Macroeconomic impact of the COVID-19 In Australia

Macroeconomic impact of the COVID-19 In Australia

Learning Goal: I’m working on a economics writing question and need an explanation and answer to help me learn.

Context

The COVID-19 pandemic has forced most countries to pursue social distancing practices, close borders for international travel, and shut down business venues such as cafes, restaurants, gyms, and cinemas for public gatherings. As a result, governments and central banks worldwide have taken various policy actions to limit the contraction of their economies and speed up their recovery. The International Monetary Fund’s (IMF) World Economic Outlook Update for July estimated global economic growth for 2020 at -3.2% (compared to a 0.1% global contraction during the 2009 Global Financial Crisis). In April’s World Economic Outlook, the IMF called the contraction “unprecedented in living memory in its speed and synchronised nature”. The World Economic Outlook Update projects the world economy to grow by 6% in 2021. However, the IMF notes unequal vaccine access is splitting the recovery into two blocs: “those that can look forward to further normalisation of activity later this year (almost all advanced economies) and those that will still face resurgent infections and rising COVID death tolls”. The IMF also caution that their projections are dependent on the pandemic path, adequate fiscal and monetary policy support to “provide a bridge to vaccine-powered normalisation”, and financial conditions.

Task

You are required to: • Assess the macroeconomic impact of the COVID-19 pandemic on the Australian economy. Your essay can include the following illustrative features: • Up to two (2) figures (diagrams, graphs, or tables) in total. You can use a mixture of diagrams, graphs, and tables provided the total number is no more than two. • You can include more than one variable in a graph or table. • You must produce your own figures rather than “cut and paste” from other sources

Assignment Structure

The following is your guide to researching and writing your essay. 1. Macroeconomic impact of COVID-19 in Australia (Maximum 700 words) Use economic models and theories covered in this course (e.g., AD-AS model and neoclassical growth model) to explain how the COVID-19 pandemic affects the demand and supply side of the Australian economy. TIPS: • You could discuss the Australian government’s non-economic responses to the pandemic (e.g., social distancing and closing the international borders) and how it affects the economy. • You could contrast the economic effects of different shocks (COVID-19 versus Global Financial Crisis) by comparing different indicators (e.g., GDP growth and unemployment) at the “peak” of the crisis.

Accessing Data

Your primary data sources should be: (a) Australian Government agencies and central bank, such as: • Australian Bureau of Statistics • Reserve Bank of Australia • Australian Treasury (b) Multinational agencies, e.g., The World Bank, United Nations, IMF, Bank for International Settlements. Data from secondary sources may be used as a supplement only if those data are not available from any primary sources. Using non-primary data can lead to loss of marks when primary source data is available. The World Bank’s World Development Indicators (WDI) database contains most national data collected by national and multinational agencies, and you may use it as a primary data source.

Requirements: 600 words

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