Global Crisis: Countries' Post COVID Action

Global Crisis: Countries Post COVID Action
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Abstract
Many countries are struggling to cope with the economic difficulties due to the COVID-19 pandemic. Businesses, households, and human lives are facing unprecedented challenges that have resulted in worldwide chaos. As a result, governments, economists, and scientists have developed critical measures on how to counter the pandemic's threat through various angles. Leading economies, including the United States, Chinese, and United Kingdom’s have come up with solutions to rescue their economies and restore normalcy. To shield the economy from shocks and recession, countries must stick to the basics by protecting the small and large firms, protecting jobs, waiving taxes, and protecting the vulnerable from the resulting economic damages. This paper aims to look at various strategies that leading countries have implemented to protect themselves from the pandemic.
Introduction
COVID-19 pandemic caught the world by surprise and its impacts resulted in a unique, severe, and unequaled health and economic crisis that is altering people's world. Notably, three aspects make it unique. First, it has integrated both economic and health crises. Second, the crisis has spread globally in record time and thirdly, the pandemic exerts a demand and supply-side shock to every major economy. The United States, China, and the United Kingdom, and the rest of the world have experienced similar economic and health implications. For instance, it has led to human suffering with rapid loss of lives coupled with the deterioration of health outcomes, including economic hardships through job losses. Again, the COVID-19 pandemic has resulted in a severe global economic recession and created financial distress in the corporate world. The subsequent paragraphs will show how leading the leading economies of China, the United Kingdom, and the United States have outlined policies and solutions to restore normalcy and order.
Theoretical Framework: Economic Nationalism
Presently, the world is experiencing populist politics that has resulted in economic wars. Issues like Brexit and U.S.-China trade wars signify the loss of confidence in the global economic systems. And with the world plagued by a ravaging pandemic, economies of both the developed and developing world are stressing on national sovereignty with the aim of promoting key national interests, including industries over global cooperation and integration. COVID-19 dictates that economies have to thrive in a new and uncertain environment with a new set of practical challenges. With the theory of economic nationalism, leading economies including the United States, United Kingdom, and China have focused on domestic control of capital formation to protect their citizens from economic downturn due to COVID-19. These nations want to develop themselves without entirely depending on global influences hence their unique economic policies to handle the COVID-19 pandemic.
The United States
The world’s largest economy is experiencing both economic and public health crises simultaneously. The pandemic has disrupted lives, stretched the healthcare system beyond limits, and has massi...