Webinar on `Covid 19: Global economic implications’

Chandigarh: A webinar was conducted by the Department of Political Science , Panjab University on 8th May, 2020 with Prof Gulshan Sachdeva from JNU as the chief speaker. More than 50 participants joined the webinar. The theme of his lecture was 'Covid 19: Global Economic Implications'. He intricately explained how the new virus has changed the world tremendously. It has two dimensions which have baffled the experts world over and they are 'medical' and 'economic'. Prof Gulshan focused his talk on the economic dimension of Covid 19. The world is facing unprecedented economic contraction. Developed and developing countries are affected equally but developing nations may fare better due to their heavy reliance on agricultural sector.
 
The fall in economic growth of countries in the first quarter have only cemented the fears of economists. There maybe far reaching implications of these changes. A setback to globalisation is expected with increasing protectionism and border controls. Understanding of national security may change with more focus on Heath, education and research and development. There would be far reaching geopolitical implications too with growing anti China sentiment. Tourism and many other sectors will be under threat but new sectors will emerge through online mode. All in all, we need a multidisciplinary approach to tackle the pandemic. Each country is having unique experiences with the virus. They have their own strengths and weaknesses and should form strategies suited to their conditions. The world will have to accept the bitter reality, live with it and deal with utmost determination.