the European Union, the revision of US relations with a number of major countries, in particular the undeclared trade war between the US and China, led to a slowdown in world trade by about 1% at the end of 2019, despite the fact that in 2018 it grew by almost by 4%. Uncertainty in trade relations was accompanied by cooling in investment activity. As a result, the growth rates of the world economy fell below 3% in purchasing power parity (PPP) in 2019 against 3.6% in 2018 and 3.9% in 2017.

Nevertheless, the short-term prospects for the global economy did not inspire serious concerns, and international financial institutions predicted an acceleration in growth. However, in early 2020, China, and then other countries, were forced to impose strict quarantine measures due to the coronavirus pandemic. Borders have been closed, many industries have been halted, global value chains have been disrupted, but retail, tourism, and the entertainment and leisure industries have been hit hardest.