SDCC Impact of Climate Change on The Economy Essay

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Economic Article Analysis Expectations and OutcomesThe purpose of the economic article assignment is to assess the student’s ability to use critical thinking and analysis to add dimension and perspective (from an economic standpoint) to events that are reported in the news. The outcome of this assignment is to help the student build skills in writing, oral presenting, critical reasoning and creativity.As a graduate student, you are not required to read several news articles and summarize them in a report. That is not analysis nor does that require you to think outside the box, instead, it is re-reporting the news. We want to read about yourthinking process and your spin on the topic, not necessarily what a conglomerate of journalists believes on the subject.In order to do this, you must first choose an article that appeals to you. After reading the article you want to choose a particular aspect on the topic/article for your analysis. You can do this in one of many ways. Here are some examples. (Your methodology is not limited to these suggestions; it is intended as a guide.)1. You agree (or disagree) with author. Why or why not? Find data/evidence on your own from as many first-hand sources as possible (non-media based if possible) to back your argument.a.One way to do this is really sit back and think about the authors conclusions. What assumptions does the author make? Are the assumptions true or not? Find data to support or refute. If the author’s assumptions are valid, the author’s conclusions will be valid. The converse is also true.2. See both sides of the issue. Many times, news articles are reported with a bias. For example, the topic is on something the author has a strong negative opinion against and the article gives many reasons why the topic is bad but the article fails to give any reasons that counterbalance the author’s worldview. If the reader is not an expert in the subject and relies on the author’s writings, the reader can inadvertently get a false perception of reality and just assumes the other person “knows what they are talking about”. If you find a topic is overly biased in one direction, look for data and data points that give perspective to the opposing view. Then analyze both sides and form your own conclusions. Remember that with economics there is always a trade-off. Find out what that might be (using data you find) and provide your own explanation.3. Primary and secondary sources of information. Primary (raw data sources) are best. Examples of this would be the Unemployment rate, stock price action, GDP, etc. This type of data is public and can easily be found. Raw data is open to interpretation when you look at several indicators together to form a picture. Providing additional charts/graphs can strengthen or refute the author’s conclusions. Raw data can be used in a very persuasive manner in your analysis. Secondary data is analysis of data that was collected by someone else. You will need to use your critical thinking skills to interpret the validity of this data and this is where art and science merge and it becomes a bit trickier to separate the wheat from the chaff.All of your conclusions through your analysis must be backed with data/evidence you find. These data sources should make up the majority of your reference list. The more references you have, the greater the dimensionality of your analysis.The template we provide is not mandatory. You can choose to use it or not. The categories within the template give ideas of different concepts you can address within your analysis. It is mandatory to use the APA citation format for your in-text citations and references.

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Running head: COVID-19 impact on healthcare
Weekly Economic Report #3:
COVID-19 impact on healthcare
Business 630, Dr. Lynn Reaser
1
COVID-19 IMPACT ON HEALTHCARE
YOUSIF 2
COVID-19 has affected every corner of the world economy. It has directly affected the
economy as a result of reduced productivity, premature deaths, and increased unemployment and
workplace absenteeism. Global supply chains have been disrupted and others closed resulting in
a slow economy. Healthcare has been on first life of defense in the fight against the pandemic
and is experiencing catastrophic financial challenges in relation to the pandemic. According to
Miller, Rhyan, and Turner (2020), spending in healthcare has been growing for most of 2020 as a
result of COVID-19 (See the figure below). COVID-19 has had devastating economic effects on
healthcare, however, there are chances that such challenges would create a more effective
healthcare system
Different bodies like the World Bank, WTO, the American Hospital Association, and
others have projected COVID-19 will continue affecting the global economy and shrink
spending, and healthcare facilities will lose more money as IT combats COVID-19. This is
reasonable considering various aspects. First, all countries were not prepared for such a
pandemic. Health facilities had to struggle to handle the increasing number of infections, which
led to many deaths. There was a need for various supplies which were in short supply including
COVID-19 IMPACT ON HEALTHCARE
YOUSIF 3
personal protective equipment, hospital equipment, healthcare workers, sanitizing supplies,
water, and toilet paper among others. Many of these supplies were needed in large supplies.
