REACTION ESSAY

2) How has world economy changed overtime

Economic growth describes an increase in the quantity and quality of the

economic goods and services that a society produces and consumes.

economic growth is not the only thing that matters but it does matter. In

contrast to many of the other metrics on our world in data economic growth

does not matter for it’s own sake, but because rising prosperity this a

means for many ends. It is because a person has more choices as their

prosperity grows that economist cared so much about growth.

Rising prosperity gives people access to a wide range of things they value

call in food health care access to education, entertainment, holidays, free

time and more. The concern with GDP per capita is based on the idea that

rising prosperity makes for a richer life.

The history of economic growth, from poverty to prosperity, the UK is

particularly interesting as it was the first economy that achieved sustained

economic growth and there was previously unimaginable prosperity for the

majority of the population.

Economic growth over the long run very recent equipment that

distinguishes the last 10 or 20 generations from all their ancestors. If we

compare the economic prosperity of every region today with any earlier

time, we see that every single region is richer than before in its history.

Economic growth however has not happened equally as fast in all regions.

This has created substantial inequalities globally which we study in more

details in our entry on global income inequality.

Economic growth is a very recent phenomenon. It is true that in the pre

growth era some people were very well off but this was the tiny elite of the

tribal leaders kings and religious leaders. Why the global inequalities were

lower in a world where sustained economic growth had yet to occur

anywhere.

The COVID-19 pandemic has spread with alarming speed, infecting

millions and bringing economic activity to a near standstill as countries

imposed tight restrictions on movement to Halt the spread of the virus. As

the Health and Human toll grows the economic damage is already evident
and represents the largest economic shock the world has experienced in

decades.

The crisis highlights the need for urgent action to cushion the pandemics

health and economic consequences protect vulnerable populations Inside

the stage for a lasting recovery. For emerging market and developing

countries many of which face daunting vulnerabilities, it is critical to

strengthen public health systems, address the challenges posed by

informality and implement reforms that will support strong and sustainable

growth once the health crisis abates.

The pandemic and efforts to contain it have triggered an unprecedented

collapse in oil demand and a crash in the oil prices. Should COVID-19

outbreaks persist and should restrictions on movement be extended or

reintroduced or should disruptions to economic activity be prolonged the

recession could be deeper.

Policies to rebuild both in the short- and long-term entail strengthening

health services and putting in place targeted stimulus measures to help

reignite growth. Global coordination and cooperation of the measures

needed to slow the spread of pandemic end of the economic actions need

to alleviate the economic damage and enable a robust global recovery.

______THE END_____

NETINTI YAHNI REDDY

SEC 9 A/B PSYCHOLOGY