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COVID-19 has been an unprecedented situation ever happened over the current century. Even though science considers this century as the most powerful of all times, now the whole world is struggling to handle this pandemic case. I agree with the points you have mentioned to some extent and propose some more views in the end.
From an economic perspective, the coronavirus has made the entire humanity act more humanely. Various unfairly formed classes, such as upper, middle, and low, have disappeared for the time being thanks to this virus. I would compare this to the sinking Titanic : even the most affluent members of society are not given life jets and money has lost its power as the vaccine has not been invented yet. Every single class ranging from government officials to normal citizens needs to support each other to overcome this challenge. Unless they unite and act morally, the spread of the virus cannot be halted.
On one hand, this seems to be a real catastrophe for the world. People must keep a social distance from anyone even besties in order to stay safe. Special events like weddings, graduation ceremonies, and even funerals are all strictly banned in most parts of the world including Uzbekistan. That is really killing the amusement of our life and forcing us to make substantial changes to our lifestyles. Moreover, as access to all amenities out in the streets is locked, people with certain types of diseases are suffering mostly. In other words, gyms, therapies, spas, stadiums, parks, and many other facilities are now inaccessible in many countries which makes people unfit again.
On the other hand, this illness has brought a number of advantages to our planet. From an ethics standpoint, it taught people how to cooperate and negotiate. Differentiating what is moral and what is not has become easier than ever before. We have understood that unless we value our surrounding, we cannot lead a happier life. Furthermore, the Earth has also benefitted in the best way during the quarantine. Noise and air pollution have declined considerably as almost 90% of the flights worldwide have been canceled and mobility in the city centers is restricted to some extent. Having been informed continuously by WHO about hygiene factors, people started to pay closer attention to cleanliness. Admittedly, we have learned how to cough and sneeze, how to wash hands, and how to make antiseptics which have raised our awareness tremendously.
All in all, I strongly believe that the coronavirus has brought more disadvantages if it is considered economically.
Because of the coronavirus Uzbekistan may lose part of Chinese tourists. In 2019, visited the Republic of 61.9 thousand, and by this indicator, China is second among foreign countries only to Turkey. In connection with the epidemic, the Chinese government has banned local tour operators and travel agents to sell tours abroad, and the state commission recommended that domestic companies suspend sales of tours to China. The loss of Chinese tourists may have a negative impact on the revenues of hotels, restaurants, cafes, tour guides, airlines, transport companies on domestic routes, and Handicrafts.
Forced vacations in China can affect the volume of imports and exports to Uzbekistan because, for the past few years, China is the main trading partner of our country.
By the end of 2019, China strengthened its position. The volume of trade with that country amounted to $7.6 billion Of which exports $2.9 billion, imports $5.1 billion, China’s Share in the total volume of Uzbekistan’s foreign trade increased to 18.1%. Trade with China is already at $1 billion exceeding the volume of trade coming in second place Russia. Uzbekistan exports to China energy and petroleum products ($917 million), textiles ($437,6 million), services ($694 million), and more. Food products accounted for significantly less $76,9 million with regard to fruits and vegetables, Major markets have Kyrgyzstan, Kazakhstan, and Russia, but not China it ranks only seventh ($46.2 million).
Uzbekistan buys China mainly machinery and equipment (2019 for us $3.2 billion). More than half of the total imports from this country. In the second place, chemical products and articles thereof $768,2 million.
In 2019, China ranked first in the number of newly created companies in Uzbekistan. Last year there were 531 companies with Chinese capital, and the country – had 1652 such companies.
Because of the coronavirus Uzbekistan may lose part of Chinese tourists. In 2019, visited the Republic of 61.9 thousand, and by this indicator, China is second among foreign countries only to Turkey. In connection with the epidemic, the Chinese government has banned local tour operators and travel agents to sell tours abroad, and the state commission recommended that domestic companies suspend sales of tours to China. The loss of Chinese tourists may have a negative impact on the revenues of hotels, restaurants, cafes, tour guides, airlines, transport companies on domestic routes, and Handicrafts.
Forced vacations in China can affect the volume of imports and exports to Uzbekistan because, for the past few years, China is the main trading partner of our country. By the end of 2019, China strengthened its position. The volume of trade with that country amounted to $7.6 billion Of which exports $2.9 billion, imports $5.1 billion, China’s Share in the total volume of Uzbekistan’s foreign trade increased to 18.1%. Trade with China is already at $1 billion exceeding the volume of trade coming in second place Russia.
Uzbekistan exports to China energy and petroleum products ($917 million), textiles ($437,6 million), services ($694 million), and more. Food products accounted for significantly less $76,9 million with regard to fruits and vegetables, Major markets have Kyrgyzstan, Kazakhstan, and Russia, but not China it ranks only seventh ($46.2 million). Uzbekistan buys China mainly machinery and equipment (2019 for us $3.2 billion). More than half of the total imports from this country. In the second place, chemical products and articles thereof $768,2 million
In 2019, China ranked first in the number of newly created companies in Uzbekistan. Last year there were 531 companies with Chinese capital, and the country – had 1652 such companies.
Moreover, we should take into our account that because of the coronavirus situation, the air is almost clean. And many scientists claim that the Carona virus brings us more benefits than disadvantages. But experts think that, In connection with the coronavirus pandemic, certain economic risks arose. Many leading experts talk about the possibility of a global economic crisis in a year. Of course, as the spread of infection continues around the world, the extent of the economic damage caused by countries around the world has become one of the main topics for the media and various analytical companies.
The spread of the coronavirus pandemic and the mandatory measures taken against it will, in the first place, affect the reduction of the global value chain, which accounts for half of the international trade.
Secondly, the capital began to leave the countries where the virus was detected.
Third, production-oriented plants and factories remain empty or inoperative as people remain in their homes Fourth, the leadership of the transport and tourism sectors in developing countries is increasing the scale of the negative impact on these economies, he said. Also, the deputy of the Legislative Chamber provided information on the analysis of international organizations about global economic downturns. He noted that the volume of freight and passenger transportation by air, financial operations, information technology services, and so on, are sharply reduced.
It’s important to pay attention to the data that Bloomberg provides, he said. According to these data, as a result of the spread of the virus, global GDP in 2020 alone will face a decrease of 2.7 trillion. dollars. As you know, in most countries with great economic power (for example, G20), cases of infection with the virus were detected, and some of them became foci of the virus. As a result, by 2020, the eurozone economy will contract by 1.2 percent and the US economy by 0.6 percent.
Consequently, the negative impact of coronavirus in countries that are major trading partners will have a significant impact on Uzbekistan. In this regard, the fact that the share of imports in our foreign trade is close to 60% may cause some concerns in the market of imported goods
The main foreign trade partners of Uzbekistan are China (18.7 percent), Russia (15 percent), Kazakhstan (8.3 percent), South Korea (6.6 percent), and Turkey (5.8 percent), of which China and South Korea are among the foci of the spread of the virus.
Summing up, we can say that Chinas trading partners suffer financial losses due to Chinas inability to export its products. From this point of view, gross demand in our country may increase as a result of a decrease in the volume of products from China, the largest trade partner of Uzbekistan.
In conclusion, the coronavirus brings more drawbacks than advantages, not only Uzbekistan but also many many countries lose their profit and economically suffered. And it is the huge pandemic virus affected not only the economy but also human life.
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