Again, COVID-19 was a new disease and it was unclear how to handle it. As such, it is
reasonable that many things were tried in an effort to avoid death and this cost money. It is
important to remember that COVID-19 was considered to be the leading cause of death within
the period.
Many people lost their jobs and many were forced to stay at home in fear of infection.
This means that people were expected to pay from their pocket but had no source of income.
Healthcare was not the only expense as people have to struggle with other things like rent, food,
and mortgages. It is also worth taking CDC’s report that many people experienced adverse
mental health conditions as a result of the situation. There were increased substance abuse,
depression, anxiety, and other mental-related disorders. All these contributed to the struggle of
healthcare systems across the world (Czeisler, Lane and Petrosky).
Governments have had to increase their spending on healthcare to salvage the situation
(Tandon, Roubal, and McDonald). this means creating negative pressure rooms, educating staff,
increasing the workforce, paying overtime to staff, and obtaining shortages of PPEs and other
supplies. Such measures involved heavy spending for health ministries and healthcare facilities.
It is also important to remember that healthcare services that seemed to interfere or slow the fight
against COVID-19 were stopped. These include all nonemergent, as well as elective surgeries &
procedures. This was meant to free up hospital beds and essential hospital staff. Almost all
outpatient appointments were canceled and transformed into telemedicine appointments to
facilitate social distancing. These had been a source of revenue that many hospitals had to let go
of. Hospitals are spending a lot yet earning a lot less and this has resulted in financial strains.
COVID-19 IMPACT ON HEALTHCARE
YOUSIF 4
From a different point of view, the economic impact of COVID 19 on healthcare,
particularly the need to fund the production of hospital equipment will create an efficient
healthcare system. More hospitals have been built and many countries have resolved to produce
things that they used to import. COVID-19 created a situation where each country had to rely on
itself because supply chains were closed down or disrupted. Each country has to use all that it
exports to combat COVID-19. For instance, oxygen and PPES were in high demand everywhere
in the world. Countries had to start manufacturing instead of waiting and this is important for the
future of healthcare. Telemedicine has become the norm and this will make things easier for
many in the future.
So far, health ministries have received plenty of resources to fight COVID-19. It is
important to acknowledge without a doubt that health is directly linked to the economy.
Governments need to ensure proper planning and budgeting for healthcare. Healthcare ministries
ought to work with finance ministries to plan improvements in population health, economic
performance, as well as pandemic preparedness. COVID-19 may have been a massive challenge
for healthcare, however, it is also important in preparing an efficient and self-sufficient health
system that will improve the future economy.
COVID-19 IMPACT ON HEALTHCARE
YOUSIF 5
Works Cited
Czeisler, M, É, R, I Lane and E Petrosky. “Mental health, substance use, and suicidal ideation
during the COVID-19 pandemic — United States.” Morbidity and Mortality Weekly
Report (MMWR) (2020): 1049–1057.
Miller, George, et al. COVID-19 Shocks The US Health Sector: A Review Of Early Economic
Impacts. 2020. 3 10 2021.
Tandon, Ajay, et al. Economic Impact of COVID-19 : Implications for Health Financing in Asia
and Pacific. 2020. 3 10 2021
.
Weekly Economic Report:
COVID Crisis
Business 6030, Dr. Lynn Reaser
COVID-19 is enveloping the entire world and the global economic implications are
overwhelming. With a multitude of travel bans, shelter in place orders and business closures, the
world economy will be majorly impacted. According to Erin Duffin at Statisa.com, the worstcase scenario, meaning that global restrictions last up to six months, is likely the global GDP will
lose $346,975 million dollars. See Figure 1. As damaging as this will be for richer countries,
poor countries are facing the devastation of starvation or infection.
Figure 1
Due to the over population and tight quarters in most poor cities, social distancing is nearly
impossible. Citizens travel to work, shop and live in close quarters to thousands of others.
