Chapter Five - Impact of COVID-19 on decent work, economic growth, and world trade

Abstract

With the outbreak of the COVID-19 pandemic, the world has been exposed to one of the most severe healthcare crises in recent years. The extraordinary distress triggered by COVID-19 has evolved into a global economic shock. The infection that first came to light in China triggered a worldwide economic decline. The slump due to the pandemic will be extensively felt. It is anticipated that this slump is going to be harsher than the great recession that was the result of the financial crisis in 2008/09. The United Nation’s sustainable development goals (SDGs) have emphasized the role of trade in the promotion and attainment of sustainable development. The COVID-19 has also accentuated the core principles of SDGs (SDG-17 in particular) that collaborative efforts are required to deal with the challenges. Therefore postpandemic times await the joint efforts from the governments, businesses, international agencies and society at large for an efficient resurgence from the slump. In addition, the integration of Industry 4.0 technologies (including Internet of Things, Artificial Intelligence, Cloud) across manufacturing and supply chains is expected to be a key success factor for revival and growth. In light of the above, the present chapter highlights the impact of the pandemic on decent work, economic growth, and world trade along with the strategies for revival.