OUTLINE OF ARTICLE ANALYSIS/ELC550

OUTLINE OF ARTICLE ANALYSIS (15 MARKS)

Using information from the four (4) articles, write an outline based on the topic.
You are required to:

● come up with EIGHT (8) main ideas (i.e. 2 main ideas from each article)

● include a minimum of FOUR (4) supporting details from the articles for each

main idea

Reminder:

● All topic sentences and supporting details must be written in complete sentences.

GROUP MEMBERS: 1. ARIF ZIKRY BIN RAKIMI

(2023197465)
2. NOR ADRIANA BALQIS BINTI ABD RAHEEM
(2023141331)
3. NUR ALISA BINTI ABU ZAHRIM
(2023127065)
4. NUR FATHIN ZHUR AEIN BINTI NORDIN
(2023141593)
5. NOR SHAMIERAH BINTI MUHAMMAD SHAN
(2023141263)

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 OUTLINE OF ARTICLE ANALYSIS/ELC550

TITLE: Global Economic: Trends, Challenges, and Future Prospects.

GENERAL OBJECTIVE: To analyze and understand the current patterns, obstacles,
and potential developments in the worldwide economy, providing insights into the
factors shaping its trajectory.

Thesis statement
The global economy faces evolving trends, grapples with various challenges such as supply
chain disruptions and demand contractions caused by events like the COVID-19 pandemic,
and must navigate future prospects marked by the need for resilient economic structures,
sustainable practices, and effective responses to upcoming obstacles.

Article 1
Main idea 1: “COVID-19 could affect the global economy in three main ways: by directly
affecting production (supply), by creating supply chain and market disruption (supply), and
by its financial impact on firms and markets (principally, demand).

Supporting details:
1. COVID-19 has led to factory closures and workforce disruptions, directly affecting the
production capabilities of industries worldwide.
2. Global supply chains have been severely disrupted by the pandemic, as mobility
restrictions have complicated the shipping of goods and resulted in shortages of
essential components.
3. Market instabilities caused by the pandemic's uncertainty have affected trade and
investment as companies find it difficult to adjust to the changing environment.
4. Due to lower customer demand, closures, and higher operating expenses, many
businesses have faced financial difficulty, underscoring the pandemic's financial
effects on enterprises in a variety of industries.

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Main Idea 2: As supply-side disruptions close factories and places of work, consumers will
cut back on their spending, shifting demand curves inward, reducing GDP, boosting
unemployment, and moderating price rises.

Supporting details:
1. Factory Closures: Particular situations or categories of supply-side disruptions that
impact factories and cause them to shut down or produce less.
2. An explanation of the consumer's cut back in spending, such as unstable
employment, lower income, or future worries, that causes consumers to limit what
they spend.
3. Supply-side interruptions cause demand curves to invert, affecting the dynamics of
the market as a whole.
4. Information or research backs up the idea that these disruptions cause GDP growth
to slow down, unemployment rates to rise, and price increases to moderate. This
might involve employing studies, economic indicators, or actual cases.

Article 2
Main Idea 1: The growing demand for agricultural products has historically been met by
expanding cultivated land, but future sustainability requires increased efficiency in
agricultural production due to limited available land.

Supporting details:
1. According to Daniel Frona, Janos Szenderak, and Monika Harangi-Rakos (2019). In
recent decades, the demand for agricultural products has been met by expanding
cultivated land, but this approach is deemed unsustainable in the long term.
2. Meeting the challenges of expansion in agriculture requires a simultaneous focus on
enhancing the efficiency of production and specific yields, given the competition for
existing agricultural areas, recognizing that solely increasing yields may fall short of
meeting the growing demands for raw materials.
3. In addition, projected estimates indicate that the escalating demand for food by 2050,
driven by evolving dietary habits, socio-economic advancements, and a preference
for animal-origin food sources, may necessitate an additional 320-850 million

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hectares of agricultural land to meet the expanding requirements of a growing global

population.
4. Lastly, to achieve agricultural expansion faster than population growth sustainably,
the focus is on sustainable intensive farming, emphasizing more effective utilization
of agricultural land and water resources.

