what are the impacts of globalization

It is undeniable that the ongoing Covid-19 pandemic has had an impact on various aspects to varying degrees. Despite its irretrievable loss, the spread of coronavirus also benefits globalization. Threats to globalization caused by this widespread illness are apparent. First of all, economic growth has been hindered, especially in developing countries. Due to international border closures and business shutdowns, the volume of global goods exports plummet. As a consequence, long-distance market transactions have been limited, while FDI flows have experienced a deep drop since the pandemic. In addition, global travel disruptions result in enormous damage to the economy. Moreover, another victim of the plague is social globalization. Because of the virus, migrant remittances are disturbed, causing difficulties for citizens. For example, numerous tourists and international students are still stuck in foreign nations while having no money. Besides, immigrant employment is facing several challenges since they can not go overseas. By contrast, globalization received many positive influences from this pandemic. To begin with, this crisis led to ongoing technological shifts. Before the pandemic, the development of technologies that could reduce global flows like robots at home for low-cost labor abroad was magnified. However, since the appearance of this novel virus, gadgets supporting globalization such as e-commerce, videoconferencing, and robots have all been supercharged. Moreover, international relationships can be strengthened during the process of addressing this world affair. That G7 nations supplied vaccines to poorer ones has reinforced international co-operation. In detail, the Vietnamese and the Americans have had a closer connection after the Covid. Also, the same case can be seen in China and Italy. In conclusion, not only has this epidemic been beneficial but also prejudicial to globalization. Thereby, all residents should join hands to recover the destruction from this disaster.