COVID-19 has impacted from all perspectives like financially, healthcare, economically. Globalization has appeared as a significant challenge during COVID-19.
2020 has been a year of crisis for the planet earth. COVID-19 has impacted from all perspectives like financially, healthcare, economically. Globalization has appeared as a significant challenge during COVID-19.
Nowadays, globalization is considered a major roller coaster for the country’s economies. It brought benefits for developed and underdeveloped countries through mutual collaboration. Basically, it is a phenomenon that has extended global value chains. It is just due to globalization that things manufactured in one country are found in every corner of the world. Nowadays, it is easy to outsource stuff to other countries.
But the COVID-19 has completely changed the concept of globalization. It has highlighted many shortcomings in many countries. For instance, Switzerland has major pharmaceutical industries in the world. The pharmaceutical giants such as Novartis and Hoffman are based in Switzerland, and its products are exported all over the world. But when the COVID-19 pandemic hit Switzerland, they were not ready, and many of their shortcomings are highlighted.
The major question raised during COVID-19 is that what will be the future of globalization after the pandemic. We have revised our decisions and take steps to overcome these loopholes in globalization. We have to set new goals based on social and humanitarian unity.
The pandemic has affected all the countries equally, not discriminate against developed and underdeveloped countries. The leading economies of the world have collapsed in front of the COVID-19. Foreign Policy magazine has stated that the world must rethink the future of globalization and has transformed the system to be well prepared for such future challenges.
During the pandemic, a new form of globalization has emerged that is nonsolidarity globalization. During COVID-19, countries like France and Germany have stopped the trade of medical and pharmaceutical products. Every country has adopted the isolation policies in the context of national interest. Moreover, France and Germany refused to provide the medical supplies to the countries like Greece that were struggling against COVID-19. Even countries like Cuba offered help to the European countries despite the sanctions. Countries like China and the united states that are considered superpowers were unable to manage this challenge effectively.
Certainly, this COVID-19 pandemic world has realized that the architecture of globalization needs to be revised. It isn’t easy to overcome and deal with such a challenge like COVID-19 in the future without collaboration. The industrially advanced countries have to collaborate in research, and technology transfer must be done between the countries.