Main Idea 2: Climate change poses a significant threat to global agriculture and water
resources, impacting crop yields, increasing production risks, and contributing to water
scarcity.

Supporting details:
1. According to Daniel Frona, Janos Szenderak, and Monika Harangi-Rakos (2019).
Currently, 97.5% of Earth's water resources are saltwater, and only 2.5% is
freshwater, with uneven distribution globally. Water demand is expected to increase
by 100% by 2050 due to population growth, urbanization, and climate change.
2. Next, climate change has already led to a reduction in global crop yields for maize
and wheat, with expectations of further declines as temperature changes surpass
critical thresholds.
3. Other than that, extreme climate events negatively impact agricultural producers,
leading to increased production risk and hindering the introduction of effective
economic innovations.
4. Lastly, growing urban populations and industrial water consumption, combined with
climate change, pose challenges to water resources. Increased crop production may
further strain water consumption.

Article 3
Main Idea 1: These challenges include climate change, inequality, digitalization, and the
weakening of democracy.

Supporting details:

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1. Major challenges such as climate change, inequality, digitalization, and the

weakening of democracy are awaiting societies post-COVID-19.
2. Addressing these difficulties necessitates immediate action, but it also presents an
opportunity to change institutions in a way that promotes diversity.
3. Daron Acemoglu's perspective is introduced, attributing the rise in inequality to
globalization and, more significantly, to new digital technologies.
4. The recent decline in global cooperation, noting tensions between the United States
and China as a potential impediment to collaborative efforts. Global cooperation is
emphasized as essential for effectively addressing the stated difficulties.

Main Idea 2: The role of technology, the need for global cooperation, the risks in financially
integrated worlds, and proposed policy reforms are important to enhance the resilience of
the global financial system.

Supporting details:

1. The chapter by Maurice Obstfeld examines the evolution of global financial markets
since the Global Financial problem, focusing on changes in the markets' domestic
impacts and the strains forming as a result of the Covid-19 problem.
2. A disproportionate amount of global financial transactions in comparison to
fundamental economic needs, indicating potential risks associated with this trend.
3. While high-income economies can more easily absorb following shocks, emerging
countries have challenges due to the close relationship between the global financial
cycle and their growth.
4. This highlights the policy issue of how flexible exchange rate systems can protect
emerging markets from changes in global financial circumstances, while also
providing insight into the intricacies that these economies face.

Article 4
Main Idea 1: Global economic integration is widely thought to improve the allocation of
resources, promote technology transfer and enhance living standards.

Supporting details:
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1. Economic integration has often been held accountable for worsening domestic
macroeconomic policies, rising trade imbalances, and heightened volatility in the
financial markets. It also allows countries to specialize in producing goods and
services based on their comparative advantages as it leads to efficient allocation of
resources.
2. The difficulties of the Jackson Hole Symposium on Global Economic Integration
which is the opportunities and challenges was sponsored by the Federal Reserve
Bank of Kansas City at august 24-26, 2000, in Hole, Wyoming.
3. The perspective of Alan Greenspan, was the chairman of the Federal Reserve by two
regulators of the financial markets, and a number of academic and public sector
economists. So, a brief overview of the variables influencing global economic
integration of the topic of financial market concerns.
4. The increase of trade and investment opportunities that can stimulate economic
growth in turn to create job opportunities raises incomes and improves living
standards for people in participating countries. Access to a wider range of goods and
services from different parts of the world improved the quality of life.

Main Idea 2: Technological progress and government policies have promoted deregulation
and privatization in markets around the world.