Additionally, the infrastructure of the cities make cleanliness, let alone constant hand washing a
difficult feat. “The vulnerability most of these countries share is giant urban slums where
hundreds of millions live with poor sanitation and no plumbing. Basic practices to prevent the
Weekly Economic Report:
COVID Crisis
Business 6030, Dr. Lynn Reaser
virus’s spread, such as regular hand-washing, can be impossible given the scarcity of clean
water. (Parkinson & Shah, 2020)” Millions of people are living in the slums of Africa, Latin and
South Americas in conditions that are extremely dangerous for a virus such as COVID-19.
Further, the health care systems are not equipped to deal with an outbreak of any magnitude.
“The world’s poorest areas—Africa, parts of Latin America, and Southeast and South Asia—
start with few of those advantages. Their health-care systems and social mechanisms to fight the
virus often aren’t just at risk of being overwhelmed, many join the epidemic already
overwhelmed. (Parkinson & Shah, 2020)” Their hospitals are not prepared, and they do not have
enough medical professionals to sustain any size COVID-19 spread. According to the Economist
(2020), “without a campaign of social distancing, between 25% and 80% of a typical population
will be infected. Of these, perhaps 4.4% will be seriously sick and a third of those will need
intensive care.”
The hardest decision individuals in poor countries are having to make is whether to go to
work and risk infection or stay home and risk self or family starvation. “Governments may tell
people not to go out to work, but if that means their families will not eat, they will go out
anyway. If prevented, they may riot. (Calamity, 2020)” Social distancing is needed to slow the
spread, but people need to feed their families and if they do not work, their families will die of
starvation anyway. “In many poorer countries, the starvation threat could outweigh the
coronavirus specter, conspiring against social distancing and other mitigating measures wealthier
nations can afford to take. (Parkinson & Shah, 2020)”
The richer nations of the world will need to step in to help the poorer countries, which is
unlikely considering the situation in many of the rich countries. They are facing a crisis of their
own, however they have more money to manage the crisis where others have less. The world is
Weekly Economic Report:
COVID Crisis
Business 6030, Dr. Lynn Reaser
in a panic and each new situation is handled as it comes, which will mean devastation for the
poorer countries. “It means stopping this virus from exploiting the inequality between rich and
poor people in every country. While the richest in countries across the globe are getting tested
and treated fast, with healthcare and cash to get by, most of humanity face this crisis with
neither. (Vera, 2020)” After the health crisis is over, poorer countries are destined to a worse
economic situation than before.
There are various global agreements in discussion, but no cohesive plan currently exists
and the situation is becoming more serious by the day. Ultimately, the rich nations of the world
must come to terms with the idea that COVID-19 is not beaten unless it is stopped throughout
the world and not just in their individual countries. “It is too late to avoid a large number of
deaths, but not too late to avert catastrophe. And it is in rich countries’ interests to think globally
as well as locally. If covid-19 is left to ravage the emerging world, it will soon spread back to the
rich one. (Calamity, 2020)”
Weekly Economic Report:
COVID Crisis
Business 6030, Dr. Lynn Reaser
References
Duffin, Erin. (March 18, 2020). Forecasted monetary global GDP loss due to COVID-19, by
scenario 2020. Retreived from https://www.statista.com/statistics/1102971/covid-19monetary-global-gdp-loss-scenario/
Parkinson, Joe & Shah, Saeed. (March 25, 2020). Coronavirus Is Advancing on Poor Nations,
and the Prognosis Is Troubling. Retrieved from
https://www.wsj.com/articles/coronavirus-is-advancing-on-poor-nations-and-theprognosis-is-troubling-11585149183
The next calamity. (March 26, 2020). The coronavirus could devastate poor countries. Retrieved
from https://www.economist.com/leaders/2020/03/26/the-coronavirus-could-devastatepoor-countries
Vera, Chema. (March 30, 2020). As coronavirus spreads to poorer countries, here’s how the
world can help. Retrieved from https://www.weforum.org/agenda/2020/03/coronavirusdeveloping-countries-inequality-debt-oxfam/

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