The global outbreak of COVID-19 and the subsequent declaration of COVID-19 by the World Health Organization (WHO) as a global health emergency in January 2020 has caused a significant imbalance in the global economic and political powers. The first diagnosis of the virus in Wuhan, China has been followed by fast transmission of the virus to over 190 countries across the globe with focal points of the infection rapidly changing for China to Europe and now to the United States.
The outbreak of the pandemic has resulted in more than 2.1 million people across the world contracting the deadly viral disease with thousands of fatalities registered in different parts of the world. The economic sector has been hard hit. Based on the realism theory of international relations, the outbreak of COVID-19 can be understood as a factor that has been used by world political powers and economic giants to increase their political power and economic growth relative to others (Center for Strategic and International Studies 2). Both political and economic imbalance has been realized as possible consequences.
With the continued increase in the number of infections across the world daily, more than 80 countries have closed their borders to stop international flights from the countries that are hardly hit by virus infections. Several businesses have been closed and the population in many countries have been forced to self-quarantine. Governments have closed schools in all countries across the world and about 1.5 billion children have been forced to stay at home with their parents (Center for Strategic and International Studies 3).
Over the period from Mid-March 2020 to Mid-April 2020, the world economic structure and severe political imbalance have been experienced. Precisely, there have been rising cases of filed unemployment, insurance, and rising prospects of future economic recession. The rising prospects of future economic recession have led to an increase in the rate of unemployment across the world and this continues to harm global economic growth and goodwill.
Source: Global Impact of COVID-19 on the Balance of Economic and Political Power
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