Supporting details:

1. Technological advancements have reduced the cost of information and transactions,

enabling market-based economic systems to function more effectively. Market
expansion as a result has been linked to lower trade barriers and tariffs as well as
more competition.
2. Micheal Mussa’s perspective divides the forces promoting integration into three
groups which is public policy, preferences, and technology. These elements have
contributed both directly and indirectly to the incorporation of technological
advancements.
3. Government policies around the world have recognized the potential benefits of
deregulation and privatization in fostering economic growth and efficiency. As a
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result, they have implemented policies aimed at reducing government intervention in

markets and promoting private sector participation.
4. Technological progressions of advances in technology, particularly in information and
communication technology have played a significant role in promoting deregulation
and privatization.

Article 5
Main Idea 9: One purpose of education is to service economies and put learners into
employment, specifically the cash economies and paid employment

Supporting details:
1. This is generally acknowledged. But the situation is becoming worse. In addition to
making employment a dynamic phenomenon as businesses adapt to shifting
markets, resources, raw materials, tax and tariff regimes, and other factors brought
about by globalisation over the past 20 years, there is growing discourse about the
labour market's "hollowing out," or the growing divide between those who manage,
create, and make decisions and those who clean toilets and take out trash.
2. The following is creating a barrier to any potential social mobility that education may
have facilitated. However, it is politically challenging to discuss education for
unemployment or meaningful lives outside of the economy in the public sphere.
3. Outside of monetary industries and paid jobs, particularly in the highly industrialised
global North, education, and particularly distance learning, may have a more
utilitarian function, such as sustaining subsistence rural lifestyles or urban informal
employment.
4. The overall worldwide economic and political context, as well as its ability to support
the continuous expansion of education, remote learning, and digital technologies
within distance learning, is another key global strain. We should be able to foresee
ongoing expansion, maybe less confidently than technology itself.

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Main Idea 2: Digital technologies are one of the causes of these trends over our lifetimes
and on the near horizon artificial intelligence (AI) and the Internet of Things (IoT) will only
accelerate these processes.

Supporting details:

1. There is a growing consumerist orientation to higher education, driven by neoliberal

and marketization rhetoric, which responds to a call for job-ready graduates from
both employers and debt-laden graduates, but this purpose may be at odds with the
future-proof graduates (and lifelong learners) depicted in the more utilitarian aspects
of digital literacy.

2. This aim is plainly utilitarian, objective, and quantifiable, yet it is problematic even if
acknowledged as the primary or exclusive purpose of education.

3. Higher education institutions are under constant pressure to create job-ready

graduates, which drives soft skills, digital literacy, and problem-based learning,
among other things, into the curriculum, and some of these may be more difficult to
offer at a distance.
4. These innovations not only provide learners greater technical capacity, but also more
agency and control. By looking back, there was a major shift when the balance of
individual digital technology and institutional digital technology shifted away from the
institutions, but the consequences are still being felt today, and we now live in a
world of zombie institutions, dead but still moving, unaware that individuals with
personal and social technologies have taken their role, rationale, and place.

Conclusion
In conclusion, the articles collectively shed light on the complex nature of the global
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economy. The COVID-19 pandemic has posed significant challenges to production, supply
chains, and demand, highlighting the need for resilient economic structures.

CRITICAL COMMENTS BASED ON THE FOUR ARTICLES

TONE/BIAS:
Article 1: The tone of the article appears analytical and leans towards a neutral
perspective, emphasizing economic principles and the potential consequences of COVID-19
on global supply and demand dynamics.
Article 2: The author's tone in the article is formal and analytical. The author presents facts
and information on economic topics.
Article 3: The authors presented a serious and thoughtful perspective recognizing the
gravity of the issues while offering insights and solutions for a more resilient and sustainable
future for the economy.
Article 4: The author’s tone of the article is serious and informative about the Global
Economic challenges and the future prospects of the bank’s at the 2000 symposium.
Article 5 : The author’s tone is objective as he stresses the possibilities of distance learning
and the positive effects of distance learning on the global economy.

INTENDED AUDIENCE:
Article 1: According to the reference to Economics 101, the target audience for this article is
probably those who are interested in learning about the macroeconomic effects of COVID-19
and have a basic understanding of economics. Anyone looking for information about how the
epidemic affects the dynamics of the global economy could include professionals, students,
lawmakers, and others.
Article 2: Professionals in finance, economics, technology, and sociology, as well as
research methodology and empirical data relevant to bitcoin adoption.
Article 3: The article is likely targeted at professionals and experts in the fields of
economics, finance, and public policy with an interest in global economic challenges and
financial systems.
Article 4: The article was aimed at the general public audience on a professional and
specialized audience involved in economic policy, research, and decision-making as it
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discusses the opportunities and challenges presented by economic integration and explores
various perspectives on the subject.
Article 5: This article is written in general for the public especially for students and
educators in the academic sector.

PURPOSE OF ARTICLE:
Article 1: The article's goal is to present a fundamental analysis of supply and demand
dynamics in the context of COVID-19, with an emphasis on evaluating the macroeconomic
implications. The objective of this study is to investigate the potential effects of supply and
demand disruptions, especially in the aftermath of the pandemic, on worldwide economic
patterns and outlooks.
Article 2: The article highlights the need for sustainable agriculture to meet growing
demands, addressing challenges like limited land, urbanization, and dietary changes, while
reducing greenhouse gas emissions.
Article 3: The purpose is to contribute valuable insights and recommendations to the
discourse surrounding the economic challenges faced by societies globally with the ultimate
goal of moving towards a safer and more sustainable world.
Article 4: The article’s purpose is to explore the opportunities and challenges presented by
global economic integration and how policymakers can maximize the benefits while
addressing the associated issues.
Article 5: The purpose of the article is to explore how the proliferation of distance learning
transforms global economies by enhancing workforce skills, future prospects and creating
new opportunities in a borderless educational landscape.

ADDITIONAL COMMENTS ABOUT THE ARTICLES:

Article 1: Although the article offers insightful information about the dynamics of supply and
demand, it may benefit from a more thorough analysis of any potential mitigating variables or
legislative measures that might have an impact on the trends mentioned.
Article 2: The article may benefit from a more concise explanation of complex
concepts, since the thick and technical terminology used throughout may make it difficult for
a broader audience to quickly grasp the essential ideas.

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Article 3: The article demonstrates a meticulous research foundation by citing various

studies, reports, and expert opinions. This provides credibility to the arguments presented
and indicates a commitment to evidence-based analysis.

Article 4: The article highlights that global economic integration is widely believed to have
positive effects such as improving resource allocation, promoting technology transfer, and
enhancing living standards. However, it also acknowledges the criticisms leveled against
economic integration, including growing trade imbalances, increased financial market
volatility, and potential negative impacts on domestic macroeconomic policies.
Article 5: Considering the substantial amount of technical vocabulary used throughout may
make it difficult for a larger readership to rapidly comprehend the important ideas while
providing factual and research-based references, the article may benefit from a more
succinct explanation of complicated concepts.

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REFERENCES BASED ON APA FORMAT (5 ARTICLES)

Article 1: Prof Shlomo Maital & Ella Barzani (March 2020) The Global Economic
Impact of COVID-19:
A Summary of Research
https://www.neaman.org.il/EN/Files/Global%20Economic%20Impact%20of%20COVID-
19_20200322163553.399.pdf

Article 2: Fróna,Szenderák,& Harangi-Rákos. (2019, October 20). The

challenge of feeding the world.
https://www.mdpi.com/2071-1050/11/20/5816

Article 3: Park, Y. C., Beck, T., Obstfeld, M., & Acemoglu, D. (2022, February 28).
Prospects of the economy after Covid-19.CEPR Press.
https://cepr.org/voxeu/columns/prospects-global-economy-after-covid-19

Article 4: Kahn, A. G. (2000). Global economic integration: Opportunities and

challenges - A summary of the Bank's 2000 Symposium
https://www.researchgate.net/profile/George-Kahn/publication/5043954

Article 5:
Traxler, J. (2018). Distance Learning—Predictions and Possibilities. Education

Sciences, 8(1), 35. https://doi.org/10.3390/educsci8010035

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